Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-03
RECEIVERS REPORT FILED
MI. schoepf Urges Rapid Transit on Ecking-
ton and Belt Line.
Certificates Recommended
Three Ways Of eating Funds.

Mr.. W. Kesley Schoepf, the receiver of
the lexington and Soldiers Home and
Belt Line railway companies, late yester-
day afternoon filed a report of the affairs
of both roads. and petitioned the court for
authority to contract with H. X. Porter &
Company of Pittsburg for a test of the
compressed-air motors, and, If satisfactory.
the purchase of ten cars on each road,
ready for shipment. He also asks that II
the system prove satisfactory, the receiver
be authorized to issue and sell receivers
certificates. which shall be first liens upon
the property of the companies, to an
amount sufficient to pay for the equip
Eaent.
The receiver reports that the liabilities of
the lexington company are $500, 712. 16, and
the assets 1858, 1881, a deficiency of $780,
992.5o; that its fixed charges are $199, 500
in bonds, bearing interest at per cent
payable June l and December /, and an
annual tax to the estimated amount Of 3d.
O.66. and that its floating Indebtedness
amounts to $64 1868.
The liza bilities Of the Belt Line are stated
to be 81 .2O4 .0S5OS: assets. $496. 1854, a de-
ficiency Of sos, 30984: the fixed charges are
$4,000 In bonds, with interest payable semi
annually, in March and September. with
other bonds, at $4,000 and an annual tax
or $4l2.o4 The hoating debt Is $147,G4O.64
Daily Loss.
Both roads, says the receiver, have been
for some time and are now being operated
at a daily loss. and he says that in the
light Of his experience, and in view of
the important and marked effect upon the
traffic by the equipment Of the Metropoli-
tan, he is convinced that the only proper
solution of the pressing embarrassed condi-
ton Of the roads Is an effective method of
rapid transit. The cost of operation by
horse power averaged Ii cents per mile per
car, and such a method Of propulsion is
exceedingly unpopular with the public, and
detracts from the patronage.
He points out that If the compressed
air system can be operated for the mini
mum expense of 9 cents per car per mile
or less. not only will a great saving In
operating expense be effected. but, as has
been demonstrated by universal expert
ence, a large and immediate increase In
the traffic will follow the adoption of rapid
transit, the increase being frequently 1Ot
per cent over the former traffic.
The receiver refers to the success of the
compressed air motor system elsewhere
and says that the only other method te
be thought Of is the underground, which
would be too expensive in the present con-
dition of the roads.
The expenses of the air motor system
he gives follows: For purchasing money
for the lexington. $685. estimated In
terest money. 81 $50; foundations, well, &C.
| s., 800: total $59.775. In the case of the Bel
| Line it would be necessary to have: Pur
! chase money, s70625: interest, 81 $50: foun
| dations, WELL &c, s., 500; total, $74, 7I5.
| Three Ways.
The receiver says there are three ways o.
| obtaining the funds required: The issuance
| and sale Of receivers certificates, to a suf-
| ficient amount, and with priority over all
other charges upon the property of each
| railway company; call Of the unpaid
subscriptions to the stock of the roads
and their application to the payment OF
| said sum; the voluntary contribution by
| stockholders and bondhOlders Of such pro-
| portion as they may agree Of the reaui.
| site sum. 1.-The first" he says, is most
| desira Bile, and more entirely protects the
| interests of all concerned than any Other
method. inasmuch as such an arrangement
| would leave the unpaid subscriptions avail.
| able as assets for the payment of the in.
| debtedness of each company