The New York herald., 1920-01-14
DEBTS FORCE
|NTERBOROUCH
TO SELL REALTY
Valuable Parcels To Be Auc-
toned in March by Joseph
P. Day.
BROADWAY FRONTAGE
HELD IN MANHATTAN
Disposing of Land Only Relief for
January Interest, Says
Frank Hedley.

{ AZ a temporary measure to keep the
Interborough Rapid Transit system out of
tho hands OF receivers. the company has
decided to sell at public auction all OF it's
real estate not needed for the operation
Of tho lines. The sale probably will be
held next March, and Joseph p. Day will
be the auctioncer. The interest payment
duo on January I last was met in part
by pledging the real estate holdings OF the
company in Manhattan, the Bronx and
! Queens.
Among the properties listed to be sold
arc Nos. 156 and 15S East Forty-second
street, three story fireproof store and
office building, which will be offered sub
jcct TO Greensboro station easement.
owned by the city. In addition $50 lots in
Mania ttan will be auctioned off. They
arc on the east side of Broadway, be-
tween 2lsth street and the Harlem River
Ship Canal, and INCLUDE three and one
half blocks of Broadway frontage.
In the Bronx large portion of the west
side Of Broadway, from 23Sth to 242d
street. comprising about eighty-nine lots;
also a tract Of about seven and eight
tenths acres, with a frontage Of about
eight hundred feet in Baychester avenue,
at and near White Plains road, will be
offered. There also will be additional
street and avenue frontages and four lots
in City Island.
Another Manhattan property included in
the offering is the square block bounded
by l47th and 149th streets. Lenox avenue
and Exterior street.
Jackson avenue. Long Island City, in
OF the first station in Queens on the
Greensboro subway and Of a valuable
holding now to be sold to the highest
bidder subject to station easement. This
parcel consists OF the block front in the
north side Of Fourth street. from Jackson
avenue to Vernon avenue and In i'm
proved with stores and apartment build
inga
Also In Long Island City are twelve and
sne-half lots. with old buildings, located
ut tho northwest corner of Fourth street
and West avenue, through to Fifth stree.
subject to a forty-five foot surface ease
pnent for the Greensboro tunnel; also the
Industrial water frontage in the south side
hf Eighth street 100 feet west of West
avenue. and consisting of sixteen upland
tO&s, all the remainder being composed OF
tand under water. This property was
buchased in 1901.
Actually n Forced Sale.
sThe forthcoming SALE said Frank
HedIey, president of the Interboorugh
80 al in tha vic
sense Of the term. The situation brought
on by the war has compelled the Inter
borough to continue supplying rapid tran
sit service at fare established under pre-
war conditions, and this has forced the
company to dispose of these real estate
assets in order that IL may do all in its
power to protect the interests of investors
in it's securities.
1--WE have retained Mr.. Day to hold the
sale directly as a result of a policy deter
mined upon prior to the new year. which
was to pledge this sale to pay the large
amount of interest payable on January /
We must now sell these assets for what
ever they Will bring, in order to make
good our pledge.
But this does not settle the main prob.
lem. In the future we will have no such
assets to pledge. to borrow on or to sell
and there will be interest payments to bt
met next July. The traction problem is SC
big that IL VIII take Hlucn time, STUDY anC
probably legislation. But there is the ex.
listing emergency to NEE md that car
be met only by an Increased fare.
The fact that we are going to sacrifice
these valuable assets Is sufficient an.
swer to those who dodge the necessity
behind our appeal for a higher fare. w,
certainly would not sell in the present
sacrifice market unless VIC deemed Il Il
he our duty to protect the interests o
people whose savings have been invested
in good faith"
Great Emergency, Says Mr.. Day.
Mr.. Day, in speaking OF the Forthcoming
sale, the date Of which has been left L
his Judgment said
knowing full we'll the distressing con
dptions under which the Interborough re-
Gently has continued to operate It's man,
lines, with wages. supplies, equipment anc
al other costs of operation doubled.
realize fully how great must have beer
tho emergency that compelled the offcrins
Of all these valuable properties at th
time.
II have only admiration for the honor
able policy adopted by the president ant
directors OF the company and their de
cision to dispose of these assets as
means to protecting the interest of in
vcstors. That Is what call square deal
a fair business action. It is only TO b,
hoped that the Interborough is given o!
square a deal by the public. which Il serve.
SO we'll and faithfully, year in and yeal
out.
''All OF the properties to be sold with TIL,
exception OF the investment parcels, are oi
a character that will appeal strongly to io
BUYERS, builders OF wallSup apartment
, heus,s manufacturer and small In