New-York tribune., 1907-09-26
n s. r. TO ENTER FIGHT
RErEIVER TALK HEARD.
Commission Has Report of $500
.frciderfs an Less Than a Month.

greet Railway Company. who fear that the
rer cent dividend guaranteed by the New York
city Railway Company Will be passed. are pian-
niu- 10 thwaTt such move. Informal confer
ances held yesterday will be followed to-day by
p forraa! meeting. az which F. J. Lsman.
clarence Wildes and the with whom they
are associated viii consult George s. Graham. Of
Philadelphia. representing a large number or
stockholders in that city.
Accidents or the street railways of the city
during August. according to the first report
made br the commission. mounted the great
total Of $500 OF these forty-two resulted
fatally.
Because of the clause in the Metropolitan
lease specifying that TO action may he filed
until twelve months after dividend has been
passed the stockholders believe that it VIII be
necessary TO adopt method for protecting
their interests before October II. when the
interest payment will be due
No plans have been formulated. This subject
will be taken up at the meeting tomorrow.
But il is an open secret in Wall Street that
while the New York City Railway reoeiVersrhp
is friendly proceeding" a receivership PROB
sbly would have been precipitated soon oy III
terests distinctly unfriendly 10 the Ryan-Bel-
mont control And most of the Wall Street peo-
pie who looked into the situation yesterday as
cussed the probabilities of a recevership lor lHe
Metropolitan Street Railway Company, Which
might safeguard to some extent the interests oL
the minority stockholders
arr Iisr71an has under consideration the ques-
ton Of accepting the Craftsmanship Of COM
-n.ttee representing the minority stockholders
of the Metropolitan. He has given no derlillte
answer. but there is little doubt that he viii
take the place He will act in conjunction
with Clarence wIldes. who represents some
minority or -'non-assenting'' stockholders OF
the 100000 outstanding stock. about s5'e"-
900 or 100000 is held in Philadelphia, much
Of IL by large estates which bought through the
influence of the Wideners- Many Of the Phila-
ae,ptia stockholders represented by eX-
District Attorney Graham
RECEIVES SELECT COUNSEL
Adrian H Joline and Douglas Robinson. re-
cetvers for the New York City Railway Com
psny, named the firm Of Masten & Nichols as
counsel IN the receivership. Arthur H Masten'
head Of this firm. was the special master who
ruled against S0-cent gas in the case referred
70 him BY Judze Iacornbe- In the morning the
receivers H. H. Vreeland, Oren Root, James H
oueckerbush counsel for the company. and MI
Nichols Of counsel for the receivers, held a long
conference at the offices Of the traction COM
psuv. After this meeting the announcement was
made that Mr.. yreeland, president Of the rail-
wey company. mao Deea named general Atdncsei
TO handle the operation Of the transit system
under the receivers. Oren Root. the present
manager will act as assistant TO Mr.. Ereeland.
Mr. Joline saic that the receivers and their
counsel would hold daily conferences and make
sfiirer. effort te the condition of the
face system as speedily possible
ITS big task. and stilI q new one he de-
clared- THE affairs badly complicated We
shall work every day until get some kind of
statement OF assets and liabilities which
submit 10 the court We cannot tell when that
will be: We do not know enough yet about actual
conditions to make prophecies. It is altogether
Improbable that shall make any public state
ment until we make our report TO the court:
making Of statements is not a part of our task
under the courts order. Meantime the system
viii be usual
Then Mr.. Jolne referred to the gossip that
some clash Of authority between the receivers
and the Public Service Commission might re-
suit.
Il think such thing IS entirely unlikely"
said be. There is no reason why the receivers
and the commission should not work in perfect
harmony. There has been formal communi-
cation between us; but understand Chairman
WILCOX has said that this receivership
quite the proper thing, considering the condition
Of the company"
Mr.. JoIine and are operating the New York
City Railway Company now with the single pur-
pose OF conducting the business so it will be
placed on a sound financial basis as expedi-
tiorsiy as possible" said Douglas Robinson. the
other receiver. Nothing will be left undone to
accomplish that result. Our policy will be
conduct the business on aggressive basis.
which shall not be inconsistent with good SER
vice TO the public
There was good bit of gossip in some Wall
Street circles yesterday about the ''prearranged
character" OF the receip ershp. Some persons pro-
fessed to believe that the receivers were named
in conformity with an agreement. Some Of the
dissatisfied Metropolitan stockholders recalled
that Judge Lacombe. who named the receivers.
also named the receiver for the Third avenue
line. and said that that receivership turned out
unfortunately for the Third avenue stockhold-
Judge Lacornbe. who named Arthur II.
Masten as special master in the S0-cent gas
case. was an assistant corporation counsel when
William c. Whitney was Corporation Counsel
and II was .n Mr.. whitney's term in the Cleve-
land Cabinet that Mr.. Lacombe was named a
federal Judge
It was said in Wall Street also that one of the
reasons why the Interborough- Metropolitan
Company willing to have the New York
City Railway go into the hands Of q receiver was
that such action would relieve the Interborough
Of any obligations to advance the remainder OF
the s15,oooo0o which. under the agreement OF
last May, IL was to raise for the surface lines
Some $4,000 900 OF this s15.0ooo00 has already
which II was raised represent the only debt OF
the Interborough- metropolitan. except its issue
Of ga per cent collateral trust bonds. The In
.erborough- Metropolitan unquestionably is glad