The New York herald., 1922-03-10

OF the court receiverrhip would inn
pose such Inconvenience and burden
upon the travelling public that none
should be granted unless the situation
presented no reasonable alternative. One
of thoses hardships would be the sever
ance of operative relations between the
Interborough and the Manhattan ele-
waited lines. In the event of the receiver
ship the latter would revert to their
owners.
Transit Commissioner Leroy T. Hark-
ness, discussing the lease In an address
delivered yesterday at a luncheon OF
the Brooklyn Real Estate Board in the
Chamber of Commerce Building, said !:
THE old order OF operating the city's
transit facilities to make large profits
with questions of finance necessarily first
and matters of service necessarily sec
ond---is passing. Twenty years ago two
groups. representing private interests,
got together and made a lease. These
private individuals signed an agreement
of lease whereby the Interborough
Rapid Transit Company leased the Man
haitian Railroad system for 999 years.
Under it the Interborough was TO
pay during this 999 year period rental,
made up of taxes, interest on about
S40.000.O00 of Manhattan bonds and
Z per cent on 100000 900 Of Manhattan
SlOch- 4 lllS payment OH dI1ouil " tuS
stock was really a dividend Of $4,200.000
year paid in the form Of rent. This
was a private arrangement to serve pri-
vate interests. The public. which would
be vitally affected by the operation of
these roads, had no say"
Relic OF Days Long Past.
The Interborough, along with other
companies concerned, is to appear before
the commission on Monday, March 20. to
file its comment upon the tentative
valuations placed upon its properties by
the commissions valuation experts. 1t
will argue that the valuation of $l74,-
600, 900 is ~ least $26,000.00 too low
as the corporations outstanding bonds
and refunding notes represent actual
values to the amount of 5000. 100000.
The Transit Commission has directed
that George L. Lucas. Acting Chief
Executive Officer of the Commission,
hold hearing Tuesday morning to in
qure into the construction. mainten-
ance. station equipment and terminal
facilities of the Long Island Railroad
Company at its Flatbush avenue station
in Brooklyn.
the terminal is one of the largest in
the country. In the fiscal year ended
June 80, 1921. almost 34,000,O00 pas
sengers passed through this station,
while the total traffic for the same year
at the Pennsylvania Station was about
35, 900 and at the Grand Central
Station little less than 37,000,0 900.
The Pennsylvania Station figures. how
ever, include the traffic of the Penn
sylyania Railroad. Long Island Rail-
road. Baltimore and Ohio and Lehigh
Valley. while the Grand Central figures
include the traffic of the New York
Central and the New York, New Haven
and Hartford Railroad. The Long
Island Railroad Con1pany's traffic at
the Pennsylvania Station alone was al
most 26,o00,000. ~
Because of the increase in traffic the
commission feels that something should
he done to increase the capacity OF the
Flatbush avenue station and plat
forms. Certain interior structures used
for check rooms. telephone booths. etc.
occupy space on the platforms NEEDED for
passengers. Furthermore, the interior
of the station IS dingy and is said to need
painting. The ventilation and lighting,
especially Of the train platforms. will
also be the subject of inquiry.