New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-20
Gross Receipts To Be Pooled.


clause be stricken out. The final letter
went on az 10 terms as follows:
The subway lines now under lease to the
Peterborough and those proposed o.! Tue
SAID report, as ser forth ap9ve, WIN ~
half Of the PETERBOROUGH company Of APP
proximately Sl25.G0Oep.
Ii is understood that when al the new
subway lines are equipped ana IN opera
lion the gross receipts from operauon %
The existing subway lines. and the propVseh
nav subway lines allotted 10 the lhleroor =
cush VIII ba pooled. and from tn" total OF
such gross receipts from operation the ioi-
l. wing deductions viii be made:
T. Operating expenses. provision Tor &c
probation renewals snd oDsolescenCe
the city upon the existing subway.
Tho balance of tho gross receipts snau ne
applied As follows.
psny during the entire period of the con-
tract an amount equivalent 10 . per cent
interest and per cert sinking fund upon
The capital contributed by the Interborough
company to tho proposed and existing SUB
wav- and per cent as compensation 70
the company TO- the pooling OF the receipts
- tho existing subway with thcs" OF the
rew subwsys. dwelling Of the leases or
tho existing subway md exchange or the
less ard for services IN connection Win
the operation Of the property " ia under
stood that fhe amount OF capital contrib
ufpd - the lnterborouGh company 70 the
evitt;nr subway COR construction and equ'N-
r-ent ss OF June 50 1911 Dune dgires parity
.stinlatedI is the sum 81 Ns09oGS. This
-ver,irr, not exceeding De. cent, Is 20 be-
upon al capital furnished ~ tho Inter
borough during tho entire period or TIE
contract. and Is 20 b cumulative, and th'
defcits. II any, shan be adjusted on year
~ basis out of fund 20 be provided there.
Tor by me compsuT as part OF us cspital
,bl Interest and sinking fund upon the
capital provided by tho CITY fer he con
'str1Stl0n ~ new lines.
CTTYs SHARE N PROFITS
? After the city hes received ell its in
,er.-t and sinking fund charges ~ will
then receive out OF the remaining receipts
in any wear q sum which will bring the
saywerss 40 80 20 an -emount >1uel 70 9
per cent upon its capital investment in the
= Ths remainder win b divid4d between
the city and the company, share and share
alike.
Upon IN. completion az any substantial
portion Of the new system the receipts OF
fhe existing subway shall be pooled there
with and such pooled receipts shall be ~
Vided in the manner hereinbefore provided,
but IN the proportion which such new lines
shall hear to the whole system as the same
may be placed IN operation from time 20
time.
EXTENSIONS
Extensions agreed upon by tie city ana
the company are 10 be governed by and in
ciudod in tre general provisions hereinhe
fore set forth as 10 receipts and deductions
therefrou.
Extensions required by the city and not
agreed 10 By the company arc TO ne
equipped and operated rs part OF the entire
plan upon the general lines set forth IN tho
offers Of the PETERBOROUGH company Of Dc
ccrnot- .. 1910. and MAY 9, 1911
ELEVATED RAILROADS.
The terms applying 10 the Manhattan
elevated lines, as set forth in the report OF
June 2. 1911. hereinbefore referred 10 az
amended by the supplemental report under
date II June g. 1911. TO the effect that tho
deficits. n any. below the average net In
come for 1910 ard 1871 shall be cumulative
10 tho company before there IS any division
II profits. are accepted. with the prOysO
hat suitable clause may he inserted ia
the nnai contract prohibiting excessive re-
newell charges during sny one year.
The first draft of he Interborough let
Ter contained language in Subdivision A
OF Paragraph I TO which the conferrees
objected aud had to be changed I'm the
final draft. II permitted the company
fo retain q fat 9 per cent guarantee,
whereas TIC final wording itemizcd the
: per cent. the ] per cent sinking fund
ard - per cent compensation 10 the
company for pooling - tbc receipts Of
,he existing subway with those Of the