New-York tribune., 1907-12-14
RECEIVERS NEED HELP
THIRD AYE. BIG BURDEN.
Interesting Report on Operation OF
Tao Companies.

Recai,ers for tho METROPOLITAN Street Railway
Company and the New York City Railway CoIn-
pany applied TO Judge LaCombe IN the United
States Circuit Court for instructions regarding the
operation of the Third Avenue Railway Company
which the court recently ordered them TO ABANDON
The application was in the form of petition, wnich
included a report of the lines since taken chafso
of by Adrian H. Joline and Douglas Robinson
The report shows the money received oy lheih'
together with their disbursements. Many other IN
teresting figures in connection with the ope'a
ton OF the Third avenue road are set Ior'h- IL
was shown that to continue the operation OF ,he
Third avenue road. with its enormous oohoeo IN
debtedness. would mean an absolute iosS u 'No
receivers of than $4,000 annually .
Dealing with the Third avenue property, the pe'i-
ton sets forth of the lease dateu <Hpi'i
b. 1900 the Metropolitan company for term VI
999 years. The latter corporation was 'A
Obliged to pay quarterly dividend upon the roaH
capital stock of per cent from 1910 10 i'io ~
quarterly dividend due october, lW amoun'iiie "
s23s 937 was by order of Judge Lacombe delauleu.
The lease also stated that the Third avenue la'
executed or about to execute to the MOI .o
Trust Company, trustee. a first consoiiu.eN
mortgage to secure payment OF ponos aii'e
to S35, 900 600. and that the Metropolitan coiiip
guaranteed the prompt payment OF 'i'1ie'' AN
principal. -eo
Tho rocei,ers saw there is now outstanding 37o
COO of the bonds referred to, with a senli-a'nua
interest per cent, and that on JaiuaiS
sum of SOL. 200 will be due as result t1aVA,ie ~
such interest," tfle ieOeANS'S
court for instructions. There is also oulSeaHune
nror issue of bonds by the Third avenue amount
ing to 50 100000 bearing per cent interest," "i
constitutes a prior lien upon the properly "
first consolidated mortgage, the pentloh saSe'
Continuing it is alleged that there Is no" ou'
standing of the Third Avenue Company 5 capi'ai
stock s15 ee SEQ par value. OF this amount II 10
stated that S5s7O0cO formerly o"neo oy 'a ~
New York City Railway Company ou. on HaHS -
1907 # was transferred to the Metropolitan oecu
ties Company The balance of the ISSUE slV'o''0"'
IS in the hands Of the general public
Fefore making the lease. 1t IS said the Ahiru
Avenue Company purchased the control OF all OF
the stock of the following roads: forty-seconu
Street Manhattanville & St Nicholas Avenue f'aii
wav Company; the Dry Dock, East Broadway d
Ratterv Railway Company; Kingsbridge company
and the Union Railway Company Tne Union coiii-
pany also owned the Southern Boulevard fSail"aJ
Company the Westchester Electric Railroad Con'-
nanv. the Yonkers Railroad Company. and the
Tarrvtown White Plains & Mamaroneck Railroad
company All of this stock is now owned by the
New York City Railway Company. as the iessees
of the Metropolitan company. All OF this properly
is nIedged under the first consolidated mortgage
The question OF the supply of power is mixed
| one the receivers say, citing the TACT that the
| Third Avenue gets its power from its own plant
at 10th street and the 96th street powerhouse Oh
| the METROPOLITAN. On the other hand, the power
house at 21sth supplies certain lines of the
| METROPOLITAN The Third Avenue owns more cars
than are operated on its lines. whereas none OF
| the controlled lines. excepting the Union Railway
| system owns as many cars as are operated on
| their respective lines.
should the lease of the Third Avenue be an
| nuled the receivers recommend that provision be
| made whereby the Third Avenue properties may
| be operated by them until existing contracts may
| be adjusted. the supply OF power regulated ana
| other things accomplished. that serious loss may
not result Taken as an average. the operating ex
penses of the Third Avenue nlile the receivers
| say will exceed those of other lines under their
| control.
| The receivers also point out that provision
has been made for depreciation of the properties.
| and that keep them up large sums must be ex-
| pended from time 10 time. Except for the year
| 1900 no special franchise tax has been paid by
the Third Avenue. the taxes for subsequent years
being in litigation. but the receivers estimate It
| at not less than $4,000 annually.
| There will be hearing matters concerning
| the Third Avenue in the United States Court on
! Thursday. December 10 All committees asso-
| Citations of stockholders of both the Third Avenue
and Of the Metropolitan company are asked TO
| appear. including the Public Service Commission
or any persons seeking to intervene in the liuga-
| ton or the representatives OF any person VINO
has filed claims with the master against either tho
| Metropolitan the New York City Railway Com
| pany.
Probably one OF the most interesting features OF
the petition was the report of the money received
by the receivers in the operation of the properties
| under their control which. not including the
| Third Avenue amounted TO s4,255 ,46l The dis
| bursements amounted to S,996.272, leaving cash
balance of S57.1s7 The receipts were divided as
follows:
Cash of New York City Railway Company.
on hand September "a. 1907. sD7 291: from passen-
gers $5.01907S: from advertising, $3.50; express.
s. 45O mail S627 rental of property. $S7s: sale Of
| old material, S5,240; dividends stock, 81, 80;
| from Forty-second Street & St Nicholas Avenue
| company. for power and OF tracks. SIS. SO:
| Union Railway Company, for power. S. 900. Dry
| Dock. East Broadway & Battery Railroad Com
pany for power. a7.1O0: Brooklyn Heights Railroad
| Company. proportion of revenue of bridge cars.
sS,G57 miscellaneous. a3O69-a total of si.161 202.
| There also received from the Metropolitan
| company in cash. October l. a1.3s2; bond sub
scription and adjustment. sS2 49, dividend of stock
| of Forty-second Street and Grand Street Ferry
| Company. s1S00o total of s92.257 grand total
| of Si.253. 40.
The total disbursements the petition states,
| 81. 996. .272 and divided follows:
| Payros-Operatns. administration clerical. claim
| and law departments. S1.30S,15a The item
| shows that the OF s727.O64 paid the
and city in the form of taxes great portion
of which due at the time the two receivers
assumed control of the properties
Regarding the operation of the Third avenue line
some interesting figures shown. beginning with
table of the earnings of that road since 1896
which. despite the great increase In the city's
The table is follows:
1895 .... s. 62s 62s 1902. ....-....-- 81 275 1Ie
1S97........ 2.59041 1908. 3.............. 22l2
1899. 81 $40 1905 2251 o51
2139 S34 1908. 259 03f