New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-21
S,TETNWAY TUBE FACTS.
CAPITAL VAS 100000.
Interborough Bought 1t for s40@'
O95 19-CHy Club Probe Used.

Netropolitan system during the testimony OF
Edward p. Bryan, president Of the lnterooroush
Rapid Transit Company
From President Bryan 1t was learned thal 'ii0
New York & Long Island Railroad CompanS'
with an original stock issue of 100000, was the
owner of the original Stenway franchiSe' 'he'
John Pierce builder of the Hall of Recolus'
"renresenting the stockholders" sold the original
stool, issue 70 the Interborough Rapid Transit
Connanv for S4O2 O35 II. This amount lncIuueu
Incidental expenses. What the incidental ca
penses were that amounted to over s5oO'oV MI
Rrvan couId not recollect, but volunteered TO
oct Information on that subject for the Gun"
mission. ,o7
Although Mr.. Bryan testified that the oodi
of directors of the New York q loiis ,
poi,road ComDanv had been changed 70 the
board of trustees by legal advice because -
was some doubt as to whether the FRANCHISE h'u
1onoad or not and whether not the corporate
axisterce of the company had ceased, the Inter
borough Rapid Transit Company spent
81 600 900 in constructing and equlpp9
Belmont or Steinway, tunnel
rr,,o +os+,noonv of Mr. Bryan took up most Oh
.,o h.o-,ne He followed Henry c. wright
secretary of the City Club. Mr.. wright 'otU -
- % the work of the City Club in studying
rapid transit conditions in TINS city
NJ Twins special counsel for the COMMISSION
WAS assisted
retarv for the commission. Mr. "hitney ire
o,er+,v made suggestions to Mr. WINS during
,ho course of the examination of MI BRYAN
Commissioner Wilcox, chairman OF the fupii'
Service Commission. presided. MI WILCOX re-
turned on Monday from snort rest tii''@ H0
uas ordered TO take by his physicians. The
naxt session of the inquiry will be held to-day
MIR BRYAN will again be on the stand
When the hearing called 10 order MI
Wright took the stand. He was put throueh
an exhaustive examination in regard TO the
work done by the City Club and the suggestions
made by it for the betterment of transit con-
ditions He said that the investigation by the
club had taken up the bridge crush and had
found that between 3 and $50 o'clock in the
afternoon 1871 persons were unable to get seats
In cars going to Brooklyn; that between o;oO
and 6 o'clock $685. persons had to stand. and
during the following half hour there were 4'3o4
strap hangers
Most of the clubs inspection of subway trsif1c
the witness said. was done by students from
Columbia University Mr.. Wright said that be
tween 43O and o'clock in the afternoon there
were more passengers standing than there were
sitting.
Although Mr. Hedey has testified said the
witness that from twenty-sx TO twenty-eight
eight-car express trains hour could be oper-
ated our inspectors counted only twenty-two-
Mr. WINS asked him If he was prepared TO swear
to that statement.
Well" said he. II did not make the investiga-
ton myself, but the man who did make It for
us whose name and address 1 will give you.
win doubtless be willing 10 swear to It's correct
ness"
Tho rest of Mr.. Wrights examination was
taken up with describing infinitely the work of
the City Club.
III suggested that the YUtOrbOrOugb-
Metropolitan officials examine the report OF the
City Club well the testimony of Mr.
Wright and submit 10 the commission reply.
that the members might have all the infor-
nation possible He also suggested that in
spectors from both the system and the commits
sion. acting Jointly, take data to the opera
ton of trains etc. that there could be no
doubt to the accuracy of the schedules Of
the merger and ground for dispute by either
side.
Edward p. Bryan was then called 10 the stand
He testified that president OF the INTERIOR
ough Rapid Transit Company he received a
salary of $4,000 year. that before he was
made president his salary was $4,000 and that
a few years ago $4,000 annually paid to
him for his services. After these preliminary
questions the Belmont or Steinway tunnel was
taken up The testimony at this point follows:
:, Q,-What then is the New York 6 Long Island
franchise L understand.
3-T The road had board of directors? A,-Yes.
Q---N hen did IL cease to have ii board of direc-
tors? A-When. last january. that board was
changed 10 the board of trustees
IDEALLY, was IT not because you were advised
by your legal department. that the corporate lie
OF the road had ceased that the directors became
h@d f0r fne RToPT for TIE Tooa N
ohse may have apsed 1 do say ii had.
mean corporate existence? A.-Yes We deemed il
advisable TO have trustees in handling the property
| "a yer md
ton Of the board Of directors Of the company ar.
under that OF the board of trustees
Q--Are the assets represented by an issue of
stocks or bonds? A-No. BY an Indebtedness
long rdad e6@pany Of e Ns
say The entTe property is owned by the INTERIOR
| Q-Then the Interborough must have some shares
OF OF, stock At has the franchise and has advanced
all moneys that have been used
Yes -Ies but how does the peterborough Rapid
holding the capital stock Of that roads At do p
hold The capital stock Of the old stei9wqy tunnel
e 9a aa me capfa STOCK Of G fb IT this
mel has never been increased since acquired it.
9ms1t 1t is held by the Interb"roggh Rapid
stitutes the title?
Now how much has Seen Spent BY the Inter Sir
boz 1ugh 6apid Transit Company up TO this time
been spent in the construction of the tunnel and
O~What is the end Of the fiscal yeaT Of that
company? A.-Jun- 80.
ment of the Of construction. real estate etc.
up to date? Al have the papers right before
me- here
Mr.. Bryan had pencil memoranda of the trans
actions which he submitted. These showed
that the engineers had estimated that the cost
OF the tunnel would be about $7.0000o0. The
franchise had been bought from John Pelrce as
the representative of the stockholders. of whom
he was one himself. Mr.. Peirce built the Hall of
Records, which prompted Mr.. WINS to ask if
Mr.. Bryan thought that the construction work