New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-02-09
VHITR|DGE DEFIES P. S. c.
Elves Notice Third Avenue Will
Not Establish Sinking Fund,
BAYS ORDER IS NOT Legal
pefers to "Senseless ATTACKS
and Renewed Humiliation Il
Validity Is Tested

and Renewed Humiliation -
Validity Is Tested
communication sent YESTERDAY 10y
,,reJ,rjcb IA. Vhitridgo. president OIL '.''
&r1frJ Avenue RAILWAY COMPANY &" 'he
,,ylIs Service Commission h'"c' - S',>,
81 g., ,,fIl rot obe,. he order - establish
III linking fund Of $1,000 q year to "'no''-
-, ,,... ',.,,,,,an,.s bopd, The letter states
Fl a., ti.ar. is ~, sta,utc authorizing 'H'
# oidor and JIM part is as -"lI"Ws.
M bay. rcco,ved Your opinion expressing
IA c,tcd dfsseut from recent opinion
IS, nj he Cont of Appeals in respect to the
*,Ihlrd Avenue reorganization &nu So,
Nlpg your erroneous views "nicn ,m"l tt' In,
a ignored or rejected by the highest court
~ mis- state As YOU nave YCntur,d 10 put
81 This dissent H. the form of q separate OF
q Or ADDRESSED "a this company. nsE
10 say that find nothing ~ inc
a statute which authorizes You to ORDER u
q L. create any kind of Il sinking fund. Yet
/ would b' willing 10 urg" our directors y"
n n, to meet YOU. desires provided ~" cuNn
g4t some assurance from YOU That the
senseloss attacks which YOU nave mao,
upon this corpora ion should case, :" lUaI
ia" amount "t about NH"Jo year Mu.s
We have expended I'm litigation instituted
10y YOU, could he devoted TO the creation OF
IN authorization fund. Z suggest 10 lnu
that in view OF the fact that al S"cn MI
III
Ness say entirely because YOU yourselves
bio not seem 10 have learned anything from
& ji it is wrong thing 10 subject the com
4paUy 10 the payment Of a sum equal 10 the
jHterest upon S2u0.o0) or 100000 year
~ hst is equivalent so the most lniGUit"hs
HstQck watering
81 I'm order 10 prevent misunderstanding |
tpoo8pitulat" the position: When the reor-
a Gsni2a ton OF This company is completed II
&WiN have on hand i'm cash about S2.V"."N,
q 100000 Of which is auocated 10 the re-
H. If he. he
i sary, 5000 is allocated toShe cost of paw
4 irg and adjusting tn" railways i'm The
4 Bronx to IN" changes of grade AS the same
ar" made by the city. and about N""9 rs
4 rot allOCated % any specific purpose.
There Is no such thing a. a rule Of de-
probation. such IS YOU wish to pro'nulSat".
Depreciation depends upon the manner IN
which a property is maintained. II per
feet maintenance can Zee conceived Of, there
would be no depreciation. Considering this
particular property. my judgment Is that
tanned, 10000 "A year FOR depreciation j.
sufficient. and the money set aside for that
purpose VIII probably arcumulat" for two
. o. three Years.
Similarly there is mo- general rule for
maintenance. We spend whatever has to be
spent for maintaining the property. and as
tcnance for the last six months. together
With the proposed appropriation for depre-
oiation, amounts 10 about 90 per cent OF
our gross earnings.
I am thus explicit because my conclu-
SONS have basn reached consciaptiorslv
and while | shall ALWAYS welcome any al,
j VIC fro1, Won ~, anyhoS, cleo which ie
fruuJsd mon sTytbi,,r Which cviste
oi,-e ,.or ,,Gtire nov. that yS-iII NOT tnIar.
t. any, i,t.rfarerco a.. ,or or+gi5. ~ tbo
-, 49, - 81, 80, 49,. ~ 20 -. 49,,
-; - i-s,a, ,V' "I''!I 49, III LIS a. pIt
rs nv. III LSSISl''sls tIIal
IiC i5SnC "a ,Hl2'Sl nom Nour peCIslo,'5
affirmed a. constitutional
I'm another letter sent hv Mr.. Whitridec
=, rr,,;, II ,r-hi.,...- ...-.. -.
iia'ls r. N"ilit'' secretary OF INC
inhhc Service commission, reference is
made 10 the order Of the commission re-
o.ar6ipe .,,ort;zo.;o,, T., .,,,,,,,,,.,,,;,,~ ~,
-, ,'.'''''''''o WI
TINS order MI. W pitTdGe had this TO say to
Mr. Whitney:
~ ,bo,. do 80. lii. o.. h.. ..,,,
- W. l'' IS7'l ~ "''' INC Na""-
h| "i inc order tested We must ignore il
-. 49,. %.,' ..,I
ar, -. .,,,...,., '7','' Pe"ai''s'
U-i,h ,.s..-,,..
V.bi,ri9qo o.. 80 .I,o -, - -.
,,,,ssior Ga .h, -r,fr, -, 80. GU.
~, yy-ir,.<, ..i,, -, ,,,ot.,
bs derisinn ~ In mo- s9hs ,0uhser !"
accordance with the direction of tho court
me COMMISSION consented 10 the plan of