The New York herald., 1922-03-31
I.RT., FACING CRISIS,
HAS CASES DELAYED
Judge MAYER Puts Off Hearing
on Receivcrship Until
April %.
RUSH INQUIRY GOES OVER
Will Come Up Wednesday;
IIcdley Sees Manhattan
Line Settlement.
RUSH INQUIRY GOES OVER

The Interborough Rapid Transit Com
psny confronting one Of the most criti-
cal periods in its history, has been
grated a breathing spell.
As was fore shadowed yesterday, Judge
Julius NJ. Mayer, Ia the United states
Circuit Court. gave 10 the company
further extension Of time until April %
TO oppose the receivership actions be-
gun BY the American Brake Shoe and
Foundry Company and the Continental
Securities Company.
A few hours later as THE NEW York
HERALD predicted the lnterborough,
through it's counsel. James J.. Ouacken-
bush, asked and received an ADJOURN
ment until next Wednesday, April ?, OF
the Investigation by the Transit Com
mission looking to service betternent,
and to an abatement of subway conges-
tion in, non-rush hours. The postpone
ment was granted To permit Mr.. Quack-
enbush and Frank Hedley, president or
the Interborough, to devote their time
and energies primarily to the effort TO
obtain a modification Of the onerous
terms of the Manhattan Elevated lease.
Addressing the Transit Commission.
f. Mr.. Quackenbush said the negotiations
which had engrossed him and Mr.. He'd
ley since adjournment last Friday after
noon had beer progressing continu-
ously."
1--WE win be OF necessity engaged in
these matters" he said, "all Of the rest
of this week, and I'm quite sure that
Monday and Tuesday also are likely TO
be occupied. That does not mean that
we shall be able TO conclude anything
then. but that urtil that time we viii
not have arrived perhaps at any breath
ing SPELL
II cannot prognosticate what the out
come will be But I can say my judg-
ment is that it is to the interest Of the
company and in the public interest that
these matters should continue for the
next several days.
Everybody knows that negotiations
Of the characters that are pending in
volve all sorts of questions about statis-
lies and operating matters that Mr..
Hedley would be called upon to answer
and a great many legal questions that
would have to answer"
Clarence j. Shearn, special counsel to
he. commission. assented and the ad-
iournment to Wednesday, as requested,
was ordered. Corporation Counsel John
r. O'Brien offered no objection.
In the receivership proceedings in
Judge Mayors court both plaintiffs
agreed to the postponement, but with a
continuance of the stipulation that
either might ask an earlier hearing at
one hours notice to the defendant COR
poration.
Vt is not thought likely that new re-
ceivership proceedings will be. precipi-
tated at least not Immediately. by the
advent tomorrow of the day when large
settlements fall due on the part of the
lnterborough to the Manhattan. In well
Informed circles confidence was ex-
pressed yesterday that way had been
found to postpone. II not wholly to
avert. an irrepara BILE rupture between
the opposing corporate interests. One
guess was that the Manhattan might
waive payment of part of the obligations
maturing tomorrow.
Investigation by the Transit Commits
sion into the condition of the Flatbush
avenue station. OF the Long Island Rail-
road in Brooklyn was ended yesterday
The hearing was closed with receipt OF
letter from the road promising that
the desired improvements. including
sanitation and ventilation. would be at
tended to Immediately.