New-York tribune., 1908-03-09
TO IMPROVE MET. LINES
RECEITERS W4NT s., 800 900.
Uould Issue Certificates Because
Securities Co. Won't Pay Up.

through their counsel. Masten & Nichols Adrian
Y To1ine and Douglas Robinson. the receivers for
-ae New York City Railway Company. applied TO
ne United States Circuit Court Saturday for
.o-4-v 10 issue receivers certificates the
u E10 e9 This amount of money, they say, is
-,-srativelv needed 20 make necessary improve
7,ents IN the roadbeds. rolling stock and other
property OF The company and TO provide adequate
Insurance and get sufficient additional equipment
give the service which they as well the Public
service Commission consider desirable
Failure Of the Metropolitan Securities Company
n i've I'd the agreement. dated May q 1907 TO
-euay 10 the New York City Railway Company
advances made by the latter corporation 10 the
securities company, is said by the receivers TO be
n Sarge measure responsible for the request 10 issue
receivers certificates Messrs. Joline and Robinson
point out thai they have already Instituted
-ecnver s. for the repayment OF these ad-
rance i this sum is recovered il could be de-
voted to the repayment OF the certificates perrns-
son 10 Issue which is asked
Tire receivers say that in their Judgment such GER
ffacates should Ice made lien the property OF
,he Metropolitan Street Railway Cornpanv srpe-
-ior 70 the lien Of the Metropolitan Street Railway
Company refundins mortgage. which SECURES bonds
- the outstanding Of l40ob due April
I Sc, hearing interest al Per cent and superior
sso 10 the lien Of TIE same conpary's general and
collateral t-uSt mortgage securing bonds for 80
9st due February / 1897. and bearing interest at
5pe- cent
Exclusive O. the amount required 70 rebuild
ca harms 96th and 9Th streets. which were de-
sfruyed hy IRE week ago last Saturday night and
10 Substitute cars for those DESTROYED in ,l-a
are-ths amount being estimated al at least s. olo
esfhe receivers nE1Te ou- that they need the fol-
loving sums
5 5t.----,a..-- ~ ~ IaeEs paving etc. 100000
l.7rE s-reei from horse rad under
oon15etloa q ca ozras and repair shops al ''''
145-a street and LeHCx avenue in excess
insurance from hre of April, laV7 ..... ia aga
Aee ears to repiace hose Of the central
o-osstaH7n Inc destroye6 by fire and in ex-
I=ssallass0a OF sprinkler systems. 10 insure
To-a $3.50 4s7
IN asking To- the authorization. the receivers
state Specifically that proceeds from the certii-
osTes OF notes should be used solely for such
pFucit-res ss are directly beneficial 10 the prop
e-1v Of the Metropolitan Street Railway Company
Tzev point OFT Khat has become generally known
lha- the condition of the entire operating property
Thsn they took charge was IN depIoTable condi-
nor Added 10 their own knowledge Of the con-
diJio7 O. rhs property the certainty that the
Public Service Commission would compel repairs
and improvements of various kinds The receiv-
frankly admit taat + New York City
RailEay Company had made the expenditure
necessary - keep the rolling stock and the track
and su-surface structure IN first class condition
t probably would not have been able 10 pay the
Metropolitan Street Railway Company its stip-
ulate5 rental which was distributed among the
stockholders
The v0rk Of Transforming the First avenue line
ron 5sth street l25th street from a horse road
ro Underground trolley was not completed when
took charge. bat, that the franchise
=-zzt be forfeited. the latter went ahead with
the work In ike manner they started work re-
building The car barns and repair shops al I4sth
street and Iepox avenue one OF the chief reasons
advanced being that the company was al present
constrained 70 store many OF its cars IN the
streets night
The receivers pay particular attention 10 the
need Of obtaining funds for purchasing proper
ss1lpnert for 1re protection, that adequate in
sG-e1ce O. the property Of the company may be
obtained.
Any cessation OF the expenditures vhic! they
making. The receivers say. would amount g de-
-aalizatlon Of the service They say that the lines
are fully seIf-sl-porting and under such circuul-
stances :: Is advisable keep the present operating
properly intact They estimate the receipts
over operating expenses 10 July !. 1908. at 81,
s5ze7z
The receivers say that with the coming OF the
eslnle- they hope 10 reap the benefits OF the i'm
pr9Te-errs they making. visfby manifested IN
marked decrease Of expenses and increase OF re-
certs ALREADY the ratio of receipts for the last
seven weeks compared with the corresponding period
a las year begins 70 SHOW noticeable improve
--zz- Lnev say when cu-trasTed with the ratio OF
The las quarter Of 1897 and the corresponding
period of 1906 This is in part asc-ibed TO the IN
creased eficencv of -he service following as a di-
rec- resulr e tle reaaHilttating processes under
ra-
a hearing on THE motion for The issue OF the
r-csre-s' certificates viii be held Thursday after
noon. March 20.