New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-12
URGES SUBWAY DELAY
Mayor Suggests marlborough
Question "SWeat Itself Out"
HIS VIEWS ARE OPPOSED
]. P. Morgan, Jr., H. P. Dawson
and Shonts at Meeting-Mc-
Aneny Makes Statement.


There being no apparent prospect OF '"e
city and the marlborough coming together
on terms under which the company would
he willing 10 take its share of the subway
lines allotted to II in the McAneny-WlilcoN
report, Mayor Gaynor has suggested Una,
the question of making contracts Tor the
building of such lines go over until the fall'
Borough President McAneny. Controller
Prendergast and President Mitchell OF the
Board Of Aldermen are standing steaulas'
against such a programme. They nave
eight Of the sixteen votes In the Board OIL
Estimate. In addition to his three votes
the MAYOR Is counted as having with MN
on such q proposition Borough president
Miller of The Bronx and Borough fresi-
dent Gresser Of Queens, five in all. Inc
stand that might be taken by Borough
Presidents steers and Cromwell on such
vote is doubtful.
II was understood last night that the
subject would be thrashed out at the special
meeting of the board this morning ana
that there would be vote tomorrow.
J. =. Morgan. jr.. and H. F. DAWSON "i
the banking firm Of j. p. Morgan & Co. at
tended a conference of the Public Service
Commission and the conference committee
Of the Board of Estimate in the rooms oil
the commission at 8 80 o'clock yesterday
morning Others present were President
Shonts, Edward VI. Grout, who is under re-
tainer as counsel for the marlborough, and
ex Mayor Seth Low. chairman of the joint
transit committee Of the Chamber Of Com
merce and the Merchants Association.
The members of the banking house were
present 10 explain why they thought the
terms offered by the city did not furnish
an attractive financial proposition lhcy
did not succeed in convincing the confer
rces that the terms Of the city were pro-
hibitive so far as the securing of private
capital for the proposition was concerned.
They said they would like to submit fig
ures 10 prove their case. Borough Presi-
dent McAneny said he was willing TO look
at all the figures the company might want
10 offer before the regular meeting of the
board tomorrow. Al that time he thought
the matter ought to be finally settled.
So President Shonts had a long list of fig
ures sent 10 President McAneny early in
the afternoon. The Borough President
found secluded spot away from his ofilce,
and spent the afternoon studying the hs-
ures. When he got through he was no
more convinced than before.
In the evening the conferrees met at the
house Of Chairman Wilcox Of the Public
Service Commission, and President Me-
Aneny submitted the figures TO them. Presi-
dent Shonts and other representatives OF
the PETERBOROUGH were not far away, and
The two groups we're in communication dur
ing the evening II was understood how
ever that the two groups reached no agree
ment.
Mr. Morgan was much nettled yesterday
morning when lie picked up the newspa
pers in the rooms of the Public Service
Commission. His firm was represented in
some Of the papers as coming TO the rescue
Of the Interborough and as pleading the
company's cause before the city. He spoke
rather forcibly 10 President Shonts IN re-
gard to il. Later Borough President Me
Aneny gave out the following statement:
The significance OF the. conference be
tween Mr.. Morgan and Mr.. Dawson and
the representatives Of the city In the transit
matter has apparently been misunderstood;
Mr. Morgan and Mr.. Dawson have said
nothing either for or against the accept
ance by the IntcrbOrouSh company OF the
city's terms.
They came at the suggestion OF another
Citv officer who is Interested in the genera
subject to explain the difficulty the Inter
borough company or any other private
operator would meet, from their point OF
view, I'm securing money, on the terms tho
city proposed. They did not 60 into any
ether phase Of the subject Mr. Morgan
made IL distinctly clear TO the conferrees
that his house has no relation whatsoever
with the marlborough company a. an oper-
ator
As he puts it, they appear in the matter
as bankers merely, and have no interest
beyond that OF placing salable bond upon
the market II an agreement between the
city and the company involving the use Of
private capital be reached.
After the conference the Board Of EST
mate held private meeting IN Mayor Gay
ror's Office. At that time, II was stated,
the Mayor talked at some length, urging
the importance OF having the Interborough
come in, and suggesting that the question
as to how it could come in be allowed
10 "sweat itself OUT through the summer.
Other members Of the board declared II
would be tho sheercst folly not 20 decide
definitely now who were to get all the
lines. and that to delay might result in
greater confusion than had reigned before
tho negotiations were started.
\ person supposed 20 be familiar with
the way In which the Interbcrough has
been figuring throughout the negotiations
declared last night that the company
wanted practically guarantee of SlO,000.OOO
in return every year on their capital in
vested at present and the $4,000 600 that
trey offered TO furnish for new subways.
In this guarantee II was stated. they
had figured interest on the preferred stock
OF the marlborough Metropolitan Company
Some Of the directors Of tho PETERBOROUGH
Rapid Transit Company have large hold
ngs in the preferred stock Of the Inter
borough Metropolitan.