The New York herald., 1922-06-24
GLAND FOR TRANSIT,
HYLAN'S NEW JEST
Mayor Says City Will Not
Help McAneny Perform
Monkey Operation
B. r. T. INQUIRY FINISHED
Company Insists on Basis of
Cost to Produce Lines
New in 1921.

"The McAneny state Transit Commits
sion's unification plan is a transit mon
key gland operation, or transit Stein
bach operation at the expense of the
city," said Mayor Hylan yesterday. lie
explained:
"The McAneny commission schemes 70
take the various old. decrepit surface
and elevated lines into system. which
system the State Transit Commission
proposes to try to make young, or re-
juvenate with financial monkey glands
taken out of the city OF New York at a
cost of more than s500.o00,00o.
THAT is. 1t is proposed to make New
York city the financial monkey or goat
to furnish the glands for the opera ton.
But the peopla of the city of New York
will not permit Gov. Miller. Mr.. Nc
Aneny or his State Transit Commission
to make q monkey or goat of the city
to enable the giving of the citys finan-
cial substance to the present private
owners and operators of these old. de-
crepit surface and elevated lines.
"One reason Is that the city of New
York still vividly remembers to its sor-
row its costly financial experience with
Mr.. McAneny in transit matters in
1913"
II. n. T. investigation Complete.
The Transit Commission and Clarence
]. Shearn. it's chief counsel. completed
the taking of testimony in the investiga-
ton Of valuations of the Brooklyn Rapid
Transit Company. The days inquiry
was devoted to power plants. realty and
rolling stock, on which A. n. Williams,
counsel for the company, placed an ap-
praisal of $476S7.117. Exclusive of the
rolling stock, he said, the figure would
be $35, ,470,651.
The B. r. It's s47.6s7,117 appraisal COW
ers only the holding corporation which
generates power and bought rolling
stock to be apportioned among it's con-
stituent companies.
sary to put the properties in first class
condition was the basis on which the
commissions experts reached an apprai-
sal of these properties at s21, COS. 416. Mr.
Williams's corporation appraisers, on
the other hand, preferred to use as their
basis of computation cost to reproduce
new at 1921 prices" On this latter basis
the figures submitted by the two inter
ests concerned are only about $500 .00(
apart.
Stone e. Webster, engineers, drafted
the figures for the 3. r. T. A per
cent. brokerage fee. running up to
", fJ,puV, WAS one lteiil WI n
ing capital in excess of S, 100000, interest
on expenditures amounting to $300o.o0(
and various staff expenses aggrega;ine
81, 800, 900 were other items that went to
swell the theoretic total.
O'Brien's Ability Doubted.
Experts for the commission agreed
with Mr.. williams that the buildings
and mechanical and electrical properties
under consideration had been main
tanned in excellent conditions. When
John II. Madden. chief of the commits
sion's valuation bureau, was testifyins
Mr. Shearn said
Corporation Counsel O'Brien thinks
he could run the power houses a greai
deal better"
"Mr. O'Brien Is a lawyer" the wit
ness replied. adding:
"And Mr. McAdoo, formerly Secretary
of the Treasury, as I recall 1t. thinks
the steam railroads of the country could
save millions of dollars year. 1t Is
much easier to tell us how to do these
things, Judge Shearn, than 1t Is to dc
them"