The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-06-28
SHONTS REJECTS
and B. R. 7. ACCEPTS
Continued from First Page.

triple fare. cuts out the heart of the busi-
ness centre OF Manhattan. separates II
from its own residential districts, attaches
II as a terminal to the Brooklyn system
alone and necessarily unsettles and per-
haps revoutionizes real estate values
throughout the borouRhs of Manhattan
and The Bronx. applies the credit released
through the successful operation OF the
present subway system on the island of
Manhattan and n great portion of the ad-
dttionai credit hereafter available to the
deveopmcnt Of the rapid transit system
Of one borough, entails upon the city. under
the guarantee provision to the Brooklvn
company above referred to, a large con-
tinuing deficit. Of which Manhattan and
The Bronx will bear the larger proportion;
gives absolutely no rapid transit relief TO
the great residential district Of the upper
West Side OF New York; furnishes no transit
facilities to the public using the new Penn
sylvania station or to the lower West Side.
leaves congestion upon the East Side for
many years substantially where IL stands
to-day; only in the distant future. II the
triborough route should he built. promises
TO extend a limited service TO The Bronx.
and postpones such relief IA II does oppose
to. confer upon a limited section ot New
York through "A period OF many years
In justice. however. to the holders OF our
stock and Of our bonds. which. il must not
be forgotten. we're issued upon the faith OF
a public contract and subject TO the APP
proval Of public body. no other course is
open TO the company than to decline. II
the city desires the cooperation o! the Inter
borough company and through IL tho co.
operation ofprivate capital in the execution
Of its general rapid transit plans IL will be
necessary for the city to propose terms
which will Justify this company with re-
spect to both its old and new invest ment
in embarkng in the project.
We are likewise compelled to decline the
terms rendered for third tracking the ele-
waited lines. We nevertheless stand pre-.
pared within the reasonable limits OF our
resources to relieve az an early date the
unfortunate condition OF travc! congestion
in this city. Our offer of June 10. 1910.
with respect to elevated improvements and
the operation Of the Belmont tunnel. con-
Meeting Queens with Manhattan. upon
which an agreement had been almost
reached with the Public Service Commission.
we still leave open for your further con
sideration.
A memorandum accompanying z this let
ter complains OF the inequality Of the
financial terms proposed. saying:
The Interborough company is compelled
to contribute one half OF the cost Of the sub
way lines assigned TO IL and must assume
it's own deficit. whereas all the subway
lines assigned to the Brooklyn company.
with the exception Of the connection to the
Brighton Beach line. are paid for by the
city. and the Brooklyn company is given a
continuing lien upon the earnings OF si22,-
OO,GO OF city money taking the COM
mittees estimate). to secure to II not only
the interes, mon i,s bonds issued for
aI.,a,aa oor.,,nc,ion AND snr .n,,i,,,,an,
s,,, ,,.,ha. s,,r, go, ,n ,,s ,','r..n,
90. 80 60. ~ ,,' ,,a.aI
-. q. l0a'a ~ ,'o.,
r..r A we s,a,.d in orr Latter ~ Ma
q under n .;miI,r guaran,ee wa wou,d b,
willing Ia huild anvvher. in tho sve
borourhs that the CITY nigh, .l.ct md
submit, no, only TO ,hese conditions affect
inv earninys hut TO many Others of a
similar character that authority mivb,
choose In imnoss
~, p..,.,.. - .,
ny n ~ I'm. "csep'
,S ~. nSia,s aI.,' Wv ~, ", ',l'
tsa,,,r.s ~ ,he rannr, 'rha cnmnanw
ns;s,s thar in cas-. IN. citv should ,nLa
oy or it's lines after ten year, a boAus should
be paid by the CITY to the COMPANY in
addition TO he actual lue Of the property
taken. II is suggested by the company
that a forty-nine year term would he a
more eluitabIe oiie.
At the beginning OF the communication
II is proposed that new company be
formed Tor tnc purpose OF carrying out
the plans OF the committees the condi-
tlohs uiuer ~hiSh ~" s"ps'uarE coHi-
L VI VIC Ii Hpu l.a.oI'
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J;s%,ssad a, oreat ian OH hv Col WiIl;a ~,
and seems 10 be the principal dism,te
between the compauy and the CITY. The
letter saws:
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