New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-06

eeire no return on its investment during |
that time. For the succeeding years OF
ahe lease the earnings are to be equally
Eiyided between the city and the COM
nany. in the application OF earnings to
khe payment of interest on the bonds,
2he bonds issued by the company are 10
tor1e ahead of those issued by the city
This provision was Insisted on by the
rompany so that 1t could issue Its bonds
at better rates of interest than would be
the case II the city's bonds received the
1reference But the provision is made
that if at any time the earnings should
rot be sufficient to pay the interest on
the bonds Of the citv as well as those or
the company the interest on the city
bonds is TO be cumulative charge
against the earnings and is to be deducted
sroru the earnings over the companys
Interest before dividends are paid.
The company proposes that while the
Fourth avenue subway now being built
hy the city shall be operated as part Of
rho system and included I'm the single
Fare and transfer provisions il shall be
kept as q separate entity In the nciai
operations. II is to he operated by the
1nterborough company. but a separate
SET of books is 10 be kept for il, and the
city is to bear the cost of any deficit that
may result from its operation. consid-
cred separately from the other parts of
the system The provision for an equal
division Of profits, however, is to apply
10 IL as to other parts Of the road, If
There shall he Profits
Way to Complete Triboreueh.
II is under The same provision that
.ne city has the right TO build further ex-
tensions TO the system as proposed in the
Offer 81 The Interborough and require the
COMPANY ts operate them Tor one fare in
connection with the system as outlined
4r fiae proposal. The Public Service
Commission considers that under this
provision II can complete the trfborough
system II has outlined at any time IT
sees 1T zIld make II part OF homo
ger1eous subway system
Partly for the purpose OF bringing the
work IN as an extension of the present
system the offer refers 10 the proposed
sddiriens as ~extras" to the contracts
built But. the Pubic Service Commits
sion insisted that the work should he
sscne IN sections and the contracts
awarded By the Public Service Commits
sion after public letting The purpose
.r this vas 70 have the determination or
tbs cost of the Iork under r.ze control OF
the Public Service Commission, IN ORDER
that the interest charges might be kept
6nzrn ald-for the further reason that II
YFie city should decide 20 exercise IT'S
right 10 take over the extensions after
zen wears il should not have TO pay an
excessive price for them
The offer of the Interborough was sent
10 Chairman Wilcox OF the Public Ser
vice Commission late yesterday after
noon hv President Shorts of the Inter
borough. In his letter accompanying
The proposition 1fr. Saonts said that IT
vas time for the city to decide whether
.lne money 1t had available for new SUB
WAYS should be invested in an entiref!
new system or devoted TO perfecting the
system the title to which was ALREADY
held by the city. In order that proper
decision might he reached, he cof4tinued,
Il was right that the city should have
before if the best offer that the Inter
thorough could make Tor the extension of
its lines.
.-.-hr extarsiT,Hs.--to the present system
that the Tnts-fl,orougf was ready TO hiiiid
and operate were outlined as follows
KEs- SIDE. LOWER MANHATTAN
AND BROOKLYN EXTENSIONS - FROM
Times Sqiiare under Seventh avenue as eN-
laI
Greenwich street TO Liberty street as Z
:ouT-frscl< road, and fron LIBERTY street street 70
sbe Battery as d fwo-track road. with a
branch fror:. the intersection OF Greenwich
street and Liberty street, under Liberty
street and East River 10 Pineapple street
IN BROOKLYN and under Pineapple and u
Ton streets TO a connection with tie Bfoeh-
5Jn extension OF the eNlst7f.s subway % -, .
1wo-track road. with a Iurlner eAeeiisfofi
from the terminus Of the 8rookiyn ek
tension OF the existing subway at Atlanllc
avenue under FlatbUsh avenue and Eastern
Parkway to Utica avenue as a four-track
road and from Utica avenue TO Buffalo
avenue I.n.Ser Eastern Parkway two
-racls road: also a fTso-traacl extension from
She existing subway at Lafayette and Fiat
bush avenue, Brooklyn. under Lafayette
Fast SIDE. Upper MANHATTAN
AND FROM EXTENSIONS From about
S5th street and Park avenue, under Park
avenue and private property at or ABOUT
z2d street 70 Lexington avenue. thence I'M
der Lexington avenue and the farfenl
relver to point south Of 14Sth street as
. four-tTa ok road: thence dividing with
:wo tracks TO a connection, east OF Mott
evs1111e station with the West Farms
branch Of the existing subway: thence two
tracks under Mott avenue. f5$d street and
F9jxer avenue 20 18TH street. and from
Is.th street over River avenue to about
fS2d street IS an elevated structure At
ls25 street snd River avenue a connection
will be mace with the Jerome avenue ex-
fssyfsiorI of the Ninth avenue elevated line
sf the Manhattan Elevated Railroad.
4 -ro-r-ack subway extension diverg-
snE from the proposed. Lexington avenue
extension about 1%sth street, and run
..pg thence under private property. 13Sth
s-reef SC urnern Boulevard and II hitlock
avenue poiflt, in private property
south OF WestchsSter avenue. Thence a
ffras-trsck elevated railroad over Whit