N. Y. C. TO TAKE OVER VAST SUBWAY SYSTEM
N. Y. C. to Take Over Vast Subway System Public Ownership Is Advanced by Purchase NEW YORK CITY—The most am- ' bilious program of municipal utility ownership and operation em attempted will be...
...on one hand allege the federal government is stifling private enterprise, yet on the other, allege that the exercise of private initiative in the establishment of two large industries in the northwest is a political maneuver...
...Since it is possible under both plans to tesue obligations running as long as 50 years the decision to put a 40-year maturity on the new obligations may be interpreted as a gesture by the city to security holders who have aided in pushing unification toward a successful conclusion...
...The rapidity with which this region will solve its most pressing difficulties will depend largely on the aggressiveness of its leaders and their willingness to accept fact...
...Hundreds of miles of street railways and large power plants also will be brought under municipal ownership...
...Foes Of Plant At Bonneville Are Challenged PULLMAN, Wash.—Critics of federal development of the Columbia river were challenged lost week by Ivan Bloch, chief of the market development section of the Bonneville power administration, in an address before the fourth annual Pacific northwest conference on banking held here...
...He sketched current industrial trends to show that low-cost hydroelectric power can mean development of many new electro-industries such as those manufacturing and fabricating plastics, and utilizing by-products of the lumber industry and low grade mineral ores...
...All bonds to be issued under the plan will be of 40-year maturity and will bear interest at the rate of 3 per ccr.t per annum...
...and its subsidiary, the Brooklyn and Queens Transit Corp., joining them to the extensive subway routes already owned by the city...
...This is being done at the invitation of the exchange...
...He pointed out that the Bonneville administration is taking an active part in surveys and other planning techniques in an effort to aid private enterprise in utilizing low-cost power to the fullest...
...Mc-Ooldrick added that officials also look for early consummation of the purchase agreement under which the municipality will take over the Inter-borough Rapid Transit-Manhattan Railway lines...
...Q. T. security holders...
...This step would complete city control of a rapid trapsit system carrying nearly I.OOO.flOO.ono passengers a year...
...New York will begin distribution of $175,000,000 in its own bonds to holders of deposited securities and to the companies themselves...
...Bloch disagreed with critics who maintain that electric power is a relatively unimportant part of manufacturing...
...N. Y. C. to Take Over Vast Subway System Public Ownership Is Advanced by Purchase NEW YORK CITY—The most am- ' bilious program of municipal utility ownership and operation em attempted will be begun by New York on June 1. At noon that day, the city will take over as a municipal ownership venture the hundreds of miles of transit routes of the Brooklyn-Manhattan Transit Corp...
...Such statements contradict our national industrial history," he declared...
...Theae electro-industries are the ones which can take the low grade minerals of the northwest and turn them into light metals and other essential products...
...Comptroller McGoldrick revealed that as a convenience to small investors the city will break an 18-year precedent by listing the more than $300,000,000 unification bonds on the New York Stock exchange...
...Demands for specialty product*, such as aluminum, magnesium and ferroalloys have increased tremendously...
...While the I. R. T.-Manhattan Railway plan already has reached a so-called "operative" status, and received the approval of Federal Judge Robert P. Patterson, some further legal matters may have to be ironed out before the city is in a position to obtain clear title to this combined system...
...Pointing out that industrial development throughout the region through the use of low-cost hydroelectric power will require not only the government's aid but "full exercise of private Initiative," Bloch pointed to the "Inexplicable paradox of numerous persons who...
...Too many people, when confronted with the possibilities of great regional industrial development, have said, in effect, Why bother—we are comfortable.' "The people of the northwest, I am sure, do not share this feeling...
...Without electric furnace products, the modern automobile would be nonexistent...
...There has been, in certain circles of the northwest, a tendency toward satisfaction with the status quo," Bloch declared...
...B'oeh supported his conclusions with an outline of the northwest's economic history, showing its dependence on agriculture and forest products...
...Coincident with receipt of title to the Brockly-Manhatlan Transit and B. and Q T. lines...
...Great industrial opportunities offered the region can be realized only through positive action and attitude by northwest leadership, the Bonneville engineer declared...
...This was announced by City Comptroller Joseph D. McGoldrick...
...OS ANGELES, Cal.—The legality of the secondary boycott and the right to pass out handbills, sell newspapers and use a sound truck in prosecution of such a boycott were upheld in an important ruling by Superior Court Judge Henry M. Willis...
...The unification plan price for the I. R. T.-Manhattan Railway system is $151.248.187 Bonds to be issued in payment for the I. R. T.-Manhattan Railway system, it was revealed, will be identical in all respects to those going to B.-B-T.-B...
...The decision upheld the right of the American Newspaper Guild CCIO) to picket advertisers of the struck Huntington Park Bulletin...
Vol. 10 • April 1940 • No. 16
