New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-11
REALTY FORUM OPENED.
Tonic of Discussion the Subway
Situation.
DELAY lRRITATES OWNERS
Commissioner Eustis and Other
Well Known Persons Among
the Speakers.

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change salesrooms. Nos. IA and IS Vesey
street. under the auspices Of the Auc-
tioneers' Association. James l.. Wells,
presided, and d. Phoenix Ingraham was
secretary.
Among the speakers were John G.
Eustis. member OF the Public Service
Commission for the 1st District; Robert
Y. Bowling. president of the City Invest
ing Company: W. w. Niles. president OF
the North Side Board OF Trade; Allan w.
Robinson, president of the Allied Real
Estate Interests; Francis Z. Ward. a
former president Of the Real Estate
Board Of Brokers, and Robert E. Simon,
VICE president Of the Henry Morgenthau
Company.
The primary object of the meeting was
to awaken realty interests to take con-
certed action in its own trading centres
on great civic questions and not through
the agency of merchants or other or
CARNATIONS outside the realty marts.
The forum Is intended for the discussion
of all municipal topics in which real es-
tate men are interested. Another meeting
will be held in the near future.
Commissioner Eustis outlined the sub
way situation.
Personally. I don't think we are going
to gain very much by discussing IT at this
time" he said, as he began brief review
Of the history Of rapid transit in New
York He then spoke about the proposed
improvements. He added;
II know from my own experience OF the
work done by contractors on sections now
under way that every part OF the pro-
posed subways can be done in four years
1 regret to say that some sections in
Lexington avenue will be finished long
before they can be used.
~ listened last week TO the arguments
made by the lawyer who represented a
certain newspaper IN regard to the item
q OF $4,000 yearly for deferred depreciation.
The rolling stock Of the Interborough.
which you have all ridden in and know all
about, has been bought in recent years
and is in excellent condition"
As TO the per cent interest that is TO
| be paid to the companies, Mr.. Eusus eX-
planned that the money they VIII put IN
J for the subways must be raised by loans
They couldn't get it at per cent with
out paying something additional. Where
can you get bankers to float slIoVU,Vw
Of bonds unless there was profit In II!
The companies must pay an additional
"a per cent and the other IS per cent must
go in sinking fund.
There was a very significant question
asked last Friday in court. One of the
Judges asked what would have happened
IL the city had taken hand in the John
p. Mcdonald subway contracts twelve or
fourteen years ago. Why, the city would
have shared s6,OoooO0 profit
I'VE can't tell whether the new sub
ways. tied up with the old ones on five-
cent fare, will make money within the
next twenty-five or thirty years"
Mr. Dustis concluded by saying: This
is simply the grand, broad proposition for
the city to give the people something they
want, and now there are some people
kicking because II isn't par excellence. "
Francis Z. Ward, former president of
the Real Estate Board Of Brokers, was
the next speaker. He said that ex-Chair-
man Wilcox and Borough President Nc
Aneny had made the best bargain they
could.
Now the fat is in the fire. We don t
know where we are. An indefinite delay
is ahead OF US"
IL have been asked 10 talk about the
subway situation. l don't know what it
is, and nobody does said Allan w. Rob
insop, president of the Allied Real Estate
Interests Of the State of New York. New
York City hasn't the money TO build the
subways by itself The tri-borough sys-
tenn. If attempted by the city, would
mean that II Is trying TO get into one
borough, and. failing in that, is trying TO
get into another.
IF this plan is upset il will be long
time before private capital will be in
duceo, or can be induced, TO come for
ward and aid u.s."
w. w. Niles, president of the North
Side Board Of Trade. pointing at the de-
pendence Of The Bronx upon the sub
ways, explained that the residents OF his
part OF greater New York pay just as
high taxes as Manhattan and don't get
the same transit facilities.
He added:
I'VE don't want much more argument
on the subject. Personally. 1 regret Mr..
Wilcox was not permitted TO stay In
Office until he could affix his signature
10 the contracts But there's no use
grieving over that. Judge Mccall has a
right to look over the contracts for a
reasonable time, but IL something does
rot happen within the next three or four
weeks. then 1t will be time for us to do
some talking"
Robert z. Simon. vice-president Of the
Henry Morgenthau Company. told the
crowd Of real estate men present that it
Is time they got together and expressed
themselves on the subways and other mu-
nicipal problems. The trouble with the
city. he said. is that 1t regards the real
estate men as spectators.
Robert e. Bowling. president of the City
Investing Company. took exception to a
remark Of a member of the Allied Real
Estate Interests. quoted by MIR. Robinson.
that the rapid transit improvement won t
bcncft Manhattan real estate.
This member said he is citizen first
and q real estate man afterward. / guess
he can't be much OF a real estate man,
said Mr.. Bowling.
The public IL not in a position to know
much about subway contracts. so that
protest meetings don't mean very much,
he asserted and continued:
Il know Judge Mccall very well He
is a good, sound, sensible MANTLE kind
we need I'm sorry Mr.. Wilcox wasn't
allowed to sign the contracts.