New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-24
AGREE ON DUAL TRANSIT
At NIGHT CONFERENCE.
p. S. Board and Traction Conn.,
panies End Dispute Over
S3OO,OOO,O00 System.
FIVE CENT FARE TO ISLAND
marlborough Will Furnish
S56,0OO,O00 for New Con-
struction and B. r. T.
S60,000,000.

After many weeks Of dispute over
number OF knotty points. most OF them
financial the representatives OF the CITY
Iast night came TO a verbal agreement
with the two traction companies over
the terms of the contracts for the dual
rapid transit system. The enire cost OF
the new system will be about S3O.0O,-
900.
The verbal understanding will be re-
duced 10 writing and then submitted to
The interested parties for their final APP
prevail. Then the contracts as ap-
proved. will be printed. 1t Is believed
however. that II there IS not another
UNEXPECTED hitch the Public Service
Commission will be able to advertise a
public hearing On the contracts by the
end of the week, or at least by Monday.
Under the law such a hearing must
be advertised at least two weeks In
. advance, so that the hearing should
! be held not later than January
IL. IL is not necessary to hold more
than one hearing. After that the con-
tracts must go to the Corporation
Counsel and TO the Board of Estimate
for approval Then they go back to the
commission.
New Law Expedites Contracts.
An amendment to the law passed last
winter grants the commission power TO
execute contracts for equipment and
OPERATION without the Formally of pup
lie letting. So. if everything goes
smoothly. IT should be possible 10 have
the contracts signed with the Inter
borough Rapid Transit Company ana
The Brooklyn Rapid Transit Company
by February ], at which time the term
Of Chairman WILCOX Of the Public Ser
vice Commission expires.
some persons have felt that there
was great danger 10 the dual system II
the contracts should not he executed
before Chairman Wilcox went out OF
Office and have believed that Governor
elect Sulzer would not delay in naming
lis successor. However. there are
many who believe that Mr.. Sulzer will
permit Chairman Wilcox TO hold over
until such time as the contracts have
been duly executed.
President Shonts Of the lnterborough
mad a talk with Chairman Wilcox in
he latters office yesterday. The board
of directors Of the corporation had pre-
viously granted Mr.. Shonts authority
to make any agreement he saw fit. For
some time past there have been only
small points at issue between the In
icrborough and the city, and they were
settled in a short time.
At $50 o'clock Chairman Wilcox
wont TO the home of President Nc
Auenv. who was confined 10 the house
nv 2 severe cold. Controller Prender-
cast and President Williams Of the
BROOKLYN Rapid Transit Company were
there. and the four men talked for two
hours. At the end of that time. it is
understand. President Williams decided
IN accept what the city was Wiling 10
offer. o,,,--.. NAN
After the conference Chairman Will
cox said lie was not in position 10
discuss what action was taken. 1t was
learned. however, that verbal agree
ment had been reached
The main question that was at ISSUE
between the city and the Brooklyn
Papid Transit was that of interest on
the 100000 600 borrowed by the COM
panv for equipment and construction.
II is understood that settlement was
reached along the lines enumerated
below.
To Set Aside s16,oooooo Year.
At the beginning of each year after
The contract is entered into certain
sum will be segregated to cover the
estimated cost of construction during
the year. The interest on this money
will be charged directly to construc-
ton. 1t is estimated that Sl6'Voo"
will be so set aside the first year.
The interest on the balance OF the
S4OOOO.OOO will be paid by the com
pany and go into a separate account
with the understanding that such