The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-03
Rental. Called Too High.

lie Official has been that the rentals for
he leased lines are TOO high. and sarcas-
tic remarks in letters and speeches. nave
leen made about eXtraragant returns on
he stocks and bonds held by the owners
Il the leased lines.
sOur answer has been TO lay betore
YOU the facts that the aggregate rental
FOR the leased lines Is exactly ~ per
can't. upon the aggregate stocks and
bonds in the hands Of the public: that
=, appraisal Of the actual property be-
longing to the owners of the leased lines
shows that Il Is worth 20 many millions
~ dollars more than the par value OF
ne stocks and bonds that the rental Is
actually ; per cent. OF that value 'hat
here is no legal way by when the OPP
Mating company can compel the owners
"A -edrce the rentals. and that even II
~. operating company loses possession
,. the leased lines and they be returned
g., .heir owners, the public will certainly
ava IN nav a return for that use greater
Nan per cent of the value OF the
o-crertv Mt the service Of the public.
..rhere can he nothing saved to the
,rhuc therefore. by forcing the oanK-
-,,tcv OF this company and the ronse-
,,an, return of the lea sed lines to their
ovners. On the contrary. those owners
viii be entitled to charge full hve cent
a.. ,or a ride on each OF their lines
r.,-b M obligation 10 exchange free
.-arsfers Even II you order through
-0u.es and joint rates you VIII nave 10
make them high enough to produce AT
least a per cent. return upon the ran
raIua RI the property used by the public
>, avoid having your orders set aside a.
| conf sea tory.
San application for temporary relief
By authorizing q charge TOT trahsiert
son m May, 1917, twenty months ago
tu. no relief has been granted.
Immediate Action Sought.
the destruction of the values Of the
investment in tho property OF tne view
York Railways Company will ruin sc
many people or moderate means that
deem II my plain duty once more to urge
immediate action.
I'VE do not ask that any return be as
erred AZ this time beyond that necessar.
n avoid bankruptcy. An appraisal o.
nm prpaArry and the question or the 1ail
r"'lrn upon the value ascertained WI
2etIra.ly take several months or time
NGgiRg that period we are willing ina
ne revenues above what Is needed u
avoid bankruptcy be held by trustees
nd Ultimately be disposed of as ma.
| b. arbitration.
Our studies Indicate that for the i'm
mediate future the surface lines shoul'
he Authorized to charge an eight cen
!ars and three cents for transfer
such charges during the next eighteel
months should provide only a reasonable
-s'p-n o. the actual value OF the New
York Railways property used in the pub
c service and accumulate in addition
about 100000 for the benefit of tn
-. But ! repeat we are willing tina
every dollar above what Is necessary I
,'ep the property intact as going con
or. nay he held in trust until the prop
'-'f eaaN he appraised and the ratio
.''Hr' agreed upon by the city.
II "a-itatc 10 send SO emphatic com
I''.t-o1, and beg to assure you tina
tts, 40 iu'oCtiou to be disrespectfu
~ 'Nr situation is critical and fee
'.f' ,uu would blame me bereafter II
.l fail now 10 speak plainly aEd I
ia' r.At'