The sun., 1908-05-12
AUTOPSY ON THIRD AYE. R.R.
CORONER WHITRIDGE HAS SUS-
PIGEONS or FOUL PLAY.
Hut It Would Cost 500 900 to Try 10 A.
certain where $50 900 900 Went-TO
Issues7 500 900 RecsIverS Certlncates
Hands p. 3. Commission a Left Hook.

HAMS r. ~ Commission Lett Hook.
Frederick W. whitridge. receiver Of the
Third Avenue Railroad, in a report to the
hondholder' committee made public yes
ierday characterized the general con-
ditions Of the road as left by the Metro
politan as very bad said he needed
10 issue S2,SOO.OOO receivers certificates
10 get the property into shape and set forth
other interesting contributions to the col
lection Of Metropolitan literature, Also
Mr.. Whitridge expresses his opinion Of the
Public Service Commission. body which
he says has accomplished nothing at
oil except TO give a little more trouble,
Of which, as the late Mr.. Dingley observed
Of books printed in foreign languages
we already have a suffioiency,"
Mr.. Whitridge hints that proceedings
might be brought for an accounting Of
the money received on the sale Of the Third
Avenue bonds. He has asoertained from
tankers, he says, that checks for 81 900 900
from the National City Bank, 1894 4II
from the National Bank Of Commerce and
another for 81 ,94sOOO were turned over
10 the company. In his judgment there is
no evidence on earth or under the earth
n the expenditure Of any such sum Of
money on the system
The auditor appointed by the receiver
has reported that more than $4,000 900
Il the money was expended prior TO the
ease to the Metropolitan upon work, part
of it done by contract for which the con-
tractors pay was Is per cent. on the cost.
The receiver was told that in one instance
there was counted around one mortar
trough not one man with hoe but twenty
two persons Of different nationalities, and
all Of them voters"
'As respects the balance Of the money
he continues, Il have not found and no one
has furnished me with evidence Of mis-
appropriation, waste or peculation. be-
eye, generally speaking that everything
which has been done can be traced, but
% endeavor tn track the whole Of the money
would cost possibly 5000 There would
te no certainty after had tracked it that
should he able to recover any part Of it for
rhp bondhoders or the company. Under
lhese circumstances / deem IL my duty
not to undertake any suits or proceedings
= any kind in respect TO the expenditure
# this money
OF the 5e7 cars delivered by the New York
D.V not
Mr.. Whitridge says. on which some work
was not Immediately necessary. He esti-
mates the cost Of putting all the cars in
crder at $4,000. Needed repairs to track
Jge he estimates at $4,000.
He also sees a need for 25O,to 800 new cal,
for the main line and it's subsidiaries at ar
expense OF sl5OOOOO and repairs to build
ngs, slb-stations tracks Of subsidiary lines,
car barns, &c, that would bring the total
expenditure to A,O50,OOO. Among these
other recommendations Is one for a club
'orthe employees, which, the receiver says,
-is very much needed
Mr.. Whitridge calls attention 20 the
'j7?nOO interest charges Of the dominant
md subsidiary companies, but believes he
IAN nav the fixed charges and the q 900 900
uprovement charges by the issue OF 81 500
90 receivers certificates and the earnings
rom the property. The certificates are to
rayable within one year and to-bear in
crest at per cent.
Claims against the Metropolitan and New
ork City Railway companies the company
Las in large amounts, but Mr.. Whitridge
an perceive -no very great use in obtain
ng Judgments on these other claims.
No such Judgments could be collected
e AYERS. "They would only share in the
foreclosure sale OF the Metropolitan, and as
as been very we'll said they would represent
ractically only stage money, II some
revision can be made for the settlement
oi the franchise taxes by the receivers OF
he Metropolitan road and for the refunding
70 me Of the cash collected upon the Third
avenue road subsequent to the date OF the
ast payment by the Metropolitan under the
case, less the cost OF operation, think 1t
would be good business and great economy
4 time, temper and legal expenses for all
these claims on both sides 10 be abandoned.
Mr.. Whitridges replies to orders of the
public Service Commission, attached to the
report, contain many caustio references to
,he Judgment displayed by the commission
in its orders. One in reply to demand for
100 new cars in less than ninety days con-
aims this typical statement;
II you have anybody on your stan who can
show us how to get material before the manu-
lecturers will agree to furnish 1t. and who
can turn out 800 cars In this Third avenue shop
between now and May l. 1 will pay him any
-alary YOU will hp To take charge Of the job
until that date; otherwise am obliged to say
10 you that with the best will In the world,
/ cannot comply with Order 300 The
only thing I can say Is that TO the extent Of
my capacity shall be only too glad TO come
As near TO the terms Of that order as possible
His conclusions in regard to the commits
Ion Mr.. Whitridge expresses as follows;
Almost any commission, however mex
rerienced or III informed, would have been
a boon 10 the investing public and the Third
avenue Railroad during the seven or eight
gay years Of the Metropolitans s misspent life.
he commission which now exists will also
doubtless prove useful It has not spared ex-
pense nor Stunned publicity In its desire TO
serve the public. II has directed TO me orders
Of one sort or another on an average OF one
every nve days. and annex copies OF some
of my replies thereto so that those who under
axe the reorganization OF this property may
udRe Of the degree Of assistance or hindrance
hey are likely to meet from the Public Service
commission. However useful II may become,
% il the fact that so far as the Third Avenue
Eailroad Is concerned the Public Service
rommission has a. yet, with the exception OF a
rnng suggestion about insulating certain