New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-20

state in detail my reasons for victims
ssainst this offer. which l have merely
o1,jined In the foregoing statement.
shall also insist tomorrow upon pron,p
action looking 10 the actual cons,ruc,,S'
90 the new subways. either under tn'
erooFIvn Rapid Transit OFFER or the tri
borough pIan. and TO the termination OF th'
,seless discussion which has so Ions pre-
vailed. 81,
The McAneny committee and the Pub
tic Service Commission are going to meet
assin at $50 o'clock this morning to de-
eide what they will do. They will prob
sh,v have TO have further conferences
With President Shonts and other Inter
borough officials in an effort 10 obtain
further notifications. and 1t is not likely
that these can be obtained in time 10 re-
mort AZ the regular meeting OF the board
ut 1880 o'clock.
Tho meeting % the Board OF Estimate
.,d Anportionment that had been called
for . O'Clock yesterday afternoon TO pass
finally on subway matters was called on
N an informal manner that lncenseo
President Mitchell The fact, however
that the Interborough proposition came
en- late and that there was much doup'
that IFS terms would be satisfactory made
n impossible to force matters.
controlled Prendersast had acceded 10
the per cent guarantee, or ''pref"reh-
tial" on Monday but 10 this guarantee
the marlborough added things that ne
--;u not stand for. His principal ohlec-
ton 20 the proposition is that the Inter
borough demands the right to issue BONUS
20 make ND any deficit and 70 ado tness
bonds 10 its capital account on Nhich II
demands a 8 per cent guarantee Inv
,,ontroller believes that these dehCi'S
might well be made cumulative ana De 3
6rst lien upon future earnings. hut thst
the Intcrboroueh should stand the cost
% cerrving them until paid.
s54,ooo,ooo Investment Ignored
While the Interborough has guaran-
ted 10 pool the receipts on the old ana
nsvc lines II provides that II shall re
csive o per cent on both lis old ana ne"
money invested. while the city VIII re
ceive an amount only sufficient TO make
the payments 10 IL equal TO > per cent
on the ca pital the city will invest in ne"
suhUsvs In other words, the company
wants q per cent on its Sl2JVpoU'
while IL is wlling 10 give the city only
Der cent Oh the S53,OOo.Wo that u
would pu, out in new subways, leaving
M, the s54O00OO0 investment in the
present subways
There are number Of other things IN
the proposition which were pointed ou'
l,.t night rs being unfavorable 70 the
CITY
The GRAFT Of the proposition which
was submitted to the conterrees ny
President Shonts and Edward NJ. Grou''
~ rho InterborouCh, at II o'clock in the
morning contained other points FAVOR
able 70 the company that the conierrees
insisted upon having changed. IL was
after those changes had been made that
President shonts returned TO ms ONCE
70 get the proposition out.
The letter which was addressed 10
Chairman Wilcox of the Public service
Commission and President McAnen! ot
the BOARD of Estimate conference com
mIttee. said the Interborough company
would accept the part allotted to u IN
the McAneny- Wilcox report subject "
the terms of the report ms amended eA-
cent as to certain notifications.
The letter went on:
1.ror the contribution by the city oI Oh, .
sum equal 20 one-half OF the cost y! Ill,
sfructian the lnteTborouSh COMPANY ,ha
contract 10 construct, equip anu op' NV
nrnposcd new subways, as iolIoNS'
Then followed the lines laid out ID inc
,cport with a few slight notifications
In the first draft OF the letter the ABOVE
Paragraph contained the following clause
after the word construction: plus
sum equal 10 the deficit, II any, on the
Der cent preferential payment hereafter
provided for
Gross Receipts To Be Pooled.
The conferrees Insisted that TINS
clause be stricken out The final leIter
went on az 70 terms AS follows:
The subway lines now under lease 10 me
marlborough and those proposed o.! tue
SAID report, as set forth above "ill III
Volve an initial capital expenditure on De
half Of the Peterborough company OF ap
ina 81