New-York tribune., 1922-04-11
/. K. T. Service
Drops Despite
Doubled Profits
Fifty-two Fewer Cars Run
in February, 1922. Than
in 1921, but Returns
Show Gain of $lO4.825
Bonds May Be Retired
Stockholders Plan Complete
Ownership; Hedley At
tackled for Buying Coal

Frank Hedley, president of the Inter.
borough Rapid Transit Company. on
the stand yesterday before the Trars;.
Commission. had some difficulty in ex0
planning why. with a swelling NET in.
come during February, 1922, the serv-
ice was less adequate than it was in
iszl. the hgures showing fewer cars
month in 1921.
Mr.: Hedley said there were many
disabled cars during February. 1929.
due to misadventures following the in
stallation of the new multiple door
system, and that he was confident the
record for March, when the figures are
all assembled, will afford a much better
showing.
Plans are under way, it was learned
yesterday, by the holders of the Inter
borough metropolitan Az per cent
bonds. which are secured by $50, 900 900
of 1nterborough stock, to take over the
stock and retire the bonds, leaving the
stockholders in complete ownership. In
the judgment of the larger bondhold-
ers such a transaction would leave the
1nterborough in better shape to con-
tinue its negotiations with the Man
haitian Elevated stockholders for a
modification of the per cent rental
lease.
SiaiSHSS olledlu COunScl lot the
commission. started in with Mr.. He'd
ley yesterday where he left off last
week. on the Interborough's inadeouate
service
Mr.. Shearn put into the record fig
ures showing that the net corporate
income for February, 1922. was $751;.
$3.50, while for the same month in
1921 it was s76,S12.61, a gain of slo4.
S25.6o
The decrease in car miles between
the two specimen months showed
1s.5S4.756 less for February this year
than for February, 1921, and there
in February, 1922, than for the CORE
spending month in 1921, when the table
showed ,666 cars
Mr.. Shearn contended the showing
for February was all the worse. be-
cause, although there were only fifty
two fewer cars in February of this wear
as compared with a year ago, there
were 173 fewer cars in operation than
the Interborough's own schedule actu-
ally called for, as the schedule called
for 1,787.
,"Conditions seem to be getting worse
instead of better" said Mr.. Shearn,
who went on with an analysis of the
elevated division, showing that the In
terborough operated $4,000 fewer rev.
enue car miles in February this year
as compared with February last year.
Mr.. Hedley admitted that this showing
was due to deliberate cutting down
Of service. solely for reasons of econ
omy. and he said that so far as rolling
stock was concerned there were ample
cars to install more trains.
81 think" said Mr.. Hedley, chat
that represents really remarkable
performance. which had to be done in
order to avoid receivership.
II think" countered Mr.. Shearn. "we
have exhausted this avoiding a receiv-
ership proposition"
Mr. Shearn suggested an inter
change of transfers between the Inters
borough and the B. R. T. at the Queens
Plaza, in Long Island City, permitting
passengers bound for Times Square to
exchange to the direct B. R. T. route
and thus tighten the load both at the
Grand Central and on the Forty y-second
Street shuttle. Mr.. Hedley fatty OBJ
jected to such proposition on the