New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-02
Road Recedes from Stand on
Listing Its Rolling Stock at
Highest Figure Under
Subway Contracts.
WILL PAY MORE RENTAL
Public Service Board Expects
Now to Execute Dual System
Agreements by Tuesday or
Wednesday-Final Re-
vision Under Way.

Having reached an agreement with
Of the board Of direc-
tors and the bankers Of the Inter-
borough Rapid Transit on open points
in the subway contracts at a confer
erce lasting until 1880 o'clock yester-
day morning, members of the Public
Service Commission and the transit
Of the Board of Estimate
took up IN the afternoon q routine final
revision OF the elevated certificates.
Two further concessions by the In
in the contracts came TO
light Yesterday, although they were
not matters that developed out Of the
recent agitation. At first the Inter-
borough wanted to list It's rolling stock
at the top notch figure. The Brooklyn
Rapid Transit had already promised Tn
pay deferred depreciation on its rolling
stock The constituent companies in
terested in the dual system do not own
any power houses. Finally the Inter
borough agreed to pay deferred de-
probation on both its rolling stock and
power houses.
The Interborough also promised TO
pay an increased rental OF one-quarter
of one per cent on the last s5.00o.o00
put by the city into the present sub
way The amount involved Is only
about $4,000 year, a trific. II will
enable. however, the city TO have ex-
empted from the debt limit the $1,000
900 IN bonds that have gone for i'm
provements In the present subway since
January /. 1910, being mostly the
changing Of stations and lengthenins
of platforms.
Will Pay More Rental.
Under the present contract the In
terborough pays only enough to provide
for the interest and sinking fund on
the bonds. Under constitutional
amendment Of 1909 no bonds issued for
public improvements after the succeed
ing January 1 may be exempted from
the debt limit unless the Improvements
are self-supporting 10 the extent not
only of earning interest and sinking
fund charges. but also all necessary re-
pair and maintenance charges. Com
missioner Maltbie pointed this out, and
after some discussion the lnterborough
itC rnnfoj nQNmpnt
enough to cover the legal requirement.
Counsel for the Interborough and
the commission and representative OF
the Corporation CounsePs office were
busy uptown yesterday over the me
points of phrsseology in the contracts
TO meet the latest changes. IL was
hoped that the phrasing could be ac-
complished so that proofs Of the docu-
ments could be studied by members OF
the commission and the transit COM
mittee of the Board Of Estimate late
this afternoon.
Still further work will have TO be
done on the certificates for third track
ing and extending the elevated lines,
both of the Interborough and the
Brooklyn Rapid Transit Company. This
is of a purely formal character, how
ever. and would have been done yesser-
day afternoon except for the absence
of Leroy r. Harkness, Of counsel for
the commission. at the meeting for
whipping the subway contracts into
shape. 1t will have to be done to-mor-
row.
May Go Through Tuesday.
1t is probable that the contracts and
which it is desired to put
through at the same time with the con-
tracts, will not be presented to the
Public Service Commission for hpai
adoption before Tuesday. on that point
Chairman Wilcox did not wish TO De
too definite last night. We had hoped
to be able to put these things through
on Monday" he said, but there 10 a
good deal of work TO do yet. All ! can
say is that we are pursuing this matter
diligently. and will have II out OF the
way at the earliest possible moment.
CORPORATION Counsel Watson and As
sistant Corporation Counsel Hahlo, an
EXPERT on transit matters. are keeping
i'm touch with the contracts and are
fully informed as to every change that
has been made. 1t will be only ques-
ton OF a few hours for the Corporation
Counsel TO give his approval to the con-
tracts. which is necessary before they
can go before the Board of Estimate for
adoption. IL may be possible, there
fore. for the contracts to be approved
by the commission on Tuesday morning
or afternoon and by the Board OF Esti-
mate on Tuesday afternoon or evening.
That would make it possible for the
contracts TO he signed on Wednesday.
Although the city officials do not ex-
press any anxiety over the possibility
that a commissioner to succeed Chair
man Wilcox will be confirmed by the
Senate before the contracts are signed.
they apparently do not wish to take
any chance.
Sulzer to Act Monday.
Word came from Albany yesterday
that Governor Sulzer would In all prob
ability send in an appointment on Mon
day or Tuesday. I'm that case We