New-York tribune., 1910-01-19
SHONTS ON TRANSIT
"RUSH Is APPALLING. "
Says Relief Wa'ts on Agree.
ment to Plans by p. S. G..

Referring TO present conditions in the
subway and on the Third avenue elevated
railroad during the rush hours as "appall-
ing" Theodore P. Shonts, president OF the
Interhoroggh- Metropolitan Company, at the
annual meeting yesterday told the stock
holders that there could be no relief until
the Public Service Commission agreed to
the plans submitted by his company for
additional subways and the third tracking
of the Third avenue L" line.
Mr.. Shonts's remarks were called forth
by questions put to him by some of the
two dozen stockholders who attended the
meeting. who, after relating their exper-
fences on the subway and IL lines during
the rush hours wanted TO know how long
il would be before the company took steps
20 improve the situation. Mr. Shonts re-
iterated his statement of several weeks
ago. that ]. P. Morgan & Co were willing
10 extend ali the financial aid TO the Inter
borough company for the construction of
new subways and other improvements that
might be needed. and added:
We are prepared to lay out 100000 in
new construction work and to go to the
extreme limit Of business judgment in
prosecuting this work The largest bankers
in the country are willing TO back U.S. j.
P Morgan & Co. have taken UP the pro-
position with three points in view: A rea-
eonable return TO the bankers, a reasonable
return TO the investor and improvement TO
the transit facilities for the benefit OF the
public.
I'VE have been almost begging the COM
mission TO let us spend money. We are
willing 70 take up the work in sections
and 10 give partial relief at once II we are
permitted. One of the earliest improve
nlents would make would be 70 third
track the Third avenue elevated road. This
would increase the carrying capacity of
that line By 81 per cent over its present
maximum. We have received permission
q lengfhen the subway platforms. and
when this is done the capacity of the sub
way viii he increased % per cent"
Mr.. Shonts said that the third tracking
OF the Third avenue IT, would take about
two years from the time construction
vas begun, while new subways, he declared,
could not be completed in less than five or
seven years at least. He explained fur
ther that. while the plans submitted to the
Public Service Commission by his company
were in the nature Of relief measures. they
formed the basis for a rapidly expanding
system which could keep up with the growth
Of the city.
were reelected. E. E. Starbard. an at
tache OF the presidents Office. was put on
the board TO succeed John B. Mcdonald,
the builder of the subway, who resigned
last fall IL is understood that II. Star
bards election is only temporary.
The statement of the financial operations
Of the Interborough-Metropol company,
submitted at the meeting. showed total in
come the year ended December 81, 1909. of
IS 312 5Sl. a decrease OF So 463; total disburse-
ments Of s3.372.2l6. an increase of S25, ,l9S,
making a deficit for the year Of s29, 635.
The surplus remaining at the end of the
year was S7Ss, eos, as compared with s767,s43
for the same period a year ago.
The financial operations OF the Interior
ough Rapid Transit Company for the year
1909 were also made public at the meeting.
They showed gross income of 81 e63, 600 an
increase of s2.500O0O over the preceding
years figures; expenses, s10,76i,o00 a de-
crease Of s105,ooo After all charges and
dividend payments there was a final sur
plus, according to the statement, of s., ,625,-
sel, as compared with $53s 900 for the same
period year ago, an increase of 50 OS7. .s6l
This is equivalent 10 about "a per cent
on she outstanding preferred stock of the
Observation-Disclosures company. which
controls the Intcrborough Rapid Transit
Company.
In statement 10 the newspaper men
after the meeting Mr.. Shonts elaborated
somewhat upon the address lie had made
10 the stockholders. He said
was speaking to the stockholders sbout
the needs of the city for improved trans
pOrtauon facilities and in this regard l
can testify 10 the sincerity of the desire of
the transportation companies with which
! am connected TO improve these facilities
officers Tor.c F,7S
] am glad 10 say, the bankers, have realized