New-York tribune., 1908-05-12
NICKELS FAIL TO COME
NO GAIN ON TRANSFER CUT
Still Third 1Uenue Line W0uid
Eliminate More Paper Passengers.

.,tbourb recording the practical failure OF the
abolition of transfers with the lines OF the Neti"
politan company, far as Increasing the ~
of the Third Avenue Railroad goes, Frederlch W.
yvhitridee receiver of the latter company. is pre-
pairing A petition TO the United States Court for
permission to abolish transfers in The Bronx anu
with the Manhattan Elevated Railway Company
The receiver makes this statement in report 10
the bondholders' committee Of the Third Avenue
Railroad system. of which James y. Wallace -
chairman The system includes tho Forty-second
Street ManhattanviIle & st. Nicholas Avenne Raii-
way and the Dry Dock. East Broadway ana Bat
terry Railroad. owned by the Third Avenue through
stock Of which Mr.. whitridge was made separate
receiver and the Union Railway I'm The Bronx
Regarding the abolition OF transfers between the
Third Avenue and the Metropolitan lines on April
II Mr. Whitridge The result to some extent
has been disappointing the number or passen-
gers carried has fallen off during the first few days
something like 5000 a day. The receipts. however
remain about what they were, and L am hopeLuI
that a part, least. of the passengers who have
abandoned will return"
From the reports of his engineers MI WHIT
ridge figures that 81 O560O should be spent on the
within short time In addition TO TINS nc
shows that the obligations for interest OF inc
various roads of the Third Avenue system amount
to s572OO a year.
Mr.. Whitridge says he purroses to ask the court
for authority to issue 81 OF receivers certih-
Gates. payable within year at per cent
with those he says. ant from the earnings
of the property / think L can 90 al OF ile "oih
and make all the payments which L have herein
enumerated"
one of the things for which Mr. Whitridge
thinks money should be spent soon as posi-
BILE Is the extension of the Union Railway in Ihe
Bronx and Pelham Parkway, distance of some
five and a half miles at cost of about S00eo
He believes it would be exceedingly profitable
line
Among the other things for which Mr.. Whit
ridge thinks money should be spent within the
o-n n
about ST. 900: new substation for the Union Rail
vay at 1sst street s225 CO., repairs substatons,
s109 600; putting old In first class order, $4,000
new cars ordered s1o 90: repairs to track. s+5oe'
sub-station Kingsbridge. s225co; repairs 10 build
ings. S15100o.
The report indicates that experiments being
made to get satisfactory self fpropelling car TO
put the present horsecar lines OF the Dry DOCK
and F'orty-second Street companies
Regarding the finances of the Third avenue MT
Whitridge refers TO the waste of money in changing
the road to electric power prior to the lease TO the
Metropolitan and adds: "As respects the balance
of the money (some GnoOo) whether it was wise
Iy and honestly expended not have not found,
and has furnished me with any evidence
("evidence' is underscOred) of misapprOpriation,
waste or peculation." Even If suits were brought
he did think it probable he could recover any
wasted money
Mr.. Whitridge says that large judgments might
be obtained by the Third against the Metro
potan for breaking the lease, for repairs to cars.
track etc. but he believes 1t would be useless to
get judgments that could not be collected except
to smother any claims the Metropolitan might
have against his company.
The franchise on the various properties Of the
system has been paid since the first of the
law, and the amount due for eight years Is about
s.. $4,000 Mr. Whitridge that obviously these
taxes should have been paid by the Metropolitan.
but whether the will hold them lien he does
not attempt TO say