New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-23
GLOOM IN INTERBOROOGH
impression That Report Is "Haro
Lines" Prevails.
OFFICIALS NON-C0MMITTAL
President Shonts Issues state
ment That Gives No Sugges-
ton of Company Action.

Deep and unendng gloom seemed TO per
wade ,..e offices OF the marlborough Kappa
TranHt Company Yesterday and enshro"u
those IN authority. vino. with the directors
are compelled to pass upon the McAheny
report and answer yes or no ~
Wednesday 10 the city proposal Tor future
rapid transit.
While the officers and directors OF the
company were non -committal as 70 "ie'n
er the McAneny proposal would be accep'
ed or rejected a distinct impression oD-
tanned that they considered the terms oi
the report as hard lines for the Interior
ough and open % many and serious onJec-
tions on their part II was not thouEht
likely that the board OF directors would
consent 10 the adoption OF the report with
out requesting some amendments.
Theodore P. Shonts. president OF the IN
terborough. was as cheerful as any one
else and issued an indefinite statement IN
regard to the matter, in which ne SAID
We received the McAneny report at 40
o'clock last evening 80
While. Of course. we did not await rs
formal receipt 20 begin an analysis o. tue
same ny our engineers ana accoun an ,l.. -
nevertheless We have not been ~ d pos
ton 10 say anything officially as 70 our a.
t!tude until we did have the committee
proposal formally before us -,.
The McAnenv report introduces 50 H ILL
new elements and factors different from
the Interborough original proposal tIat 10
neCessitates a recast OF all our ugules' dS
well as a forecast OF travel anu. tnert-
fore. the task is SO great u VIII propdDlS
be Monday before this data Is worked up.
The Times" in its editorial TINS morn
ing. appreciates the bearing Wnlcn ms
forecast Of future travel ~ 10 nave OF Tue
determination OF this matter. when II sat :,
1T is a question OF raising hundreds OF
millions OF dollars on STATISTICS sho" l"1
future travel in this city.
Just as soon as We can complete our
studies we will make known our posluon
20 the proper authorities. but you VIII see
that until those studies are peIore NE i
am not In a position 70 discuss the report
II was said az the lnterborouCh Offices
Yesterday that a great many letters had
been received from stock and bond holders
u the COMPANY protesting against the
swapping Of the fftv-ve,r franchise below
42d street. which still has forty-nine years
70 run for a recapture franchise Of ten
years. as provided IN the McAneny report
II was pointed our that some Of the bond
holders might seek % bring an acton 70 re-
strain M. Shonts and the directors from
accepting The terms 0f the proposal, should
they ne inclined 70 do so.
Officials of the Guarantee Trust Company
Of New York which Is trustee for the
bondholde-s of the Interborough. said no
h0ndh0lda-e suit was conteu7p plated. The
fftv-vear franchise was part OF the Sc
rurit' on t1e mOr Zdg- DuuQ-. it was Sdiu.
and while an sxcnar 70 M IRA ncnlses "ould
necessarily affect rho securlrN the nonu-
holders would be protected II the INTERIOR
Ouzn supplied something VI equal FaIue
under new arrangement. The 0onds are
subject 20 call AT i05 0v the company, ana
with the good credit euloyed by the com
pauy IL would he easier 70 call the bonds
and issue new ones. 70 avoid any annoying
techuica lifies q was said