New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-06-03
Expert Explains
.Interborough's
Huge Valuation
Charles ". Kellogg Admits
Different Methods of APP
praisal Used in Reaching
Total Of 800, 900. 900
Public Hearing Closes
Transit Commission Figures
of $4,000, 900 Will BE
Supported Through Brief

Harrington tho valuation % Inter
borough Rapid Transit Company prop
critics preliminary 70 consideration OF
.h. Transit Commissions project for
united transportation system, came
10 an end yesterday. Final arguments
In support OF the compsny's $780,
900 900 valuation ard the Transit Com
Missions si75,o0o,ooo valuation will be
submitted 20 the commission IN the
form Of briefs Juno -.
Clarence J. Shesrn, special counsel fof
the commission, underworld % discover
yeste rday from Charles ". Kellogg. sn
engineer in The employ OF Stone d h'o-
ster, electrical engineers, how the
st0o. 900 900 valuation, given BY william
=. Gorsueh. appraiser Of the company
assets, was reached.
He elected from me witness, VINO
had besn called 20 substantste ar.
Gorsuchs appraisal, The information
that the methods used IN making the
estimate were not the same a. those
used generally IN appraising the prop
critics Of the New York Railways Corr
paay and the Manhattan Railway Com
pany.
In the Peterborough appraisal 222
Der cent was charged for overhead o.
penses under Contracts snd =, or
about 800 900 900. fzure which Ar.
Sne2rn regarded a entirely TOO niZ1.
Ar. Kellogg Acknowledged under cross
examination that Stone & Wss.er had
not applied the percentage method Of
figuring overhead. except IN certain in
stances. IN apprsising The New YORK
Railways Company property.
He conceded also that CoyerdS.e 4
Koplitr. the engineers who computed
the valuation OF the Manhattan Rail
way Company, were = responsible firn,
although for the Manhattan Railway
Company they had allowed only ] pei
cent for organization or prcconstrgc-
zion costs, while this item had been
figured AZ 3.5 per cent in The case Of
The fnierborough.
Delegations from the Harlem Board
OF Commerce and the Bronx TaNpsy-
srs' Association appeared yesterday pc
fore the Transit Commission IN IN
endeAyor 90 bring about better sow
zee on the Third Avenue Railroad =
their respective districts. James 3.
Walker. secretary o. the Transit Com
mission. presided.
The Harlem Board % Commerce pre-
sented plan whereby loop could
De built over the Willis Avenue Bridge,
west on ie5th Street, 20 Third Avenue.
north or Third Avenue and across
Third Avenue % the Bronx. Another
point brought forward yesterday was
en- alleged violation o. charter through
the failure OF the company 20 operate
ears directly 20 the Fort Lee ferry.
Complaint Was made that passengers
suffered inconvenience by being dis
missed on the east side Of Lenox Ave
rue. IN i25th Street, 20 wait Tor an
other car Tie petitioners presented
letter from s. ". HUI. president OF
me Third Avenue company. denying
their request FOR the changes sought
Yesterday. Mr.. HUFF said that the com
rsry win enoeavor 20 operate shut
ils service for q considerable amount
r trafhc desiring 70 cross the Third
Avenue bridge and 20 down 20 l2oth
street.
The Bronx Taxpayer Association
complained that the Third Avenue
company was violating is franchise
by falling - provide adequate service
At night on the 81. Ann. branch.