New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-21
Council Chamber crov"5ed

There vas not an inch If room IN th-
council chamber when Mayor Gsynor
called the Board Of Estimate TO order
a. 1880 o'clock The tension was no
ticeable While the board transacted some
N the regular weekly business. Then
President McAnAnv began % read the
report Of his committee II reC'te1 The
principles that tho conferrses had laid
down ir their first formal report, and
vent on.
The tart should - enphs sized that the
r-~inrs~- purpose of tho plan proposed hv
The confarrees was 20 secure the sdvanr
ages Of q transit system based upon the
PRINCIPLES We have stated. and nor - mt
INC civ in position ~ sacrificing arv
PER- % - own logical development for me
sake ~ securing tho sort or returns that
would accrue N partner IN commercial
raiI~0a6'0C enterprise. Tho Infor00r0uEh
ror7parv which holds tho Cirv's suhWa r
under leases that secure - IN posse ION
'o~ approximately seVent" rasrs. haG In
form ed ire coufarraes that e. could not
accept the terms proposed by the CITY for
rHe ooAratiOn ~ extensions or 1ts eysrer -
ror The reason thar the private capital re-
CURED - carry our ~ part of fhs plan
eouI6 nor Re enlisted upon such terms
In order ~ examine the figures and data
and 70 hear the argunen ~ upon Unioh me
-cyorap--'- conclusion was hs se6 the cor
1orraes have held several further confer
ances 1-frn the representatives Of the com
rapv and with their bankers "A result
~ these conferences the company now sub
,7i-s a -ripplernentarv OFFER 70 operate sll
~ The routes laid down m ne conf@rrees
~arorr ana 20 accept al the terms and
conditions proposed by the report, with the
.,csrr,or, NJ those establishing thu basis
Of cor1penaaron 70 rhe companT-
The report then stated the terms Of
,bA T,+erboroughs asst offer. Including
the per cent guarantee on total cap
ital. Including q fund established for
meeting deficits. II continued
The eonfarrees. having IN view The pre-
.,,tnort dasirs billrv of extending under a
logical plan the city lines now undsr lea =
~ tbe Inter borough cnmpanv part e the
more comprehensive system proposed w
,Ls raror, or Tune l3. 1871 ard being con
,,1csd that The revised terms that they
bsv,e negotiated with The lnterborouE !
company offer th9 best practicable basis ~
sGf,ienosnt. DO not hesitate 70 rscommena
RAJ the substitute proposition az 70 imam
cial basis be accepted
It's Advantages 10 City.
The advantages u me city would se
.aai,rg ~ is revenues. for the virtua!
..,arofne ~ The neU and old leases Tor tns
reduced period ~ forty-nine wears. me e,, tx
cbanre ~ leases upon irs East ana 80
e,Ss I,ree and for its services as opera ,or
=. he compounded system would receive
2 nor cent above The carving charges upon
fte Investment. II ~ estimated M o' ,, a..
e~zt wear OF operation Of the new ms
The company's total investment upon &c
oid rnes Tor construction and equlpHltl!t
rrtu he $50 30 mn and that its conf -,
Tor construction and equipment OF me ~ ~
lines VIII he s75 10000 total ~ Sls5 49, .yr,
The 3 per cent allowed upon w. Th,s
-,o,,l6 sn,oun- 70 g 5000 anpually Is
,roul6 be the maximum sum ~
throughout me entire operation OF tLs 80
urril the CITY also receives per cent "fD''
its investment ,por1
The present proposition IS. IN sa woL
thar the companv viii operate ~ sSTeser+
ssygtenn doubling the mileage or US PI", j. 4.
lines for a profit Of 5000 mo- less I'LL -
receiving TO-DAY upon lis smaller -
and mare than 100000 less man tHe The
IN would receive in tho last year %
present operation. estimates