The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-28
PHONE VALUATION
PUT AT %$S2,OOO,OOO
Upstate =. :. e. STIMULATES z
Per Cent. as Fair Return
on Investment.
FOLEY REPORT OPPOSED

After \ shot' but stormy session tho
upstate Public Service Commission yes
tcrday placed a now valuation on the
properly Of the Ncw York Telephone
Company Of $50, 900 900. The decision
was announced at the close of the meet
ing, which was held in the rooms ~
the commission in the Metropolitan
Tower.
Eight per cent. was stipulated as a
fair return on its investment. and h,
company was invited to submit 3, new
schedule Of rates which would bring rs
net earnings down to that figure. Coun-
sci for the telephone company. iona l..
Swayze. told tho commission h wrl!d
submit tho findings to the boarl g.; d-
rcctors of the company before the ucN:
meeting OF the commission and then tel
whether the valuation INC rate " 70
SUR would he accepted without further
action.
Yesterdays findings NJ tho commits.
sion are arbitrary and nnal, provide ]
the telephone company does not dcsit.
to submit new evidence. No protest Vii
he considered II II is based solc,y on
the findings rs related to evidence al
ready taken.
Announcement vas made b. Coming
Sioncr Emmett that he was obliged ~
dissent from the finding of the physici'
valuation. From the evidence submitted
tn the commission he fclt that q vilGt-
ton ~ eighty-eight or ninety millions
would hc more equitable.
Chairman Van Santvoord. said tn,
commission in It's nndlues, had taken
mo con>idera ion It's belief that the -,
Der cent. paid hy the Now York Ts'c
phoue Company to tho American Trl,-
phone and Telegraph Company exceeded
the operating revenues by approximate
$4,000. 600 = year.
The stormy part Of tho meeting came
when the lawyer who made tho Original
I complaint against tho telephone com
pauy. NJ. u Wiukler. requested tina, Tho
report made YESTERDAY 10 the L.gisl4-
turc b. the Foley Legislative Commit
tee hc read into me record. Ia has
report tho Foley committee emphasized
the m~oropoli~'ic character Of the NcW
York Telephone COMPANY
when Nj Wiuklcr's request was ma ie
Z lively opposition developed. and at once
there came to light evidence ~ the riv.
4 air, shetNCcn tho commission and the
legislative committee. each " which has
been going oNcr pract'cally the same
ground
Martin W. lIttlc'ou. for the comUis-
sion, said he was not willing TO accept
tho report 49, evidence. iu view Of the
fact that II WIS not offered IN tho shape
OF testimony and no opportunity Tor
REORGANIZATION had been gwen Th'r
senator Foley quotcj clauses from The
law to- how that the deliberations OF
the commission We're not bound 10y the
rules of evidence. Thereupon Senator
Goats stated his positive opposition to
having the report placed in the record
senator Goa dissentcd from tn" report
of the Foley committee
Chairman Van SdntVoord nndllN an
nounced that the report OF the Foley
committee would be accepted merely as
a statement OF nudings and conclusions
and not as evidence OF any OF the fact,
therein stated.
The directors Of the New York Tcle'
phonc Company VIII meet "Wednesday ~
decide whether they Will accept tho re-
port Of the Public Service COMMISSION
without further contest.