New-York tribune., 1916-02-18

when you stopped the Mayor from
climbing over the fence what did you
say?"
81 told the Mayor that so far as the
lnterborough was concerned we were
out OF the situation; that we had 10
proposition 20 make TO the city; that
we recognized that he and the other
members of the Board Of Estimate were
elected on a platform pledged 20 city
construction and city operation of sub
ways. but that. as we were the largest
taxpayers in the city and as we had
been in the business for a long time,
we thought we had some valuable in
formation we could give him.
81 told him that for S70,000.O00 we
could build line better than the line
they were talking about building for
15O,000.000. | said 20 the Mayor that
there must be somebody and this was
the gist Of my business with him in
this city who is honest and knows his
business that he must have confidence
in There seemed 20 be so much an
tagonism that | told him we were will
inR TO open our books and show him
we were on the level. told him If
there was such a person to send him
down to our Office and we would open
all our books"
"What did Mr. Towns do? ,"
"He sat in the buggy while I walked
the grass with the Mayor
Opened Books for Mayor.
Mr.. Shonto explained that the Mayor
had practically committed himself to
the so-cslled tri-borough subway. He
said he told the Mayor the INTERIOR
ough was willing 20 operate the subway
and share tie profits equally, but II
any deficits resulted the city was 10
bear them.
The Mayor sent two engineers 10 the
lnterborough's Office as a result OF this
visit to the Mayor, who spent months
there examining the books.
\ memorandum OF this talk with
Mayor Gaynor was then introduced IN
evidence, which Mr.. Shonts prepared on
April p, 1910. lie said that it was the
Sunday preceding that date he made
the visit 10 the Mayor. A copy of it
Was sent 70 j. p. Morgan & Co.
In this memorandum Mr.. Shonts said
he told the Mayor that the tri-borough
would mean a cut into the earnings of
the lnterborough amounting 10 $1,000
600 year, that when the project was
broached year before the INTERIOR
ough had no fear Of "such a socialistic
trend of things" but that they now
feared it because Of the platform on
which the city ticket had been elected.
Then MIR. Shonts played his trump
cerd with Mayor Gaynor, telling him
that if the city built the proposed
Broadway Lexington Avenue subway it
would mean financial ruin and bring
dscredit OF. the Mayors adminstra-
tion. and that once the city embarked
on subway building it would have TO
continue.
Here Mr.. Colby interrupted the read
ing Of the memorandum 10 observe:
MIR. Shonts apparently proposed TO
csl the tunnel under the East River
the Gaynor tunnel-that was little
taify. ! suppose"
The witness smiled.
The memorandum also contained the
formation-meant for Morgan e. Co.
that the city could absorb a loss of
ten to twelve millions d year on the
subways.
This statement also appeared in the
memorandum:
II said 10 the Mayor that this idea
Of an Independent subway was the
product Of an idea which developed in
the minds of the Public Service Com
mission when II first came into exist
erce. when 1t was popular TO fight the
lrterborough, forgetting the INTERIOR
ough is the city's own proposition, and
anything that would help IT would help
the city"