New-York tribune., 1910-12-07
MAYOR FOR CITY SUBWAY
Continued from first page

the marlborough for eighty-f1ve years.
8 readiustment to be made after twenty
FIVE years and then after each twenty
year period The city is to receive 2 per
cent Of the gross earnings Of the traffic
on those extensions in place Of all taxes
or other charges.
Third Track Franchises.
The third tracking of the old lines will
coincide with the franchise covering
these roads, which Is practically per
petual The company, however. agrees
that the city viii not he obliged TO re-
fund any of the money expended for TINS
third track construction whenever In the
future Il may take over the elevated
lines.
Instead Of an increase in the taxes
which the Tnterborough is paying now
on it's elevated lines. the additional
amount due for the new track Will be de-
tern7ined by the increased business re-
suItins from the Improvement of facil-
tiles. The profit derived by the COM
ranv viii be shared with the city at
rate to be decided upon
President Shonts of the Interborough,
said Yesterday that his company was pre-
pared to start actual work on the sub
vavs thirty days after a contract with
the city was signed.
"AIl the plans are ready, and we can
go ahead without any delay" he said. !
am assured by our engineers that we
would be ready to start digging thirty
days after our plans are accepted by the
city. Before the plan was submitted to
the Public Service Commission it was
worked out in such a way that there
would be no delay in carrying il out
Our idea is 10 push construction work in
the various sections simultaneously. so
that all will be completed at the same
time
Mr.. Shcnts said that the extension TO
the Pennsylvania station could be built
within eighteen months. according TO the
estimate Of William Barclay Parsons.
chief engineer of the marlborough. AS
to the size of the tube, Mr.. Shonts said
the present subway was too small, and
that the tube should be larger. The IN
terborough plans an opening about six
inches higher than that Of the present
subway, to permit a better construction
of tracks. In the old subway the road
ballast is not heavy enough, and the ex-
pense of keeping the road in repair is
considerable
Mr.. Shouts was reluctant to discuss
the financing of the new enterprise. He
1unr1I9 ro+ GOV uyha%har . Morgan &
Co. had agreed to finance the under
taking, but he did not deny the report
that H P. Dawson. of J. P. Morgan &
Co, Frank Vanderlip, of the National
City Bank. and George F. Baker, jr., Of
the First National Bank. might become
directors of the Interborough if the city
accepts the subway proposal
Changes in Directorate Likely,
There will probably be some changes
in the board Of directors said Mr.
Shonts. We have a proposal before the
commission for the extension and third
tracking Of elevated lines, and If this is
accepted the chances are that repre-
sentatives Of financial interests will come
into the board
Dir. Shonts would discuss only gen.
orally the question Of the rate of interest
20 be offered on the bonds to be issued
by the Interborough for the construction
OF the subway extensions. He said that
z higher rate was demanded from a pri-
vate corporation than for city bonds, no
matter how strong the company might
be financially It would be impossible,
he said. to offer bonds at AZ per cent,
but he did not care TO say what the
maximum rate would be.
A question as TO whether the clause
of the proposed contract giving the city
the right to take over the new lines
after ten years offered an unmixed ad-
vantage to the city did not please Mr.
Shonts The fact that the city would
have to build a connection between the
Lexington avenue and the Seventh ave-
nue. subway IN Manhattan, and that it
would have to do the same thing in
Brooklyn between the new tunnel and