New-York tribune., 1910-07-28

truly. that 10 build on its credit would
entail Il fixed annual charge OF sl.e0o"O OF
interest more than If the city's credit were
used. On the other hand il is sald that.
if the public authorities 60 on and begin
constructing the rival route. the present
operating company will be obliged to bulid
these extensions Oh it's own credit in oroef
to save its present lease from destruction
This is worthy Of careful consideration
for Il would be g great thing If the com
I5any could be made TO build on It's own
credit Oh q reasonable franchise term OF
years So that the city could devote its mar
row margin OF credit to other sorely neeo-
ed things, and also to other subWays' IL
necessary, fair and wise. We need ne"
county courthouses in the counties OF New
York, Kings and Richmond, and new CITY
buildings in the boroughs OF Brooklyn anu
Queens. but are unable TO undertake them
for lack of funds
Il have not yet come TO conclusion IN
this great matter. A most careful consio-
Grafton of il by the intelligent puolic ana
press is earnestly hoped for, and am
quite certain that the conclusion reached
in that way will be followed by the city
officials. All pickering and heated conten-
ton only postpone the final decision
1T may be added that the operating
company has asked the Public service
Commission for permission to lay a thlrd
track for express trains on the overhead
roads in Manhattan and The Bronx, OF all
OF which It is lessee, so as TO relieve the
congestion of travel that much, Which
would be a great deal: and also TO COM
plete the Steinway tunnel, TO be Iun as
part OF its system on single fare The
~ .,I,p
is to be done at the company's expense.
"A chief and persistent difficulty TO ne
eotiations with the operating company
seems to be that its directors do not seem
to be free agents. Its s3So0,o1 Of capital
stock Is held by the Interborough-Metro-
politan Securities Company, mere busi-
ness holding company. which also holos
the stock Of the New York City Railroad
Company. lessee of the Metropolitan Street
Railway Company through which the saad
holding cornpany controlled all of the
street surface railways of Manhattan and
The Rrony before they fell most miserably
into the hands of receivers three or four
wears ago bringing loss and ruin to SO
MANY people This stock Of the said op-
Grating company che Interborough Repid
Transit Company seems 30 be the only
live asset This holding company has A
dividend of per cent annually Is palo on
if. This dividend is used by the hold'nG
company 20 pay the Az per cent interest
OF the s7O,ooooe5 of its boads or deeentufes
which II has out Its directors 90 not
want this situation disturbed. IheE rear
that if the said operating company shoulo
go into new extensions and equipments
therefor this per cent dividend might oe--
crease or cease temporarily, ana bflns
about a default OF the interest on the salo
SO oel Of debentures. This system OF
trra1nidal finance has wrought many eFllS
with our city railways OF course lhe ui-
rectors of the operating company ale Sc
lected by the directors of the hololns COM
pany, end are therefore sublect 10 tiieii
finances and fesrs-in hne, 10 theH aNNS'-
lllte will