New-York tribune., 1922-02-22
City and Rail
Co,npaniesPlann
Valuation Eight
Attack or Figures Given by
transit Bureau as TooLow
Nav Be Taken to Court
bv Traction q Concerns
Too High, Says O'Brien
Strongest Protest Expected
From Security Holders:
Service Shows Decrease

The New York traction compani es.
which the Transit Commission proposes
10 consolidate in lis plan of reorganizs
ron. were reported yesterday to be in
disagreement with She valuation OF
St65,6so.l54 recommended by the com
MISSIONS bureau of valuation
While officials Of the companies made
no definite announcement, "a to their
attitude it was generally indicated they
would enter stVne objection to the
agures fixed by the bureau IN the re
port made public on Monday. The diff
ference. IT was said. might not only be
~aged before the commission in the
period prior to tine adoption Of the
statutory plan. but be taken to the
courts
City Ready to Fight
The situation presents paradox IN
taat the companies are SAID to in
terpret the valuations as too low, while
the city administration, through Cor
poration Counsel John +. O'Brien. ad-
vanceS the opinion that they arc eX~
cessive. Both the companies and the
administration, Il is predicted, viii at
lack the principle upon which the Yalu-
atom experts arrived a. then findings.
which Topped off about 40 per cent Of
the estimates carried on the books Of
he traction organizations. With this
crossiire impending. at the most I'M
portant stage OF the commissions :
work a lengthy fight is anticipated by
tAose who have been following the
gradual naturalization Of the plan for
the solution of the city's traction prob
era.
William A. De Ford. Special Assist
ant Corporation Counsel FOR the admin
istration in its general opposition to the
functions Of the Transit Commiss on,
has retained corps of experts to
study the reports OF the bureau and
assist hEn in formulating the city's
objections. Experts OF the companies
also began yesterday an analysis Of
the maze of figures contained in the
four weighty volumes representing the
eight months labors Of the valuation
bureau.
Security Holders Aroused
The strongest protest is expected TO
come from the many committees Of Sc
curity holders in the companies, sew
eral of which are in the hands of re
ceivers. The commission, as announced
Monday, has allotted ten days for the
fling of objections and set March 6 as
TIE date for the resumption of public
hearings on the subject of valuations.
These hearings are expected to occupy
considerable time. as Mr.. De Ford in
dicated he would exert the right to
c~oss-examne the mmission's valua-
ton experts and make an exhaustive
dissection of the great mass of stats
ties snd data embodied in the report.
Garrison Refuses Comment
Lindley NJ. Garrison, receiver Of the
Brooklyn Rapid Transit Company,
which was the most severely hit in
the bureau 5 trimming process. refused
yeste rday to comment on the valuation
Of Sl54.60S ,677, which was 1898, 1852 Sol
below that carried on the company :
books He said he had no jurisdiction
in determining values of properties or
IN the sale of properties. This, he
said, solely was within the province OF
she security holders
A meeting OF the executive committee
Of the Third Avenue Railway Company
was held yesterday afternoon at The
Office of the Central Union Trust Com
pany. so Broadway. The commission
valuation bureau put an appraisal OF
S33. .967 ,430 on the properties, whereas
The companys book value wa
S7A,702, ,23l.
In reply to inquiries following tn,
meeting members OF the committee
said they had given consideration K
the valuation report, but refused t,
comment other than say the valuato,
was absurdly low.
The subjects of service and deprecia
ton are expected to be important con