New-York tribune., 1907-09-28

ehe receivers must be represented at any hear
Eng on al order for improvements on line
Uncer their jurisdiction
To those who have studied the situation care
0elly the fears seem groundless that the COM
Missions usefulness viii be shut off by the fact
that officers Of a federal court have control OF
ehs surface lines. that some clash of author
sty will come between receivers and commission
In the first place. the receivers naturally will
aim 20 build up the road and make its service
efacient and profitable In which they viii be
working In harmony with the commission In
the second place. receivers and Chairman Will
cox have held informal conferences at winch
they have decided that there was no particular
likelihood Of any clash in jurisdiction.
But mere than all that" explained lawyer
who has had TO look UP that phase OF the sltua-
ton "the receivers probably Will have an elab-
orate scheme of reorganization. Now il is en-
.iralv possible that the commissions permission
will be needed before essential parts of that
could be carried out Why should the receivers
want to defy the commission under such circunl-
stances?
Suppose for instance Il decided that
money must be raised for new equipment or
for the electrilcation of the 2Sth and 9th street
crosstown lines A receivers certificate Is as
good as United States bonds. They are under
lying clains-they. take precedence OF stocks.
bonds and current debt. Yet believe, under
she public service law. that the receivers might
have 10 go to the commission for permission to
issue receivers certificates.
or YOU can take the opposite case: the COM
mission might order improvements and tell the
receivers 20 issue receivers certificates to pay
for them. The question involved is probably an
entirely new one and might have to be taken
TO the courts. II there any clash. it would
be at once: but 1 don't see the slightest occa-
sion for clash.
CITY AT LARGE BENEFITED
Amy way you look at this receivership prop
osition il viii help the city at large. Money
raised will he spent for the benefit of the trav
cling public: 1t will be the shareholders in the
old railroad companies who will suffer-
F J. Lisman. representing many New York
and Philadelphia holders Of 'non-assenting
stock of the Metropolitan Street Railway. said
yesterday that no formal action would be taken
toward organizing a polcyholders' protective
committee until the New York City Railway
Company receivers made some move with e.
gard passing the October payment Metro
! potan stock Pending such a move, he said,
! informal conferences of those interested would
be held: while if on October Is the dividend
not paid committee would be formed by him
self and George S. Graham. of Philadelphia.
me courses o. acllOn open 10 lHe nOl-asSellll1lg
stockholders seem 80 be dwndlng. Three
said To he under consideration Thursday.
Yesterday prominent lawyer said he doubted
whether any feasible course could be found
The Thomas Crimmins Contracting Company
Of No. 444 East Goth street. through O'Brien
Boardnan & Platt. its attorneys, filed me-
chanic's lien for $50 7s6 81 against the New
York City Railway Company on its tracks
franchise rolling stock. appurtenances etc. for
stone. sand, cement. lumber. templates renov-
ing dirt. etc. on the roadbed Of the company in
First avenue, extending from 59th to 1o5th
street The claim is balance due for mate
rails ard labor furnished between July and
September "a