New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-14
ASSERTS IT OWES CITY
Mortgages on Property Constructed
scifh Other Capital. 4Heged

MAYER Low gave out Tor publication vester6a,
ne report submitted 10 him ny Edward Owen
-o-,r,Ssiorcr oI Accounts. the invesrt-,-io- s.
.sr~te6 hy Robert Greer Monroe Cor,,rr,fSsto,,r .
zzs+-- supply. Gas a-5 E-lect-icitr into - =
- az the Consolidated Telegraph and r-7.---s,
sew Company. i is ALLEGED by Co-,,-,tssi,--
Monroe that certain moneys Que the CITY from,
80 Consolidated company on contracts mad rstt,
10 CITY on July g. -ss6. and April :. ISL Ne
.re Consolidated company rec-i.cs the -ir,,- ., L.
,-l.ve~s ir the streets.
E5vo-d Lauternach. the COMPANY hooks show
US li-c--or and sJockhoIder. according -, w.
Gwen.
TIE contention % The Comnlissioner Of Accounts
ss shat vh-c tle CITY WAS 20 have received e,-~,-
-r.rc .r excess 81 10 per cent Of the actual czSb
-s-.-a- invested lE the company. earned h,- 81 d,
excess or -he cost ~ operating and maintaining
nc sctvays. tLe WORK Cf construction was SllhIst
70 o.he- companies. which received Is re~ cert az,
ne actual cost ot construction. lie also ..i.eres
fhst -le books &c the company show that onIv
Srer ~ capital stock az SO3o05l was paid in In
o-he- words be alleges that she Consolidated COM
-7-ys s.-r.-rs Gi5 not result from an actual cash
capital invested ty it. but that -the cost OF con-
s-c-tor WAS practically rosd for b., issuing mort
gases e- t1e properly constructed Tor them with
CHEZ r.-e.
There WAS also provision in tha contrast that
--e CITY c-li5 eaia control az the subwsys any
zine at-er ten wears from the cate of the contract
p certain payments 70 The contractors
-he -e-r-- says in part
T-71 - n,-z ,, books q the Consolidated com
under tle avs q NeU-Nork. wiki a subscri bed
he- g. 1856 Az che first meeting u ITS board ri a.
-ec---s .- was resolved 70 communicate vrb me
tl-.--. - E----.Ilcai SCcWays and offer 10
cc-s----- Ie Ereaosed subways. The cornmurioa-
~ r---,- -eoA- therein was this statement
I'VE represent a capital Of ssoooooo which We
believe 20 = a-no-e for The oerformance Of AL ths
As -z-- the stockholders rr The ----7s--- m
,s- s--e cay s,--22r.zed a. increase q its capi-
way did -1z directors represent such az amount OF
ca1-- IS ne words would be commonly under
c. re company from sales ~ its capital stock from
= -5 e ITS inception 70 The present time. have
Tie sock ledger furnishes further interesting
49, ---.-e- --,----s - - SI-eCIs5s - -.
paw o---=- and director. he is credited 81 the
Ss-t shares ~ ne cspits1 s-ock re -aST HooE
m CHS mount az $3.50
EE 70 adequate capital CT its Own. the Con
t1- - be earned On 6y another corporation stylea
ne -rr--T C7-s-ruc-icn COMPANY This latter
STOCK e The Consolidated company. but Il loaned
MONEY 20 me SAID company Tor It's current eN-
Eas-- owen quotes from The alleged contract
between -he Consolidated and Phu1ix companies
sz follows
Pt--x Construction Company. to- ~ s.eh
v--k materials enc supplies shall receive 8
5000 -- az the option az The party q the first
Jazz SHALL receive actual cost plus = Per cent
and -e same rate -c- any portion less Than the
whole rs such work
TIE Report continues
-- -ta ---e--6ared co-rs-y vas under ocIcs-
-- render an account - Ire city Ct New C-k
actual cash cost ~ cousr-uc -ior.' could j.
-e--- me actual cost by allowances OF .
-e- -a-- ---E l- another who did the work
TIE charge 70 legal expense from -1S- 70
--- inclusive SIZES SIC g. OF This amount there
vae PAID III ECWa-d LaU-e-CacL and 20 the
@-- 70 Which he was member the sum OF Ssl-
Surfing t-e wears -ss--s-- he being CeCl1e-
--4-5 directors during that -i--e and sub
->e
E- Ls--e-s-r could nor Dc seen LAST night 20
D. asked about --- report