New-York tribune., 1922-12-29
Transit Chiefs
Pick Three for
|. r. 7. Board
Names of Men to Represent
Public, According to Com.
mission Plan, Will BE Re
vealed at Meeting To-day
Road Now Making Profit
Directors Ignore Hylan
Scheme to Capture Lines
as Impossible to Achieve

One more step in the reorganization
Of the city's traction companies under
I the plan OF the Transit Commission
will be taken to-day when the commits
sion meets to select three new directors
Of the In.erborough Rapid Transit
Company TO represent the public. Il
is understood that the directors have
already been decided upon. but their
names we're not disclosed yesterday.
The Interborough company directors
met yesterday and increased their
board from fifteen to eighteen members
70 provide Tor the public representa-
tives.
William c. Potter, head Of the Guar
anty Trust Company. was the only new
member Of the lnterborough board
elected at yesterdays meeting. The
other directors reelected included
August Belmont. Z. J. Berwind, NJ N.
Buekner, W. L. Pepperman, Francis de
lC. Sullivan. Cornelius Vanderbilt.
Frank Hedley, Grayson VI. ?. Murphy.
The directors % represent che Manhat-
tan Elevated Railroad were Alfred
Skitt. president Of the company; Ihom-
as I. Perkinson, president Of the Equit-
able Life Assurance Society; Bertram
Cutler. representing the 8 per cent bond
holders; Charles Day, Samuel W. Rey-
burn and Frederick II. Ecker vice
president Of the Metropolitan life In
surance Company. The lnterborough
board will meet to-day 70 elect a chair
man.
Think Monthly Deficit Wiped Out
The Transit Commissions reorgan-
ization plan Of the interborough Is al
ready In operation. The $l0,5OO,OOO
raised on the per cent notes Is prae-
tically all paid In. While the last ln-
come account OF the intcrborough for
the wear ended June 80, 1922. showed a
deficit Of S2.766,7s7, the monthly re-
ports since then have shown n grndu-
ally decreasing deficiency. The Oe-
tober report showed only a very small
deficit. The Marlborough directors be-
lieve that the November and December
reports will begin 70 show substantial
earnings.
Meanwhile. Il was said. the INTERIOR
ough directors are not considering seri-
ously Mayor Hylan's traction plan,
which provides for the taking over by
the city Of the lnterborough lines IN
1925. The InteTboropgh people say this
cannot be done. at least before 1923, at
which time Il IS expected Mayor hylan
will be out OF Office and the future
transit policy Of the city will be deter
mined BY q new administration.
Ten-Year Clause In Recent Contracts
Lawyers for the Interborough who
have examined subway contract 3
point out that II provides FOR the re-
capture by the city Of four specific
lines-the Seventh Avenue-LoxinRton
Avenue line, the White Plains Road
line. the Eastern Parkway line and the
Steinway Tunnel line and its extern
sions. The contract also provides, ac-
cording 20 the Interpretation Of the
1nterborough lawyers, that none of
these lines can be taken over By the
city until ten years after the opening
Of the first OF them. and then only n
they arc al rec8pturcd az once. II
they are taken over Eingly no one can
be taken until ten years after It's
opening.
Call Mayors Plan Visionary
me ctelnWay uNhtA ilht was vItH'H
in 1915, which means, according 70 the
lawyers. that ell four could be recap
tured by the city in 1875. They think.
however. this would be a financial inn
possibility. The West Side subway was
opened in 1918 and the city would have
70 wait until 1928 TO get IL back. To
take all the lines under contract No.
3 in 1925. according 20 the figures Of
the Transit Commission, would cost the
city approximately $751;, 100000. These
figures are not accepted BY the Inter
borough, whose estimates run much
higher. The estimated borrowing ca
paeity OF the city has been fixed az
$50. 900 900 and much Of this "a already
obligated by the large public improve
ments 20 which the Board o. Estimate
Is now committed, such as the school
building program. the Brooklyn-Staten
Island tunnel. the completion Of dual
subway construction and other city
projects. Consequently, the INTERIOR
ough directors feel that the Mayors
plan is highly impraetieable, IL not
/ wholly visionary.