The New York herald., 1921-12-16
$273 900 900 NECESSARY
FOR HYLAN'S BUS LINE PLAN

/, for the stockhoders' committee seemed
less sanguine. Stressing the value of
The Manhattan elevated he said that
| during the eighteen years of the lease
the property had nstted the INTERIOR
ough more than 5000, 600.
The trouble III they have disbursed il
| all in dividends" said Mr., McAneny.
That Is true" replied Mr.. Murray,
but what I mean is that. Il there were
no lease at all and the Manhattan were
on It's own, II would to-day have paid
its bonded interest its per cent. divi-
dend and would have $4,000 900 In it's
pocket"
William w. Green of Alexander &.
Green, who spoke for a committee of
tins bondholders. indorsed the plan as
tne best that could be suggested" bur
thought it's success would depend mainly
upon the valuations appraised upon the
various properties.
william Greenough represented a COM
,nittee for the protection OF the South
rerry railroad Company's first mortgag ge
per cent. bonds Of 1889, now overdue
anu unpaid since April !, 1919. and also a
committee OF holders of first consolidated
mortgage bonds of the Broadway-Seventh
Avenue Railroad Company. OF the latter
securities the committee represents
about $4,000, 900. or more than a major.
lty of the ss,15o,00 issued and outstand-
ing. He said his attitude and that OF
mis- committees Is substantially that CSC
admirably expressed by Mr.. Kahn yes
terday."
Two Lawyers Give Views.
John l.. Wells. lawyer. appeared for a
committee of holders of bonds issued un.
der the 1895 Brooklyn Rapid Transit {
per cent. mortgage. The committee
which consists of Alvin w. Krech, Juliar
d. Fairchild and Ogden Mills. is sponsor
for about $4,000, 900 of the $1,000. .OOC
bonds outstanding the others to be de.
posted when called for. Mr. Well:
praised the commissions plan unuuali-
fedly.
Joseph p. Cotton, also an attorney
spoke as the adviser Of the committed
| holding four-fifths of the New York Rail
ways real estate and refund1ng bonds
He said he and his clients would prefer
to have the commission leave them out
| Of the reorganization and unification plar
altogether.
| Edwin p. Maynard, president of the
Brooklyn Trust Company and chairman
of a Nassau Railroad per cent. con.
| solidated bondholders' committee, wa:
sworn next. The committee has on de-
| pOslL 34,fol,UVV OI Ine DOIuS out Oh z
total issue of s15,00O,00 These bonds
| eight or ten years ago were quoted al
from 80 to 95. They have been down as
low as Is and have sold recently around
25. In its essential features the plar
commended itself to his Judgment a:
proceeding on sound lines, Mr.. Maynard
/ said, though he shared to some extent
| the misgivings expressed by others con.
cerning political influence In the board
| Of control.
| Grayson p. Murphy, chairman Of the
Interborough-M metropolitan AZ per cent
bondholders' committee. said he re-
garded the plan as intelligent and con-
structive and felt that his committee
favored It decidedly
| A financial statement. requested last
week. was submitted for the record by
Lindley M. Garrison, receiver, showing
the expenses of the receivership Of the
Brooklyn Rapid Transit Railroad. Dur
ing the period of two years and ter
months the total expenses have been
$624,655.66. OF that sum Mr.. Garrison
and his counsel, Carl M. Owen. who
shares his office, have received a. total
of $2S3,903 in fees. During the same
time, however, the salary of Col. Tim
othy S. Williams, former president
which was $4,000 year, has beer dis
copfipuaJ