New-York tribune., 1922-07-01
Surface Lines
Add 90 Million
To State Figure
New York Railways Co.'S Es-
innate of Its Property
Value Taken Up by Tran
sit Commission at Hearing
Not Junk, Says Receiver
I. X. r. Must Pay Judgments
Aggregating $4,000 TO
Ncnner and Companies

The Transit Commission and th'
New York Railways Company, Of which
job +. Hedges is receiver. are about
s90.000.O00 apart in their valuations
Of the surface lines which the Transit
/ Commission contenplates taking into
tho big-eompAuy merger
The commission had n hearing yes.
tcrday on the valuation Of the lines
Counsel for the company said thai the
system was useful and going concern,
performing a great public function.
and not junk, as Mayor Hylan and
others assert.
The company submitted figures show
Ing that i, would cost sli9,s07 500 20
reproduce new the old surface system.
This did not allow FOR any deprccia-
ton nor did IL include lines formerly
in the system tho Eighth Avenue. the
Ninth Avenue and the New York ana
Harlem roads.
Against this the commissions engi-
necrs have recommended s29,4a7,l 43
ms the price the city should pay 70 take
over the lines In event of che proposed
merger. Basis for this appraisal Vas
original cost. less cost 10 put In hrst-
class condition"
Not All Lines To BE Takes
Excluding about s24,o00.0oO for nom
operating property and ss.597 500 for
property disposed Of between 1919 and
1921. the railroad admits valuation
Of sol 1851 ,63s. Comparable with this
is a similar appraisal made upon the
same reproduction new" basis By COM
mission experts amounting 20 $67,5Ii,-
454. This latter appraisal - only
mathematical" and not the one recon-
monded FOR acceptance.
Commissioner Harkress. who was
presiding, remarked that the commits
sion Rad given no assurance that y IN
tended 10 take over all the lines. AFTER
n survey and investigation, ne SAID. tne
commission will decide what lines
should be incorporated in the eompre-
hensiye system.
Tho Interborough Rapid Transit
Company, under a unanimous decision
Of the Appellate Division handed down
yesterday. must pay judgments aggre'
eating $4,000 in favor Of Clarence II,
Venner and two companies controlled
by him or be confronted with execu..
tion proceedings. As the decision OF
the Court was unanimous. the defen-
dant is estopped from going TO the
Court Of Appeals on the issues pre-
sented except by specla permission,
The plaintiffs brought suit as nold-
ers OF notes included in the three-year
per cent gold certificate issue, sggre,
eating $4,000 900. which was hoated
by the Bankers Trust Company on
September /. 1918. and made payable
az the Office Of J. =. Morgan & Co.
Payment was not made when the notes
became due, but about 9s per cent OF
the holders agreed 70 extend the time
In ia answer the defendant set forth
an alleged trust agreement entered
into between the Interborough and the
Bankers Trust Company, which pro-
vided that no individual holder OF less
than 10 per cent OF the tota! issue
should bring suit unless IN conlune.
tion with Others holding % per cent
~ the total issue. and then only after
due notice % the trustees.
Queens Shuttle in Eleven Months
Robert Rldgway, chief engineer Of
the Transit Commission, said yester-
dav at hearing given by the commis-
sion 20 discuss estimates for the prof.
ected Improvement that II will cost
abou. 100000 and take about eleven
months 10 accomplish the reconstrue.
tion Of the Queens Plaza station so
that B. r. T. passengers on the Astoria
and Corona extensions may have d.
kaf
fve-cent fare.
A, present the Interborough has sole
use OF the two branches, although joint
operation was contemplated In the duai
contracts. When the changes are made
the Joint operation will become ei.
fective. The difference in the width OF
B. r. T. and lnterborough cars at pres
ent prevents joint operation. This IN
wolves On additional fare for b. K. !,
patrons who have 70 change cars.
A. another hearing u was practically
decided that the new stations on the
proposed Flushing extension Of the Co
roma elevated branch Of the Queens
borough subway will be at Tiemann
and De Peyster avenues on Roosevelt
Avenue. at Hewitt Avenue and Will
let's Point Boulevard, with an express
terminal at Main Street, Flushing
The two frst-named stations will be
local.
Alfred 81 Barrett. former Public
Service Commissioner, representing the
Queens Chamber OF Commerce. said
the location Of the stations as sug-
gested by the commissions engineers
was generally satisfactory.
Chairman McAneny said that while
there might be delay in extending
rapid transit facilities 70 Whitestone