Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-08-20

equip its highspeed 1inees promptly ~ the
company fails TO equip them) for the city's
| borrowing capacity has already been vir-
tually exhausted top possibly more than ex-
| hausted by Director Twining's official esti-
| mate OF the cost OF the hgh-speed lines,
| filed with city Councils. which shows that
the shortage viii be some $50, 000).
| The city cannot rccapture any part OF this
! borrowing capacity. which is tied up for the
| construction OF its high.speed lines. until
| one or more of the high-speed lines have
| been IN operation, yielding current net reve-
nue. for more than one year when such por-
| tion OF the city's debt outstanding repre-
! senting the cost thereof which is supported
thereby as TO interest and sinking fund
may be excluded from the city's DEB IN call
culating its borrowing capacity.
Thus the borrowing capacity will uti-
mately N recaptured to the extent OF the
debt so excluded
II the city Is TO rely upon this very slow
process to raise, in addition to the cost of
construction OF the high-speed lines. the
amount Of money required for the purchase
OF equipment therefor. the City's ability
to finance its transit development will he
seriously curtailed and the construction of
main portions OF the city's high-speed sys-
tenn will at least have TO be deferred for
many years TO come
The Smith lease specifically provides
that
Based upon recommendations OF the
board. the City shall have the right to
require the company from time to time
10 provide and operate such additions
aud extensions 70 the company tran
sit facilities. within the city Of Phla-
delphia, as the commission upon near
ing. shan determine I" De reasonable
under this contract.
ne D.'',n 80 "".'' ~. ~ .ii ."',,i' t.,s
"a reaItrs the f. r. r Conpauy Ia make
,urt,r. .Ntensipus huf vouId ,ouluni rho /
CIV 10 await aud be dependcr, unon the |
recommendation Of Il board Of three Nom.
hers to he picked by Mavur Smith and |
prosidont Nittou Of tho = f. + rnmn1uy
,,hich is hereinafter fulIy described
.... .....,...
CIV li'hI ~ Isl NV
The Taylor lease gave thc city the right |
20 build any surface l'Nes as determined on |
by Councils from tim" 90 tim" and 70 lease !
the same to the J.. L. T. Company at n !
rental equal 10 the interest aud sinking |
fund charges upon the city bonds issued
10 cover tho cost oI construction thereof,
and REQUIRED the :. j. T company 10 |
i,,',,,,,, and i, ~ s,,,i, ,.,,,.,,,,,'I
tino. ~ ,rL v.bsu tho ppL,ts lo,,,.ico f,a,,,
,,,issio,, Jetnrnip.d mai syrJ, Iiun, ,,,,,,il
he reasonably rcnlumcratVr to the t. n; n !
COMPANY
The Taylor lease also provided that
,.,, 49,,
Nv 49, ,,'i - T." :, - - -,r,,, ~
i, ,,al s,,rr,,, ,,.,.,,,.i'i, =, w
,t,,, 8, t,,,a a., tno ,,,,,,,,,fy.,i,,,, @ ',n',
t.,ring .hau Iet,r,,i,. 81, Lo itI,I -,
be- reasonably remuueratiyc to the les
see ,p. H. T Company. either son
aratoy or in Conjunction with the uni
fed system.
.,,,,,,,,...,.,,,.. -
- WA
ne ShIn I'ase provinces Tor III" appoint
neut "' n""'" 81 ''Ie' members winch
-na, nave "u,oS S'd't p'"fIS ana I" which
man nc SUI 'rnueIsu ,,' % administration or
,he Guy oi ihii"ueph'a tfahSU develop
,ers nr ,b. hoard shall lao cngi,oars ,.to |
.hau cnrl, no maid a salar,. or ia unn , ,.aa,. |
one OF them TO he uirl,ed b,. tbe Navor