New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-11
Morgan Firm Fixes No Limit


The Morgan firm. it Is undcrStood' iN"S
no definite period as that within when
the Board Of Estimate must settle finally
the question Of routes and end the DELAY,
and their purpose in any event u not 10
withdraw from financial participation III
tho subway building, but ut tn" most
only 10 obtain - possible modification In
the terms Of their contract with the
PETERBOROUGH 10 III the changed condl-
tons Their present obligation Is an
enormous ono. and not until TN" Whoi"
matter IS once and for all settled by inc
citv can the bankers proceed to obtain
syndicate participations and thus relieve
themselves Of part of this financial re-
sponsibility.
Thood"ro r. Shouts. president Of TN"
Intorborough Rapid Transit company.
declined 10 comment "u the situation
YESTERDAY
II is Understood that the attitud" taken
hy Controller Prcndergast yesterday IN
supporting the stand Of President Nc
Ancuv against immediate approval OF
tho marlborough plan was due 10 a con-
ference no had with J. 7. Morgan. ir..
before the meeting. The impression ne
got was that the bankers We're willing TO
give the city any reasonable time 10
complete its plans for the dual system,
but were not willing 10 wait indefinitely.
Unless deadlock should occur be-
tween the Board of Estimate and the
Public Ser, ice Commission over the
changing ~ the Brooklyn tunnel plans
and the plans for the Broadway sub
way So as 20 make a physical conncc.
ton with tho Canal street line. there
should not hc needed any great amount
OF time 10 perfect all the details of the
dual system.
President Williams Of tho BROOKLYN
Rapid Transit Company gave ont vcster-
day copies of two letters addressed by
him 10 Chairman Wilcox and President
McAneny. In view Of the phase that
the subway situation has taken to-day"
he said. by reason OF the threatened
withdrawal OF the PETERBOROUGH COM
pany. II has seemed TO me wise that the
attitude OF the Brooklyn company as
reflected in these two letters should be
made public
3. r. T. Wants Guarantees.
In the first letter, dated March =.
President Williams asked that the city
give some formal assurances that if the
lnterborough proposition should no ac-
cepted provision would be- made for
proper routing Of the lines that would go
I" the Brooklyn Rapid Transit Company.
The second letter was dated April %.
ana referred TO the fact that the Public
Service Commission had gone ahead with
several propositions which would nor ba
for the best interests Of the BROOKLYN
Rapid Transit Company, and asked the
following questions:
First-Whcther II the Interborougb cor,.
p&ny : proposition IS accepted tho civ vil
De positively committed To the expenditure
pany. ''
Second-lf this be tho fact what is the
available city credit for subway construr- |
ton IN excess OF said $4,000 900? I under
stand this excess is not over 500 900 OOo hut
that with the approval of courts or oibsT,
wise an additional amount OF possible s9i
OJO.cD may he realized. whereas. the citv's
'"ptnuItuT' on account or the lines allotted
TO the Brooklyn company aggregate inward
of Sl,Occ,OO This would mean a deficiency
o; upward Of S2IOCO.01J In the amount nee
ossary 10 carry out the Brooklyn plan. all
ihough all the INES allotted to the Inter
borough company would have been con.
strUcted Would not this result either in
the abandonment OF part of the Broadway
Eastern District line, the South BROOKLYN
extension OF the Fourth avenue line 10 Sth
street, or the 59th street extension of fine
Eastern District line In Queens
The questions which have asked strike AZ |
tho root OF the whole transit subject. and
" hatever the truth Is the people ought 10
know 1t and be- governed in their actions ac-
CCrdin6ly before any irrevocable step IL !
taken by their public officials or any change |
made In the arrangement approved last |
July.
This last letter was never delivered
to Chairman Wilcox, because of his alb |
sence from the city.