New-York tribune., 1907-09-25


termining the precise relations of the parties
between themselves. but will not in any respect
affect the inquiry TO the causes for the IN
solvency as growing out of agreements to pay
rentals which could not be earned, and out of
overca pitalization. overbonding and overborrow-
ing as well. AS special counsel for the commits
sion. shall pursue the investigation along these
lines precisely as heretofore. except that we
now have the advantage of being able TO attack
the problem from the centre instead Of the cir
cumference inasmuch the books OF the Met
, ropolitan Securities Company and of the Inter
borough Metropolitan company to-day nave
been delivered TO me. They will certainly throw
much light upon the history OF both the holding
companies and particularly upon the reasons
for the merger known the Interborough-Met-
ropolitan.
AIDS COMMISSIONS WORK.
7 do not believe It is the intention Of the
railroad companies TO attempt to deprive the
commission Of any Jurisdiction In the premises.
but rather 70 recognize the actual fact OF the
long existing Insolvency and take steps which
will permit OF reorganization that VIII 'llt-
rnately tend TO facilitate rather than to hinder
the work OF the commission; first. because the
work Of the receivers will probably be done
rap!dIv in view Of the necessity for maintain
ing and restoring the company's credit; second
because II will undoubtedly result in leaving the
company in a position where IT Will be able
financially to carry out the large general or
ders Of the commission which II is certainly
financially unable 10 do at the present time: and
because in respect OF any reorganization the
commission will have the final regulative voice
as 10 the class. character and amount OF ne"
securities to be issued.
transcripts have been taken OF practically all
pf the principal accounts In the books, because,
foreseeing this very possibility. we have con-
centrated attention on the books Of the New
York City road and have given their examina-
ton precedence over the books of both the In
terborough Rapid Transit Company and the
r2rooklvn Rapid Transit Company. which are.
,,,ar aIso in course Of thorough examina-
tion. One of the things that the commission Is
aIraadv preDared to go into is the investigation
of the construction and equipment account CT
the subway and the cost OF the new tunnels,
hut that will now have to be deferred until a
general survey has been made or the DOCKS OF
the two holding companies
When asked what effect he thought the ap-
pontnent of the receivers would have upon any
orders for improving the service Of the surface
lines Mr. WINS replied: THE Investigations
into the conditions of the service will be con-
tinued precisely as though receivers had never
been appointed and I have no doubt. from my
knowledge of the character of the two receiv-
ers that 1t will be their temper. so far as lies
in their power to further and not to hinder the
work Of the commission in perfecting the actual
service on the Metropolitan system
Further quizzing of traction officials along hnan-
caI lines hv the Public Service Commission will
not be undertaken until the books of the Metro
politan Securities Company and the lnterborough-
Metropolitan Company have been digested some
what by Chairman Wilcox and Mr.. WINS Ac-
countants for the commission were busy all last
night getting up material which could be used
when the inquiry resumed tomorrow. Chair
man Wilcox and Mr.. WINS will spend most of
to-day going the material unearthed by the
accountants in their all-night job.
Because Of the appointment of receivers and the
fact that the much desired books now are in his
personal custody. Mr.. Twins did not with the
financial inquiry He contented himself with
spreading on the minutes transcripts of detailed
statements as TO annual interest charges. rentals
special franchise taxes and other schedules FUR
nished him
Daniel I. Turner of the commissions engineering
STAFF under examination by Mr. Mason, told of the
investigation carried on by the commissions agents
into the deficiencies of the elevated railway ser
vice A tabuated statement which was entered on
,h. records showed that each day AZ 742 persons
were compelled to stand. At least 991 additional
cars should be put into service. Mr.. turner SAID
Cars on the Second avenue line were loaded 10
their full capacity far north as Ssth street in
the morning rush hours. although this condition
had disappeared when they reached Chatham
Square Northbound standing passengers in the
afternoon rush hours began to appear at Franklin
Square and continued in 1ve-car trains to s6th
street If seven-car trains were run said Mr.
T,rner most of them would be cared for. Stand
imp passengers in the Third avenue trains south
hound in the morning rush hours appeared at 1i9th
street and were numerous down far 18th
street In the evening rush hours person had no
chance 10 get seat from 9th street north until the
ear uptown stations were reached.
The sixth avenue Harlem trains in the morning
,sb hours were filed far north as 104th street
;5;catine serious overcrowding further north. At
NIGH, the service showed deficiency Of seventy
civ cars et Goth street between D and o'clock
THAT did not include the 5Sth street trains The
,-,,,b avenue cars showed the fewest standing As
=, the subway the greater loads appeared 10 be in
,he 7 ENJOY avenue locals. Subway express service.
,.b hound showed a deficiency at 9sth street
h..naen $50 and Q a. m averaging l4s 2-3 cars.
An mis- was based the summer schedules Mr.
1,,rrer NOW is nguring the increase which the
winter schedules will bring. This phase OF the
Investigation will be continued on Thursday.