The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-12-22

satss that that good company 10 u exists
will 10 the snccessiui bidder The chances
are at least Eve to one that the present
subway company would be Ia. successful
bidd 60. II would not bad IN its Oun name.
however. but in the name Of another cont
pAny organised by IL for that purpose. so
that the two fares system might not be
inierfsrsd With. As might become the case
II one company operated both systems
And 10 that imaginary good company
should be the successful bidder how long
would 10 remain good IL could only
bo good by having good stockholders
who would elec, good directors But
how long before the good stockholders
would sell out their stock for \ good price
to bad ones. OF 60 mere ordinary mortais.
who would elect the same kind OF mortal-
for directors' or how long before that
good company would be IN alliance With
the bad company operating the other
systems
IL will tire you u I att.nuats the matter
any further You do not dream dreams
Let me add that when II * considered that
subway com panies are under the control
OF tho Public ServIc" Commission in re
spect OF speed. Roadway. the number Of
trains. the length OF trains. Of all arcommo-
dations. the amount OF stocks and bonds
which they can issue. in fact in every re-
spect. 1t Is diiiicult TO see that tn. Public
Service Commission could control several
companies better than one II Is plain
that they could not. but that their difficulties
would be multiplied by the number of oper-
afinR companies.
And when this putsic CONTROLS considered.
coupled with the ownership OF the roads
BY ,he city. it IL just difficult To under
stand how the word monopoly has any
place In the discussion ut all. There ~
no such thing a. monopoly. Accord ng To
the meaning Of that word. in respect OF our
city owned and controlled SubwavS
D. You ask me TO explain rhe different
oRcrs submitted by private capital TO con-
sfruct subw 10 he owned by the city
Only one such ofIer has been submitted.
namely. that OF the operating company OF
the present city subway. There was an
other oif.r. but only TO equip and operate.
and IL has been withdrawn. The said Offer
of the present operating company ~ in its
main points ~ follows
II obtained originally an operating con-
tract for a term of Atty years. with a right
TO n renewal term Of twenty-five wears for
the subway roads on this side of the Eas,
River and for thirty-iive years and a re
neval OF twenty-five years for the extension
under the river and on the BROOKLYN sd"
II consents to reduce these long contract
terms 10 a uniform term OF fort nine years
IL Offers to supply all of the necessary capt.
tai for construction over and above
SIS OnO.eno To he put in by the city It's
share would he about $4,000. 600. Ii - also
TO furnish all capital for equipment. II
offers to complete and operate III" Steinway
tunnel to Queens borough and also 70
complete third tracks COR express trains
on the elevated roads ia Manhattan and
The Bronx az eNpens" OF ST. .GS.ooo. IL
proposes to share equally the profits with
the city. !. .. after paying interest and
per cent. per annum for sinking fund on
the capital invested and cost Of maintenance
and operation.
suppose | need not trace the subway
routes IL Ofe to- build They were nearly
all laid out by the old rapid transit board a.
. part of the great city system. OF which the
present subway j. only part. and work NAV
start on them without the usual preliminary
delay. BY extending north from Forty
second street 20 Tho Bronx through LeNing-
ton avenue and south from Forty-sscond
street TO the Fast River II will give two
complete trunk lines through Manhattan
and also two additional lines IN The Bronx
more in the latter borough than the so
called triborough route would give
The said route down seventh avenue
goes by the new Pennsylvania station and
under the river TO Pineapple street. Brook
Ign. thence to Borough Hall. thence by
Fulton street and Flstbu-h avenue to Pros
pect Park. and thence by the Eastern Park
way to Buffalo avenue. In Brooklyn 10
also Offers to build the Lafayette avenue
route. namely. IRON Flatb,isb avenue to
Broadway.
IL thus offers TO build in Brooklyn not
only the part Of tho so-c called triborough
route that would he built at present in any
case but as much more. II also OF err
to operate the Fourth avenue route az
q part OF tho system II also Offers to
operate all future extensions built by the
city. on the assessment district plan
In the same way. including tunnel from
Fourth avenue under tho Narrows over
to Richmond borough. It also agrees
that at any time after ten years the city
may take over these routes as prescribed
by the subway statute.
And finally. /, nrers 20 carry for one fare
Of cents nil over the system.
4. A word abc.t the finances Of the city
in relation to subway building When
swore in the now Tax Commissioners last
January | suppose every one has not for
gotten that charged them TO enter upon
the eoualiZing Of values throughout The
borouahs 80 To get a larger assessed
valuation. and have followed that matter
I'D did this because saw thar the city
could not build the ~ubwavs Immediately
necessary unless We could increase a.. con
asstutional borrowing margin In 'hl, way
I have secured Tor next year the VnpreCe-
dented increase in realty values OF t"O1 e
o0o. 900. thus securing borrowing margin
at $50 ODO OO1 The normal Increase would
have been only about Snn01.ooo.
And strange to say. real ~ tat" spcculators
Who are loudly demanding subway-
are now finding inIl' with this In"reas"
In assessed valur-. They seem 10 D." alto
gather ignorant pf the city : financial case.
The Incr-a-" Tor fh.. neat tDUr or Nv"
years will b" only normal. - II will range
from about syn .OIO .NG next year up to about
500. cOo. oOn thereafter. giving annual hnr-
rowing margins Of only from 81. oUU. 500 20
90, OOS. 600 These future borrowing mar
gins including th. said So. C.u. ISL Tor mex {
year, have TO b. devoted chiefly 10 IN.
city's Ordinary needs. excluding -uhways
To emphasize this ! only need 10 give
In round numbers The amounts oi cor
porate stock issued in each Of the La, thre.
years for ordinary city purposes excluding
water supply and Subway- w IN 1910,
81. 100. 600 in 1919. 81. .0Wn. in Igr- 81 =
Co., 900. And another large I--iia OF corporate
stock II even now IMPENDING. ~ Won ar.
aware In addiction 10 such issues Of cor
porate stock Tor Ordinary "Np"ndi'ur"- the
Board OF Estimate and NpporJIonTn.ni u.
under ,h,. mandate Of r.Cnng -fafu,a