New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-09-07
WHO RAISED THE NONE
Continued from first page.

was not liable to the city on damage suits for
tearing UP pavement between the tracks
referring to the testimony in the Wormser
s,7it MI WINS showed that it was testified then
that the net floating debt of the Metropolitan
WIS $685.. Il Is: that by its own statement
the company made the following estimate under
money needed for electrifying the lines owned,
leased or controlled by it and now operated by
horse power: Total mileage TO be electrified
- Q. total cost of electrifcation. $1o,965,ooo
Nov" said Mr. WINS, L want to know pre-
cfse1v how that money was spent. for it has
been spent. One of the things that strikes my
mind here is that although on your reports to
the state Railroad Commission your Saith street
line is carried at something like $6.o0O.Oo0 for
reconstruction. it appears that you only made
provision here for the expenditure of SloO,oOO
that line
That refers to entirely different state or
facts iuteriected the witness.
Counsel insisted that he wanted the data pre-
pared SO that they would show the actual
amount expended for electrifcation not for bet
terment or development, which more COM
prehensive terms.
Statements then handed Mr. WINS which
showed the number of yards of track that had
been electrified on each line. These were not
prepared in the way he desired them, however.
as they failed TO show the expenditure for elsc-
IRRIGATION to the individual franchise He in
sisted particularly the figures showing the
cost of electrif1cation on certain lines that had
been most heavily capitalized.
WoRMsER CASE TAKEN UP.
Mr.. WINS next went into the. testimony of
the Wormser case. and the financial operations
of the component companies Of the merger,
showing how the stockholders of the GietropoI-
bs6
of high financing" all unknown TO them
selves. paid the Metropolitan the S23,0o0,000
that the lease provided the Interurban should
pay. He asked the witness if he had any per-
sonal interest in what l would call most
humorous underwriting syndcate--that is. the
so-called syndicate that underworld the S23-
100000" MIR Root said he had not. and that
he was not interested in the pa per cent paid
for the underwriting nor was he interested in
either Mr. schifs or Kuhn. Loeb & Co.'S
underwriting deals
Mr. WINS went into this subject extensively,
apparently trying to prove that it was scheme
which was planned for the benefit of a few of
the officials behind it, Mr.. Root took ex-
cepton to Mr., Ivinss description and char
acterized it as carrying with it perhaps an
impression that has some incorrect suggestion
about it"
The witness testified that Kuhn. Loeb & Co
ard possibly some of the other hackers of the
scheme had retired, but that Thomas F. Ryan
and others We're stil in it
After going further into the testimony taken
in the Wormser case Mr. WINS turned 10 the
routes over which horse cars were still o2er-
ated- Mr.. Root said that II vas not the present
intention Of the New York City Railway Com |
pany to run 4 spur over the Williamsburg
Bridge. because he did not think the conditions |
of traffic warranted it.
THE FULTON STREET CAR ROUTE.
Counsel then asked about the Fulton street |
route Mr.. Root. in reply. said that Ave cars !
were operated on T. the cars making about |
three and a half miles hour. Forty horses /
he said. were needed to pull the cars. Yes /
rejoned Mr.. WINS, five cars and forty horses |
and two and a half millions Of stocks and two |
and a half millions Of bonds"
The different routes Of the New York City !
Railway Company were gone over fully The |
company Mr.. Root said. had in all about three |
thousand horses for its cars. and he did not /
think II possible To take off horse cars alto /
gether
After requesting many further data Mr.. WINS /
suggested that the hearing be adjourned until ,
the week after next. he had enormous |
amount of work TO do in preparing the case |
further. Commissioner Wilcox assented. and |
the hearing stood adjourned.
Just prior to adjournment Mr.. WINS had a !
letter and q synopsis OF report BY Max Teich- |
mann. of Baltimore; the report Of Mr.. Hertle |
to NIr. Amory Of July % 1902. and the report |
Of Mr.. Teale Of April 20, 1908 entered on the |
record.