The New York herald., 1921-12-16
Continued from First Page.


carried in the last fiscal year about
81 100000 revenue passengers. To carry
billion passengers, which is the num-
Der handled yearly by the surface street
cars. therefore. would require 5,4S-
buses. The mere cost of their buses,
plus the cost of housing them, Mr..
Ritchie testified comes to S1000 a year
for each vehicle. To equip the city
with 5.24o, therefore. would cost the
city $57.s50.000.
Then 1t was shown further that on
the basis of passenger car miles, the
cars last year handled In volume one
third more passengers than did the
buses, which adds an additional one
third to needed vehicular equipment.
To take care of standees would thus
call for 1.413 additional buses. which at
$1l 900 a piece, including housing facili-
ties. would bring to $73.1S3.0O0 the bin
for the city as It's initial cost of en-
barking in the wholesale bus business.
Couldn't Get to Cents.
we could introducesomc economies" /"
said Mr.. Ritchie, but they would not be
sufficient to reduce the cost to cents a
passenger"
you think approximately cents
would be the minimum cost per passen-
ger for comfortable bus operation on
any street In the city" asked Chairman
McAneny.
II don't believe we could get It for s
cents" the witness replied with empha-
sis.
Arpther feature OF the days exam
nations was the large number OF repre-
sentatives of security holders protective
committees who gave to the tentative
reorganization plan Of the commission
either their qualified or unqualified in
dorsement.
Alvin w. Krech. president of the
Equitable Trust Company, appeared as
chairman of the board of directors OF
the Manhattan elevated system and also
as acting chairman Of a stockholders
protective committee Of the Manhattan
Railway Company. He said he had been
in touch with holders OF big blocks OF
the stock, in which 1000 stockholders
are Interested, and had made careful
study of the plan. Mr.. krech pronounced
il mot only sound but essential for the
proper protection Of all interests" he
said he had some misgtvings apotu the
proposed barometer fund and thought
SIS, 100000 whole inadequate. To make
the bonds marketable he thought the
public would demand stronger assurance
a barometrical fund out Of borrowed
money"
For providing the working capital he
surmised there would be no difficulty
provided their interests are properly
stabilized under the new plan, in per-
suading underlying bondholdrrs to con-
tribute by withholding some of their In
terest coupons and reserving them as &C.
curity for the return Of their advances
He advocated also letting the sound
underlying securities remain undisturbed
for the present, oering the new securi-
ties, until the plans success has been
demonstrated. only to the owners of
what might be called the equity In the
property.
Krech for n Compromise.
"My feeling is that II this whole thing
is approached impartially. the Manhat-
tan stockholders can be relied upon to
do their share in some temporary COM
promise position which will save the SIT
uation," said Mr.. Krech. II certainly
would counsel It," Mr.. Krech predicted
that unification. with rerouting and
common ownership. would save millions
of dollars. He saw no hazard OF politi-
cal chicanery In the makeup of the pro-
posed board of control.
George Wildwood Murray OF counsel