New-York tribune., 1922-05-02
n. r. SIaslles
2.729,O0O Off
Valuation List
!. aAs. 900 Interest on
s'C s'Trrucl Cost Dwind1es
- 100000 Follow
;ns A.tac by Shearn
s.ukrupt's Stock Listed
-. for Securities of
Defunct Queens Line
nraws Fire of Counsel

c.,.e + Shearn, special counsel
~. Transit Commission. at the
-, M Yesterday on valuation of In
thorough properties subjected to
s.~. criticism the book values with
- -. 70 the construction OF the
- -. .rrnsl between Forty-second
Sssn..A a. and Long Island City. Before
nust sarino was over cost item Of
s.s Es e1 nno yas cut down 10 S6l6.ooo
s,Ssys 80 ~. consent OF the counsel for the
Ir.erborough.. :u+.. ora;.or IT
az. ~ thorough, SAID that while the
sas s.s, eenre was carried on the COM
hlsn hooks, the company had no
p -. intention Of asking the city to
',gu Wv. inquiry yesterday showed that
nranv carried the cost OF the
sns ,t.mssuction OF the so-called Bel
Sar, ssSss .nnnel to Long Island City at Sill
nn1 Az, ooo including an Interest charge
vs'sJm "nort 100000 The testimony
q 90 th,t the Belmont interests ao-
Sn;rsd the old Steinway and the New
Soyk 4 Long Island Railroad Com
a.nv's tunnel properties III 1905, but
Ia the tunnel was not completed untl
about 1914.
horouvb, said that the company did not
.t.in allowance for tne ful, amount
.s,ried on the company's books. as the
.an, nany itself had scaled TINS item
dov.n to something like $4,000. This
sor, mutation in turn, Mr.. Edwards said,
ND reduced the conlpspy's estimate of
the valution Of the tunnel 70 about
100000
that the city was partially to blame for
the excessive cost and high interest
charges on account of the building Of
The tunnel by refusing to aid IL obtain
Ing an extension Of the franchise, m
vclving delay Of years.
The argument Of the Peterborough
counsel fell on unsympathetic ears. ap-
parently, for Mr. Shesrn asked:
"Do / understand that the INTERIOR
ough Company definitely withdraws
Claims for interest and taxes shown on
the books Of the Belmont tunnel
through the abnormal construction Pc
riod that actually transpired?'
"For the purposes of this valuation,
yes" said Mr.. Edwards.
"They have reduced the interest
charge from s9,345. 900, which is half
the total cost of the tube, to S6l6,00O.'
said Mr.. Shearn. Having made So
500, 900, we want to see If we cannot
make 100000 more"
Mr. Shearn became caustic once more
when he discovered on the schedules
an item of s9,684,795.98 for stock and
bonds Of the New York & Queens
County Railway Company.
Here is part Of the investmen Of
the Interborough III a hearing where
we are attempting to value the prop
erty which the city proposes 20 ac-
quire," he said. I'VE ind this item Of
nearly s4,000,0O0 for the stock and
bonds Of this bankrupt company which
last week went into the hards Of re-
eeiver and we find that they have al
located part of their debt discount,
part Of this total $5,000000 debt dis
count, to their investment in the stock
and bonds Of the lew York {, Queens
County Railway Company.
After debate over this and other
items Of ALLEGATION Of debt discount
adjournment was taken until this
morning at 1880.
Frank Hedley, president, and James
L. Quackenbush, general counsel for
the lnterborough were in consultation
with Chairman McAneny Yesterday
With reference to the forthcorninr
service order for all of the local lines.
The order is expected within the next
two or three days.
The B. r. 7. has installed a new