The Brooklyn Daily Eagle from Brooklyn, New York • Page 44

18 BROOKLYN EAGLE, FRIDAY, MAY 31, 1940 Lehman Sees Day Of Elevateds Past Governor Lauds Civic Leaders, Officials Who Have Sought to Modernize Transit and the razing of several blocks of obsolete buildings create a fine vista to Borough Hall and the group of public buildings. Fulton one of our main arteries, leading to the principal retail center, will be greatly improved. Its general appearance will be one of a fine avenue worthy of a great city and will give much-needed facilities for better vehicular traffic to downtown localities. This new project will be a great stimulus to every one and will encourage our citizens in their efforts and co-operation to make Brooklyn a better place In which to live. unification program.

It is expected that demolition of the Fulton St, 5th Ave. and Broadway Ferry Spur Elevated Lines will follow shortly. There is no question but what the elevated lines in New York City in their day gave great service to the people of the city. But their day has passed, and civic organizations and city administrations have sought sincerely to keep pace with the times. Editor's Note The following statement was written especially for the Fulton St.

Progress Section by Gov. Herbert H. Lehman, who signed the amended bill enabling demolition of the Fulton Sth Ave. and Broadway Ferry Spur Elevated Lines. The last train will be operated over the antiquated Fulton St.

Elevated Line in Brooklyn on May 31. The Brooklyn Eagle is issuing a special section calling attention to abandonment of that outmoded service, marking an important step in a 25-year-old civic campaign to improve the traffic facilities of Brooklyn and at the same time improve Brooklyn's appearance. At midnight. May 31, New York City will take over title to the B. M.

T. properti'- under the "i Petition Hit Third Track The Public Service Commission received a petition on Dec. 9, 1916, from a large number of civic and business organizations in Brooklyn urging restriction of third-tracking of the Fulton St. Elevated Line to a point In the vicinity of Cumberland St. Edward C.

Blum Walter N. Rothschild In Step with BROOKLYN'S MARCH Blum Sees Razing Of Great Aid to Boro Board Chairman of Abraham Straus Lists Benefits He Believes Will Accrue Editor's Note The following statement was written especially for the Fulton St. Progress Section by Edward C. Blum, chairman, of the Board of Abraham fe Straus, of which Walter N. Rothschild it president.

New York City and in particular its largest borough Brooklyn, can be congratulated on the culmination of a long projected plan for the unification of its transportation system By the removal of the antiquated elevated lines, the greater cltj will maintain its ad- vanced position among the most of Progress Unification Long Battle Continued From Page 11 ment and the amendment was passed by the people in the election of 1938. After the passage of this Constitutional amendment and the assurance that the city could deliver its own 3 percent bonds in exchange for the privately owned securities, Joint negotiations were carried on between representatives of the companies, the city and the Transit Commission, for the acquisition and unification of the two privately op-perated systems In connection with the city's third Independent System. Tentative agreements were reached between the B. M. T.

interests and the city for the acquisition of the B. M. T. rapid transit and power properties for and the acquisition of the B. M.

T. and B. Q. T. trolley and bus lines for 127.000,000, making a total of $175,000,000.

A definite contract and plan of unification with the B. M. T. was approved by the State Transit Commission and executed by the city authorities In the early part of 1939. This was followed by similar negotiations with the I.

R. T. and Manhattan Companies for the purchase of their interests and franchises for $151,250,000. This agreement was likewise approved by the Transit Commission and signed by the city authorities and both of these agreements were to be declared operative as soon as the required percentage of stockholders had approved and the bond and preferred stockholders had deposited their securities. The agreement between the city and the I.

R. T. and Manhattan Companies has been declared operative by the Transit Commission and proceedings are now pending in the Federal Court for the foreclosure of the I. R. T.

System under its 5 percent bonds and the Manhattan Company under its first mortgage bond. It is expected that this proceeding will be consummated in the next few months and a proper agreement reached by the court for the distribution of city bonds to the various bond and stockholders of the I. R. T. and Manhattan Companies with the transfer of title of the affected properties to the City of New Tort This is to be followed by the taking over of the operation of the I.

R. T. and Manhattan systems, by the Board of Transportation of the City of New York and the expected removal of the 2d and 9th Ave. elevateds in Manhattan. 7s JL cc a syste a of rapid transit unmatched dignified and beautified entrance HIS special edition of the Brooklyn Eagle In size and efficiency.

and approach from its sister bor- commemorates another milestone the The borough, with the removal of ough. The newly landscaped plazas forward movement of our great city. Brooklyn has advanced a long way since the South Brooklyn Savings Bank was established in 1850. And throughout the years this mutual savings bank has aided and kept pace with progress. With its savings services it has helped thrifty people to raise their standards of living, and this, in turn, has made living conditions better for all.

Over $56,000,000 in dividend interest has been paid to depositors during the 90 years since this Bank was established. SOUTH nnooiOYN 4GS DANK ZF7 ix: lit VVh York Dock Company Keeps Pace With Brooklyn's Progress SPACE for Manufacturing Distribution Storage 82 Storage Warehouses 3,000,000 Sq. Ft. of Free and Bonded Space 97 Factory Buildings Large and Small Units for Rent 31 Steamship Piers Berthing Space for Vessels of All Sizes 3 Railway Terminals Connections With All Trunk Line Railroads NEW YORK DOCK LIQUOR CENTER Co-ordinated Facilities for the Storage and Distribution of Domestic and Imported Wines and Spirits Internal Revenue Bonded Warehouse and Bottling Plant Mew York EDock (Company A Commercial Community '44 WHITEHALL STREET NEW YORK CITY Telephone: BOwling Green 9-9120 ABRAHAM STRAUS' department store as it will appear with the Fulton St. elevated structure removed.

An artist has painted out the Black Spider which for 50 years has cast its shadow over the buildings along Brooklyn's principal business street..