New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-18
P. S. BOARD IS UPHELD
Consent Necessary for Equip
ment Trust Certificates.

Albany, June 1.-THE Public Service Com
mission was upheld to-day by the Court
| of Appeals in its determination that under
| Section So of the Public Service Commits
sion law the consent of the commission
| was Necessary for the issuance of $50, 900 900
! OF equipment trust certificates by the New
York Central lines for the purchase Of en-
gines and cars. The decision does not af-
| fact the. validity of the certificates, but
will make clear that the statute applies
to such securities and settles contro-
versy which has existed since December
! 1907
The State Board of Tax Commissioners
must describe the method by which the
special franchise valuations of the Buffalo
Gas Company and the crossings of the
Lehigh Valley Railroad Company in Buffalo
were reached The Court of Appeals holds
that the commission in an amended return
to writ did not sufficiently describe the
method by which the valuations were
reached, that the law entities the COM
panfes TO be Informed as to what were the
grounds for the valuations. and. therefore,
the board must file further returns
The gas company assessment was 5000
600 and OF this the court says in an opin-
ion written by Judge Willard Bartlett:
what the commission did not do in valu-
Ing this special franchise in Buffalo, but It
fails 10 indicate with any clearness or ac-
curacy what the board did. We are not
| told how far either the net earnings rule
or the stock and bond theory was deemed
applicable or how far it was actually ap-
the application of the net earnings rule
worked out a given. valuation. and that
theory worked out Z valuation, and that
trey REGARDED both these valuations IS I'M
aon oe sSS b nsnr a so oa
showing how and to what extent they used
them. their return would have been a sub
stantlal compliance with tbs statute.
Commenting on the Lehigh Valley Fail
road Company's valuations. Judge Bart
lett says:
II the State Board of Tax Commission
ings in the various municipalities in the
state for the purposes Of special franchise
taxation and has set out this Classification
cial franchise by the use of that table, It
would be very easy to say SO in the re.
turn, and would indicate the grounds Of
the valuation assailed through the me
dunn of the writ of certiorari.
The Court Of Appeals also holds, in a
decision handed down to-day, that the
sender Of an express package cannot re-
cover more than $50 If the package is lost
where no special value was given, the
printed Limitation of liability for that
amount binding both parties Isaac Green
valid shipped a package in October. 1906.
by the Adams Express Company from New
York to Waukegan. Ill The package was
lost. and suit was brought to recover s2S5
damages The express company put in evil
dence its bill Of lading, containing clause
limiting its liability to so. and showed that
no value given at the time of ship
ment- The Municipal Court of New York
City gave the plaintiff judgment for $50
and costs This was upheld by the Appel
late Division. The Court Of Appeals aff1rns
the order and holds that the interstate
commerce act does not abrogate the re-
sponsibility of the company to agree with
the sender on the value Of the property
carried.
The court sffirp1ed the Judgment of the
lower courts IN disharrins Frank NJ. Hard
enbrook as an attorney The proceedings
were based on matters which took place in
the Westminster County Court on Novem-
her 3 1904, in the trial of negligence
action brought by Mae Herbert against the
New York City Railway.
The court sustained the action of ex-
Police Commissioner Bingham in retiring
Nstha mel N Shire. New York police
CAPTAIN. on a pension because of physical
disa btlitv.
Adjournment was taken until septem-
Der rs.