New-York tribune., 1922-06-14
Shareholders
Protest |. X. 7.
Readjustlneni
Investors in Metropolitan
Railway Securities Ask
Delay in Putting Plan
Into Effect Until August !
Demand Public Hearings
Want 10 Know Details of ihc
Proposal; Mayor Is Con
tradicted by McAncny

Milton 3. lgnatius. an attorney. son,
yesterday % all parties in interest. in.
GLIDING the Transit Commission and
the Corporation Counsel. letter oi
protest against the plan Of readjust-
ucnt OF tho in;erborouGh and the Met
r'Io!.tan Railway Company.
Tho protest goes into tho proposed
roadjustmont IN detail. asking the IN.
ter6orough.M Metropolitan trust bond.
holders protective committee 20 re.
frnin from putting It's plan into effect
on June II, as proposed. and that the
date be extended 70 August I. 20 give
opportunity for an open hearing. at
which The plan might Re explained in
detail to the bonGholders.
The letter says that the proposed
plan IS profoundly disappointing 10
The bondholders. who had looked for
ward % Z. anticipating not only an
equitable and eficicnt plan. but also
expecting full and authoritative
statement OF facts port aging the true
conditions. so that the stockholders
and bondkoldcrs m ght know the pre-
else situation Of their investment.
measure It's possibilities and Judge its
present and potontial value"
The mcageTncss of information and
detail included in the plan is criticised.
10 being st'ted that after AL possible
allowances had been mpdc fCr such
degree NJ Indebtedness IN minor de-
tai's as must be Inevitable IN any such
work. 30 will bo found that many i'm
portant and major features have been
'eft obscure and apparently undoter-
mined. 20 an extent that rs board 10
create iisirust and suspicion as % the
effectiveness Or propriety of tho plan.
and Of the thorouQhness % the inves-
tigot.on and the study from which 1t
has resulted.
The plan is described ~ being unluly
drastic. and reference Is made 60 the
published statement Of the INTERIOR
oIch Metropolitan collateral trust
hon iholder's protective committee that
"the best cnance perhaps the only
chance--of having the equity rep-esentc
,, the lnterhorough stock lies in the
contamination Of plan o. rendjus--
A' NINs k|HNFNn NHsasN "ANM lNNAf NHtt N'
contaminated 4 rccei ership IS newt
able
Con mentiae upon this. the lottor
states that in vicw OF tic position of
the I1teroO4oueh Rapid Transit Com
Dany, Fucccs sfully maintfinc9 ID other
lit.e0tions. that 70 is solvent. would
not an explanation Of the crrcum-
stances under which a rcceisgrslip has
appeared 10 YOU so imminent have been
due as leas. rs courtesy. TO the
hondholders and stockholders WHO in
t~nstcd their investment int. your
hands7 Have you not noticed that al
fnnral reports OF the inte borough
S.ril Transit have SHOWN very SUBJ
ytar. surplus balances, including rs
last report for the year ended June 80,
i92f3'
Mr Ignatirs said the organization -
-ormittee cf bOndholders and stock
holders opposed 10 the plan may be an
nou0ced soon, end that even those who
may nave already given their consent
10 the plPn under misapp sheEsion or
by coercion win be entitled 70 join.
Chairman McAncny Of the Transit
Commission refuted yesterday tho
cnsrge made b. Mayor Hylsn that Cor
ocration Counsel O'Brien had been de-
nicd opportunity 10 present testimony
ending 70 show that the In'er5orouph
and ne Is. r. 7. are, on account Of bad
engagement. wasting large sums from
upnt.' t0 month 70 their power plants.
Chairman NcA1eny produced the
printed minutes Of the hearings on
April io. when Corporation Counsel
O'Brien brought ne '-bicct Nd 70 q
service hsorinr. and a.. which hc gave
tcstln ory covering teH printed pages.
tie wss asked II he had anything move
60 SAY, md was assured that tic COM
missico Yves ready ~ any time 10 listen
70 what he had 60 offer and 20 CO
operate with him.
Judge Shearn asked O'Bricn II he
thought the service hearing should be
delayed pending his investigation OF
the DC8or plants, and he said if ought
not Nj WcAreny declares There The
matfor rested un,il the Mayor ana Nr
O'Brion brought II Up O. Monday.
"Ihe Mayors statement WAS entirely
inaccurate" said Chairman McAnery.
The commission decided yesterday 90
construct additional entrance flc!lit cs
20 Che Cana Street station Of the
p r T subway. at the corner &C
Walker and Center streets. The new
sta.rways viii obvioto the necessity O.
tho par 81 passengers OF crossing GER
tain Of the tracks by stsirways and an
oyerh ad bridge from orc platform 70
another. and vii enable passengers to
reach the street direct.