New-York tribune., 1908-02-28
FOR SALE FOR SS,239,456.
Belmont U1ould Operate sc'th City,
Charging FiUe-Ccnt Fare.

The terms upon which the InterborouEh RAPID
Transit Company is willing TO dispose of the stem
way tunnel tine city were finally mace puo"0
last night Messrs. Shonts and belmont have been
having conferences tfc question with Ihalf-
man Wilcox and representatives of the Board OF
Estimate and ApTortionment during the last rev
months and they finally told on "Wednesday
by the head Of the Public Service Commission that
she best thing TO do was to submit their PROPOSE
tion in writing. This they did yesterday after
neon in a conference with MI WILCOX lasting over
an hour
Mr.. shonts in his letter estimates that the New
York & Long Island Railroad Company ans the
co-7.ora,;ou which controls it. the marlborough
Rspid TrensiJ Company. have actually expended
s. @7s 50 ii the construction OF The tunnel, real
eEtate necessary right Of Wa. interest charges
etc About SiI9 ll0 IS. they figure, has been eA-
pended for real estate not necessary IN the opera
isor OF tie turnei. this amount is not in
Guided in the S7.23s. 476 20 which Mr. Shonts ana
his associates think fair price to the city Tor
r!te acquisition Of al the tunnel. railroad ana
nights of The New York & Long Island Railroad
COMPANY IN payment for the tunnel and rlshIs
IT, PROSPECTIVE venders would be willing 10 accept
4 per cent bonds Of the city Of New York at qaf-
t-oupled with the offer TO dispose Of the tunnel
is : suggestion that the city enter into contract
with The New York & Queens County Railway
COMPANY. which is controlled By the Belmont IN
serests TO operate the tunnel for 4 period OF
twenty-five years upon the following 1e.ms'
Tn. expenses Of operation 10 be fixed by agree
meat at an arbitrary sum to represent tne fstl H.
mated cost and one-ais oI I sig ~, si. iha con1nanv
single fare 81 FIVE cents TO be CHARGED petMeeh 47t
point On The line Of the New York & Queens
County Railway.
on the lire Of the tunnel in queens are two
stations one at 9Th street and Jackson avenue
Long Island City. the other at 4th street and Van
AIst avenue The Interborough officials suggest
that all fares received at these two stations he
treated as local Westbound fares and double the
aggregate of such fares be taken as the total local
fares Until the city Is reimbursed for all amounts
advanced by II for operating expenses and ali in
city bonds issued in payment for the tn-
mol and 0 provide a sinking fund OF ! per cent
per annum such bonds. including all arrears OF
such interest and sinking fund Mr. Shonts suS-
sesfs that Al these so-designaTed local fares be
turned over the city. the operating company re-
tanning all so-called through fares-that IS, all
fares except double the amount collected at the
tunnel stations in Long Island CITY " hen
the city is fully repaid by the local fares for all
amounts advanced for operating expenses and all
Interest and sinking fund instaments. the present
tunnel owners propose that any surplus of local
fares be divided equally between the city and the
company.
Mr. Shonts thinks that during the first year of
operation Of the tunnel there would be not less
than five million local fares" an estimate. he
says. based on The best information available
Us" In this event, he argues, the deficiency be
tween the city's shares of the revenues and The
interest on its bonds would be very slight.
Furthermore. he thinks that She increase in tax
able values in the Borough Of Queens resulting
from the opening OF the tunnel would more than
ufset any loss the city interest for year,
possibly q three Years
These are the figures on which President Shonts
bases his offer OF the tunnel and rights for S.239,
So -:
Purchase hE lntertoreuEh Rapid Transit Com.
- stock Of claims
New York q Long Island Railroad
which began 1892. Al
securing II property S3605t2 80
Actual LIE $50 Il
Feai PURCHASED
construction hy marlborough Rapid Transit
Company 9ls342 5s
Charges against New Yori & Long Island
Railroad Company %
advanced up To February -. 90
To,al 81 65I $50 80
For real purchased but necessary
for operation 4 tunnel zla 10
s., 476 20
The SSlaoae which M Shonts estimates would
he required 10 complete the tunnel IS not included
in rhis figure. The expense of getting the tunnel
ready fer operation would probably have TO be
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