New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-31
3. r. T. Gave $t3,ooo,ooo.

The BROOKLYN Rand Transit contract
Is drawn practically along the same lines.
except that in its case ii contributes SlS,-
600, 900 toward construction and puts in It's
elevated system 10 be operated IN con-
neotion with TIE subways 20 be Dui!t by
the city as a single system FOR 5-cent
fare.
Speaking Of the difficulties that had
been overcome in the drawing up OF the
contracts Chairman Wilcox said:
The question of deferred depreciation
was one which called for much discussion
but in the end each company has agretd
to set apart amounts aggresatng S2,B0.ND
to constitute fund to bring its rolling
stock up TO first class condition. Again
the question of interest during conStruc-
ton has been under public discussion dnl-
/ ing the last three or four weeks The
commission by firmly maintaining tie po-
Sition which II took in the beginning on
| this subject has saved TO the city in the
/ neig hborhood OF S00D.oI0 which would
| have been claimed as excess interest by
| the companies wirI whom the contracts
are to he made. Therefore | say that the
contracts. covering as they do period
| of fortN-nine years and Involving such
enormous amounts of money. have been
| finished as expeditiousl; as could he done
under me circumstances.
In both contracts provision is made fer
temporary operation Of parts of the sys-
! tenn as soon as completed.
For the frs, time announcement is
made OF the exact place where the Lev
ington avenue line will he turned into the
present subway. 1t is in Park avenue,
! just south Of 42d street.
! Things that are in common in both con-
tracts are that free transfers shall lie
given at common and connecting points
! a. approved by the commission. and that
the companies may carry freight. mail
and express matter provided ii does not
interfere with passenger service. No part
of the stations may be used for adver-
! Using purposes The money obtained
from newsstand privileges goes into the
income item.
Provision is made for the temporary
equipment and operation Of the Steinway
tunnel pending It's reconstruction and
for the giving OF free transfers at "A
street and Park avenue between the tun-
mel and the subway.
The Brooklyn Rapid Transit contract
will be made between the city and the
New York Municipal Railway Corpora
ton. company formed for the purpose
OF operating those parts OF the dual sys-
tenn allotted TO the Brooklyn Rapid Tran
sit. IL is provided that the company shall
so reconstruct its existing Lines as 10
adapt them for operation in connection
with the subways
Five Cents to Coney in Four Years.
AS already announced. the scent fare
to Coney Island will become operative
upon the completion of the culver line
and other connections Of the Fourth ave
nue. subway. and OF the union terminal
at Coney Island This Will probably b.
about January /, 1917.
The COMPANY agrees 10 give free trans
fers at connecting points Of the new sys-
TEN and also to exchange transfers at
| Ssth street. South Brooklyn. between the
new system and Che existing surface lines
on Third and Fifth avenues. between that
point and Fort Hamilton. The company
will also try 10 get authority TO extend
such surface lines TO a point near s6th
street and Fourth avenue where more
convenient transfer point may be located.
The company also agrees to undertake
TO make arrangements for free Transfers
between it's Broadway line at 34th street
and the Hudson e. Manhattan Railroad
Company to and from the Grand Central
| Station.
In each contract provision is made for
a board OF arbitration. in case difficulties
arise between the city and the com
psnies Each side Is to name an arli-
| TRAITOR, and the third is TO be named BY
the president or acting president Of the
Chamber OF Commerce, or, in case he
fails 10 act. by the president or acting
president OF the Bar Association. A de-
probation fund board is TO be estab-
lished in the same way.
As security for the faithful performance
OF the contract. as TO the furnishing OF
| It's share OF the moneys for conytrlIc-
ton each company must deposit with 'ne
| Controller 81 10000 In cash or securities.
\ which Will be returned as the construc-
| ton il completed. Each company must
also file bond for equipment. mainten-
ance and operation in the sum of
81. 600 900. or in lieu OF such bond. cash
| or securities.