New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15

IL Is proposed that the company pay
rent for these lands and others TO be
acquired by the city. The city Is to
acquire the fee OF the entire roadway
from Seventy second Street TO the
north line OF Fort Washington Park.
This the company is 20 convey by
warranty deed. presumably free and
clear. TO the city in perpetuity. IL ~
then TO accept lcaschold right to use
these identical lands; such right IS not
TO be mortgaged. except ms specihed'
and is TO be subject TO absolute termi-
nation at the end Of twenty-five years.
Land Cannot BE Released
Does any one suppose that this right
of way is not covered by existing rail
road mortgages or that this land, now
being an essential part of the railroad,
could by any possibility be released
from those mortgages unless or until
10 could be shown that they were no
longer needed for railroad purposes
at is proposed that the city pay for
the lands so acquired and also the cost
Of construction of strictly municipal
improvements. but how? In cash? No.
But out Of the rentals which IN some
manner are TO become due TO the city.
The real estate which the company
was TO convey or surrender to the city
under the 1916 agreement was ap-
praised by the special committee of
appraisal OF the Real Estate Board of
New York at $S.94s .9S4 that which
was TO be granted by the city to the
company was appraised by the same
committee at $l2,s1l ,209. leaving
balance in Favor of the city of So
s62,225
"Ihe value of the roadway which it
is now proposed shall be conveyed to
the city in fee on the basis of as
sessed valuation. with consequence OF
damages. would much more than wipe
out this balance. What is there left
as source of rent to accrue TO
the city 10 meet these obligations?
Il makes no difference whether 1t IS
on rental basis or fee basis. II IN
an exchange Of real estate the values
are equal there is neither cash pa
ance on a fee basis nor a rental bal
ance on rental basis.
Roads Right Absolute
But the most astounding PROPOSE
ton of all is that this joint commit
tee actually proposes that all the
rights and leaseholds granted TO the
railroad company shall be subject TO
complete termination by the city after
twenty-five years without legal pro-
eeeding."
ms. under the terms Of the pro-
posal. would include the entire right
Of the railroad company to operate on
Manhattan Island. an absolute right
which il now has without limitation
x,kt eh
established By the decisions Of all the
courts Of the state having jurisdiction.
And this is to be done without any
provision or consideration for invest
ment in freight stations. yards and ter
minals. making them useless for the
puruoses for which they were con
structed. and thereby deprivng not
only the railroad company but the ship
pers and the business interests OF Man
haitian Island Of all these necessary IA
cilitieS. -,
ITO argue that any one municipality
and, if ole. why not all - should hfTe
the right. and that II would be IN the
public interest. to acquire an integral
and necessary portion OF the property
of public service corporation, and be-
ing a great. important and necessary
means Of interstate commerce, extend
ing through many Jurisdictions muhiCl-
pal and state. is arrant nonsense.
Legislative Action Needed
Legislative authority is necessary
for the solution of this problem. Such
legislation has been sought by the COM
rany. The act of 1911 was drawn upon
the same lines as the act authorizing
the Grand Central Terminal improve
ments. Both acts gave TO the city and
the railroad company both authority
and discretion.
Every one admits that great benefit
has resulted 10 the city and to the
nTblic bv reason of the electrifcation
Of passenger lines Of the company
throughout the city and the construction
of the Grand Central Terminal, the re-
storaton and improvement Of streets
and of this portion of the city gen
orally. 1t has been and is the desire
of the company to achieve similar bene-
fetal results with respect TO It's freight
lines and terminals on the West Side.
II will do so if permitted"