Every evening, Wilmington daily commercial., 1922-11-29

government therefore stepped IN, PAID
The lessSe small sum IN exchange
for his anticipated final ak months !.
profits. bought the two new ferry boats
from him. and then entered into con- 4
tract with the city and county 20 oper- |
ate the line under the same rental
agreement
Among the AGENCIES OF the govern
ment at work IN the district vas the
United States Housing Corporation
which was building the Portsmoutn
suburbs ot Cradock and Truxton 20
house Navy Yard Workers. This
agency was organized as a corporation
and was therefore well fitted 10 be the
operating agency for the ferry Line
The Housing Corporation took over
the property on a lease and then pro-
cesded 20 spend sl.i00.OOO IN rehabill-
tating the line. IL junked about half
/ the old equipment and rebuilt the rest
/ and then purchased two more ferry
/ boats IN New York. and when = was
/ through spending money II had prac-
I tically new establishments. The G. ld
/ property had been appraised al fl65.-
/ 900. The new Was worth more than
a million.
when Il leased the ferries the Hous-
/ ing Corporation put in TWO young
men 20 run them--charles l. Freund.
who had been an assistant 10 the pres!
dent OF the Housing Corporation. and
W. VI. Cooper. the auditor in charge
of the housing operation al TruXton
Freunl went in as manager and Cooper
as mis- assistant and Office manager.
A Two-Mnn Proposition.
When the hurry OF war was past
these two operators settled down 20
their Job with great intsrest 20 see
II they couldn't make the only Govern
ment-owned municipal FERRY line n
the United States = proposition thai
would not be ashamed 20 hold up Us
head in the company OF other public
utilities privately owned and operated
They fired most Of an diversified
office force and. keeping only three o'
four clerks. made the enterprise prac-
Ideally a two-man proposition, doinG
most OK the overhead work them
. selves. They inaugurated numerous
economies unheard OF By the Norfols
ferryboat crews before the advent Of
the government. For one thing, they
! slightly cut down the speed OF tbs
, boats. and the course OF a year ssve(
! hundreds Of tens Of coal. They adOp
ted the plan OF competitive biddins
for orders for all supplies. Neither
: OF them had often seen a ferryboa
before they took charge. but now New
York ferry operators visit them an'
i go back home with their heads full o
IDEAS.
They made the line pay smal
profit from the start. but this proh
has grown. In 1921 it was ssi, 900
this year, with no increase in gros
4 revenue but simply BY the application
a OF economy. they raised the prcfit Z
g Sl16.00o. And this IS no paper prohi
e either. Il a the surplus left after a.
70 charges are paid, including Sl35.00
e a year rent 70 the local owners. includ
70 ing also 5000 interest on the gov
y ernment's Investment. and finally IN
v Guiding about s25. 900 set aside for IN
e depreciation fund. The last priva.
r operators were glad 20 take $1,000
i in lieu Ct six months profit, and the
d had none OF these staggering interes
D and depreciation charges TO bear.
Meanwhile. Norfolk and PortsmOut
k are in a dilemma. Naturally the bus
n ness interests OF the town would 4
! glad TO see the government relinguis
e control and allow the prcdits 10 IA
e into local private hands. as it was
l. the old days. Under the terms OF N
n contract, three years after the procl,
n nation OF peace. which means in NJ
y vember 1922, the city and county haS
o the right 10 demand a new, appralss
"a The government agrees TO wipe of
'e war less the difference between n
'r price IL paid for the rehabilitation
= the property and what the appraisel
Z, say Is its present worth. Then. ar
lie earnings are 70, Dc subtracted fro