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| Re: [PHOTOS] Vintage IRT Photos (1476096) | |||
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Re: [PHOTOS] Vintage IRT Photos |
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Posted by Elkeeper on Mon May 21 10:02:44 2018, in response to Re: [PHOTOS] Vintage IRT Photos, posted by randyo on Sun May 20 16:18:03 2018. The IRT should have bought the MER outright. Up until its near-bankruptcy in 1921, it was saddled with a mandatory 7% annual return on its bonds. After the Dual Contracts, they somehow convinced the IRT to build the Anderson-Jerome tunnel for el type third rail and made sure that IRT subway cars would never be able to use them, unless they cut back their subway type 3rd rail. The towers along the Jerome Line were operated by MER employees. Returning to the 1922 bond issue, the MER held up the closing and demolition of the elevated Grand Central shuttle, until the interest payments had been restructured and a majority of their securities holders had reluctantly agreed with this. |
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