The New York herald., 1922-03-21
Continued from First Page.

contrary, that l kept my peace "hch
should have spoken"
you will present your views to the
Governor. will you not?" asked Clarence
J. Shoam, special counsel 10 the COM
mission. 1.-THE Governor now has the
responsibility and he would undoubtedly
welcome any opinion
so has this commission under the
law" replied Mr.. Quackenbush. 1T is
its duty TO advise changes in the law,
and IL has advised these changes. III
advisedly. J believe. ] have pointed out
what ] think Is going to be the rock
upon which Your whole plan will be
smashed. and you can very we'll call
the Governors attention 10 r."
would Tell Mayor About VI.
You ought 10 tell the Mayor about
this" interpolated Mr.. Shearn. 'and
give him a chance 10 withdraw his OPP
position
william A. DcFord IL a pretty good
lawyer and ho got this up" shot back
Nr. ouackenbush. Perhaps I've buildcd
better than hc knew. on Wednesday
next wn arc going 10 take I'D the uues-
iior of new IntcrborcuSh service orders.
10 not believe you are going to get the
kind ~ service Judge Shcarn has talked
about without the power OF this COM
piisslon to provide the funds necessary
10 render that service. DO not get the
word defiant into your heads about
this. am talking law to lawyers and
- former Judge. I think II is a seri-
Gus question"
Mr.. peFord, representing tho Corpora
tion Counsel and the city adninistra-
ticn. did not hear Mr. ouackcnhush's
suggestion that perhaps hc had "builded
N ~ linz arltn Ia, t.r
day, however. after most OF the com
ranies had filed with the commission
their dissenting briefs. Mr.. DeFTord made
this comment:
"Thc valuations for which the security
holders contend are so excessive. their
briefs arc conched In terms 80 ruthless
ly defiant of the public's rights as TO
warrant the conclusion.
That they have never intended to
part with the ownership and operation
of their properties or
That their briefs are intended as a
statement Of their extreme position. to
establish basis of bargaining with tho
commission for higher valuations.
My impression. prcdicated upon the
briefs Of the security holders. il that
they. as tho actual owners of the roads
VIII not accept any plan the commission
may propose or the valuations which 1t
incorporate unless the plan be a mere
instrumentality for the spoliaton Of the
pubic under the pretcnee OF 4 transit
readtustmcnt for the benefit of the
public
Chairman McAncny IN opening the
hearing referred to the publication yes-
terday Of the views Of tho q. r. r..
stockholders. lie resented The implica-
ton that the commission, I'm its action
upon the matter OF adequate service,
might be moved to some degree BY con
sidcration Of how its orders would affect
the acceptance or rejection of the plan.
The companies" he said. "have no
vested interest or right whatsoever in
Inadequate service or in any of the con-
diticns that have prevailed during past
years and that have affected so ma
terially the volume of their revenues,
gross and net. Without regard to the
issue of its effort to secure a general
reorganization of the companies, the
commission will insist upon the fullest
meas Of service, not mercly in move
ment' OF trains and the convenience to
the travelling public assured thereby.
but also In the restoration OF proper
equipment"
In line with the Views of the r n T.
stockholders, already published. was the
letter presented by Paul -. Cravati,
representing Kuhn. Loeb & co. and Kid
der, Peabody e. Co, who arc acting for
the holders of the secured gold notes Of
tho r. X. r.. and the first mortgage S