New-York tribune., 1922-05-16
$4,000 Saving
On Subways
Cost $4,000
eCon'lnuad from paso ono,

committed ia ''e neeh
:, Nag sstrate Miller denied tho motion
dismiss in behalf Of Peco;ycr Gs,o" 1eo onJ 10
tire court denied this also, '''' '"u
Chairman McAnenv OF The T,.,,;t
,ommlssion when asked Yesterday "
.nout Mayor Hylan's plan to recapture
,he sup"ays and elevated lines ana
ave the city operate and own tbon
Sald ne original subway could not he
iecap'ored, as proposed, until 1858.
Double Fares by Hylan Scheme
The Transit Commissioners are
unanimous in their judgment that
noubie fares would result from anv
Such plan as proposed by the Mayor
furthermorc, they point to the lau.
which from the beginning has vested
inc Transit Commission with mower ~
initiate subway projects
ne Mayors Statements" said Mr.
mcAneny is not sufficiently definite
20 lndlcate just what he has in mind
ana imagine we shall have to wait
@l.' 'he i-ctuai plan to which he re
ierS is produced before venturino an,
opinion. All that can gather at The
'noment is that he is proposing 70
deal with the subway lines as tho
surface lines have been dealt with.
hrough the splitting up of the for
merry unlhed surface systems into a
lot OF separate lines. each charging
'afes or Its own and cutting transfers.
something like 1s5.O0O000 double
'ares were collected during the year
ended June 80 1921. The Mevor ap
pafently has in mind pulling the sub
"aE system apart in like manner, so
as As TO nave one set of lines operated bv
the companies and a number Of others
''l7 By the city, each COLLECTING fares
OF ITS own. 1t is difficult to believe
mat he is putting forward such a
proposition seriously.
me subway lines could not be re-
captured as a whole by the city for
many years, even if it proved to he
good business to take them. They
could be taken only in scattered parts.
ihe Mayors statement indicates that
he appreciates this, but that he would
preah them up and run them separate
ly Just the same.
No Politics in Building Sugways
The Mayor talks about politics.
here is no politics in the work of
tne Transit Commission. The build
ing of the subways is matter of years.
end 1T were to adopt no plan Of new
Du'i".IfS 'oi tie reason uhat an cleo
tion is held in November of each year
it would get nowhere. This sugees-
tion. in short, is another that, I trust,
viii not be taken seriously. The only
politics in the transit program will be
of the sort the Mayor succeeds in in
iecting into it. But | venture to say
that the man who, as a play in
political game. attempts to block the
relief the commission proposes to give
to the suffering masses Of people who
now daily fight their way up and down
town. on the subways. will have
great deal to account for"
The Interborough faces receivership
if the more than $4,000 security hold
ers involved do not ratfy the pro-
posed plan of rcadiustment of the
lease the company holds with the
Manhattan Railroad Company. accord
ing to conspicuous advertisements car
ried in the newspapers yesterday. One
paragraph said:
"Unless such a plan as that now mo-
posed can be consummated a receiver
ship of the 1nterborough Rapid Tran
sit Company is inevitable"
Hedley Asks Ratification
In one advertisement. Frank Hedley.
president OF the Interborough com
pany, addressed his appeal for ratifica-
tion directly to holders of the com
pany's $ per cent bonds, 7 per cent
notes and capital stock to Manhattan
stockholders. and to holders of the old
marlborough metropolitan Az per
cent collateral trust bonds. The ad-
vertisements confirmed the announce
lnent of last week that an underwrit-
/ ing syndicate had been formed to take
up any of the issue that might 20 beg
ging. The syndicate includes Grayson
Mp. Murphy & Co., J. W. Seligman
& Co., kiddcr, Peabody & Co. and the
Guaranty Company Manhattan stock
holders will have until June Is to de-
posit stock before the ratification
richiscite is closed. Ratification of the
plan must De 100 per cent.
The Tnterborouch bondhoIders' and
notcholdcrs' committee. of which j. p.
Morgan and Dwight W. Morrow are
members, said this to those inter
catcd:
1t is most important that the plan
become operative promptly if a re-
ceivership is to be avoided