New-York tribune., 1907-09-22
WINS NOT PERTURBED
NO LET-UP ON INTER.-MET.
Receiuershp Talk VIII Not PreTent
Probe of Finances.

William NJ Twins special counsel for the Public
Service Commission. entirely unconcerned by the
talk in Wall Street that the electromagnetic Metro
poItan Company is planning q receiVershp lot 'i7
surface lines. is going ahead this week probing mo
the financial condition Of the various traction coi'
NAMES FIe wants to know just what system OF
finance has been used in recent years that mas
brought the transportation companies 70 tile
present condition
The mkt hearing will be hold Tuesday. In the
,,,eaa -3o,e Mr WINS Is going carefully over the
record Of the case far and Will he in a position
- search more keenly into certain phases Of the
management which have only been touched on
heretofore Mr. WINS has several things he wants
20 get from Cren Root. the general manager OF the
Metropolitan which viii keep that official on the
stand for entire day
He also expects to call Mr.. Gaynor, auditor Of
the 1nterhoro lgl. and Mr. Brown. auditor OF me
Jnterborouc-Afe Metropolitan Their testimony Viii ne
brought out connection with that of several ac-
countants OF the Public Service Commission who
have been going through certain books Of the COM
panies with a fine tooth comb
II MI Ivins gets time before the end Of the
week he will call Edward Maher- president Of the
Union Railway Company. which operates the lines
in The Bronx. His examination is.expected TO lead
20 some interesting developments There is also
q possibility that the Brooklyn Bridge crush viii
be taken up before the end of the week.
No statement came from Thomas f Ryan yes
terday II was learned that the alleged confer
ence his home Friday night was not for the
discussion Of a possible reCeivership. was said
yesterday. but had 50 do with the demand made
by the Public Service Commission for the produc
ton these books which the Interborough- Metro
poiitan interests have thus far shown disposition
hold back
II is now evident that the various extensions Of
time for the production of the books which coun-
sci for the company have obtained have been with
the view of waiting until the return Of Mr. Ryan.
With him Friday night De Lancey NicolL
The last extension expires tomorrow, and it is
doubtful if another will he granted. even if asked
for. There half 2 dozen grounds II Is said.
on which the lawyers for the company might try
70 evade the production Of the books The one
most spoken Of. however. which Is that the Metro
politan Securities Company and the lnterhorough
Metropolitan Company. being merely holding COM
panies and operating companies
amenable to the orders Of the Public Service Com
mission declared 20 he a foolish quibb1e'
by well known lawyer yesterday. Why. that
public service law was drawn with the greatest
care TO cover every phase of the operation
and financing Of the transportation companies
he saS
The question Of a receivership for the surface
tines will probably be discussed by representatives
Of the RYAN and the Belmont interests this week.
Any decision Of the question Will probably not he
announced. however until after the meeting of
the directors Of the New York City Railway Com
pany. At shat time a decision will haye 10 be
reached TO whether this company will borrow
money 10 pay the per dividend which t
anteed the stock Of the Metropolitan Street
Railway There is money ir the treasury with I
which pay this. and the directors may consider
it the wisest move 10 declare frankly the inability
New York City Railway Company 10 I
these obligations and ask for a receiver.
i suggested yesterday by familiar /
with the transit situation that the proposition made
the Public Service Commission by Theodore P. /
Shonts that the city buy Belmont tunnel for
sS.ea0NN0 a shrevd move. It pointed out 4
by this person that Justice FitzGerald. of the Su-
preme Court. had held that the time for compet- /
ing the tunnel under the franchise for that work
expired on January ]. 1885,
he also referred 70 the testimony OF E T. Bryan
president Of the Interborough Rapid Transit Com !
panv. before the Public Service Commission on
August 20 At that time Mr.. Bryan admitted that |
the New York & Long Island Railway Company.
which built the Belmont tunnel. had possibly lost
its corporate existence January of this year.
He did this by saying that according to advice of
counsel the company had passed from the control !
OF a board of directors to the hands of board of
trustees
Referring 10 this. the man speaking yesterday
said: Now IL looks 10 me as II this board of
trustees had tunnel its hands. but fran
chise operate # As trustees they would natu-
rally be expected TO handle the property for the
benefit OF the creditors and OF the stockholders.
Now all they can do It seems 10 me- sell the
tunnel 10 the highest bidder No would be in a
position 70 bid for the tunnel unless they could get
6 franchise TO operate IT from the Public Service
Commission
are too busy go into this subject and the
promoters going ahead TO get the tunnel in
readiness for operation But they may find in the
end that they do nothing except to accept such
conditions the Public Service Commission may /
demand. The city Will certainly not pay IS 10000
for the tunnel. when. according TO the testimony
OF Mr.. Bryan IL has not cost much than
s. ooot1D 20 construct it Some persons hold the
view that, matter OF law. the city should own
the tunnel. as # has been built their land with
out proper franchise. But, Of course. the final
decisions TO the validity OF the franchises OF the
company are yet 60 be reached by the higher
courts"
Edward n Shepard made statement yesterday
the proposed Fourth avenue subway In
Brooklyn. IN which he said: 7 confident that
when the public service commissioners shall have
given the matter careful consideration their con-
clusons VIII be that they under statutory obii-
cations to~proceed with the construction of this
Inc"