New-York tribune., 1908-07-14
HEARING ON LEASE
Public Service Board WW Pr0bdbty
4DDr01e the Revised Form.

a srot h,or,,, ,,as held Yesterday before Com
missioner Eustis of the Public service 'oiii'iis
sion on the application of the Centfh oIoo9'
Railroad Company for approval of a modified lease
NJ its limo IN the Metropolitan Street Railway Conn
pany on which both companies have agreed Ihere
was opposition. and the lease VIII pfopapiy po
approved by the commission
The only witness yesterday was e. w Sayre
secretary and treasurer OF the Ien'rai |rossto"n
company He testified that Messrs. Joline and ROD
inson the receivers had purchased eighty new
cars for the crosstown line. paying for them from
a trust fund of $4,000 which the crosstown COM
pany had deposited with August Belmont Z" %
This fund received considerable attention last IAN
when the receivers began suit against the Metro
politan Securities Company Efforts were mace
when the fund first came to light to snow that
August Belmont had in way used personal in
fuence and received benefit from the deposit oi
this money with his banking house. 1t appears that
the officers of the Central Crosstown, having that
money and knowing of the receivership determined
that this money should not get into the general en-
tanglement which they foresaw and created trust
fund it.
The Central Crosstovn company has outstanding
s21aO00 of per cent bonds and S2490O0 per cents
on which the interest amounts to $114.s0 annually.
The company is willing to give up the $9OOOo
annually which the Metropolitan has been paying
on the $4,000 stock but without waving any of its
rights against the Metropolitan, If the receivers
pay the interest on the bonds.
Commissioner Eustis also took testimony the
application of the Brooklyn Union Gas Company
for the approval of 100000 stock issue to take
UP debenture bonds issued in 1904 and due next
March Nobody appeared in opposition. and the
permission for the Issue probably will be granted.
III is possible that the commission may render its
decision in the Coney Island fare this week
Commissioner Maltbie will be at the office to-day
making four commissioners duty. Commissioner
Eustis told William N. Dykman counsel for the
Coney Island & Brooklyn Railroad Company, yes
terday, in connection with the case, that ii was
possible that the decision might be rendered by
Friday, as work is progressing the steadily
But If ii is not settled by that time it probably
will not be for time, Chairman Wilcox
will leave town Friday for months vacation
The probability, judging from the testimony at the
hearings is that the decision will sustain the pres
ent rate of fare, the public is not likely to lose
anything If the decision is not announced this
week
A hearing held yesterday afternoon in one
Of the commissions offices by commissioners ap-
pointed by the Appellate Division to pass on GER
tain notifications of +he route of the proposed
Lexington avenue subway, which has been ap
proved by the Board of Estimate and Apportion-
ment. When he Rapid Transit Commission was
in existence the Appellate Division approved the
proposed route the recommendation of former
commission consisting of Alexander Brough. Abra-
ham Hershfield and Lucien L. Bonheur.
The present commission is composed of Charles
s. Foote, William NJ. Wright and Rudolph Block
Two notifications of the route are in question.
proposal to have the line leave Broadway near IOth
street and run practically under private property
to 18th street and Irving Place, and so up Lexing-
ton avenue tc the Harlem River, instead of up
Broadway 10 23d street and under 34th and S5th
streets to Lexington avenue and alterations In the
route north OF the Harlem to Gerard avenue, run
ming under private property and Mott avenue TO
15st street and under that thoroughfare to Gerard
averut The changes designed to give
Of the commission, the only witness. He
identified various maps and plans and gave formal
testimony after which the hearing was adjourned
10 July Is Ralph Wolf, of No. u5 Broadway
representing owners of Broadway property, had his
.r,eorarca noted but took no further part in the
hearing.