Evening star., 1902-02-01
COURT GIVES INSTRUCTIONS
ACTION UPON PETITION OF CITY AND
SUBURBAN RECEIVER.
Authorized to Meet Expense of Grad
Ing Made Necessary-Remain
of Receipts Held.

/
| petition for instructions filed late yester-
| day afternoon Informed the Supreme Court
of the District Of Columbia that a semi
| annual installment Of interest upon the
mortgage bonds of the company aggre-
eating $43, $50, would fall due today. 1t
was further stated that the Commissioners
Of the District Of Columbia have notified
the railway of their intention to change
the grade of Bunker Hill road from Mich
igan avenue to the Brookland terminus OF
the railway, lowering the same about six
feet, and demanding that $4,000 be depos-
tied with the Commissioners to meet the
expenses of grading and repayiRg for
which the railway is liable.
The change Of grade will, in addition,
necessitate relocation and reconstruction of
the railways line over Bunker Hill road,
the estimated expense of which will be
$4,000 additional, making, with the install
ment of interest due today, an aggregate
Of about $50, 75O necessary for the several
purposes mentioned.
Upon assuming his duties the receiver
says. he received from the officers of the
railway $13228.11. The net earnings of the
| road since his appointment have aggregated
| SIS, ,444.9S, making the total amount avail
able for the purposes stated, If applicable
| to the same, $2S,671 90, and leaving a de-
| f1ciency of about $22,07S.91. The belief is
| expressed that from the present business
| and prospects of the road it would be able
| to accumulate this deficiency from its net
earnings by the lst Of next June.
Being advised that there was some ques-
| ton as to the way the money should be
disbursed Receiver McDermott therefore
submitted the matter to the court and
asked it's Instructions.
! Justice Bradley, in Equity Court No. 2,
signed an order directing the receiver to de-
posit 5000 with the Commissioners to meet
the estimated expense of the grading and
repaying, authorizing him to make such ex-
penditures as may be necessary for the re-
,,,%v ftay, of
the line of railway as may be made neces-
sary by the changes of grade and instruct
| ing him to retain in his possession and SUBJ
| ject to the further order of the court the
remaining net receipts, earnings or income
of the railway.
The Court'< Action.
Acting upon petition for instructions,
Justice Bradley has also directed Receiver
McDermott to deliver possession Of the por-
| tions of the right of way between Berwyn
and Laurel owned by the City and Sub
urban railway Of Washington to the Ber-
wyn and Laurel Electric Railroad Com
pany, upon payment Dy the latter to him
| of Sos 00O, and the delivery to him of stock
| Of the company OF the par value Of So, 600.
the money and stock to be held by him in
his capacity of receiver. and subject to the
further order of the court.
Justice Bradley has further authorized
Receiver McDermott to enter into mutual
trackage arrangement between the City
dIAQ. SunuA jail TdlIWdy ana tAS 6eEWYu and
Laurel Electric Railroad Company
In Interest of Holders.
/ There are large holdings of the stock of
the company in Baltimore. and in that mar
ket yesterday the bonds declined to go, and
at the close were weak at 81 bid, S7h asked
It Is stated by the Baltimore Sun today
that ''the Baltimore Trust and Guarantee
Company, trustee of this mortgage, states
1t will purchase the. maturing coupons at
fun value from all holders who desire to
sell. This company has confidence In the
future of this property, and will use its best
efforts to protect the interests Of bond
holders, and to this end 1t asks the CO.
operation Of all such holders"
In the event the property is offered for
sale, 1t is inferred from this statement that
the Baltimore company will be a bidder to
the extent of protecting the interests Of the
bondhofders. A majority Of the stock, as
well as some of the bonds. are controlled by
the parties who own the Washington Trac-
ton Company, and 1t is supposed 1t will not
be the policy to allow this property to be-
come separated from the system Of street
| railroads which is now controlled by that
company. s-fzs--