New-York tribune., 1908-01-07

dred points where cars of the Third Avenue
company transfer to lines of the New York
City.
This segregation of the Third Avenue road Is
lust what the federal receivers of the New
York City company have wanted, as, according
10 the figures of their accountants, they have
been operating the Third Avenue at a loss
These figures showed that. whereas the Third
Avenue now carries more than five million
more passengers a year than ten years ago. the
actual receipts in fares are less
II is not believed that the Public Service
Commission will be able 20 prevent this cutting
off of transfers
The separate receiver for the Third Avenue
company was appointed application of Jonn
NJ Bowers counsel for the Central Trust Com
parv the trustee of the Third Avenues out
standing bond issue of S22.000.0o0- In hand
ing down his decision Judge Lacombe took oc-
casion to take those persons to task VINO
have been in the habit of directing crltlclsIns
toward receivers In general There was a ten
cency he said. to believe that a man in the
position Of receiver was acting for his friends,
no matter how good his reputation might be.
He was glad say he had always been able
TO find men of the highest standing willing to
DISCHARGE their duties in the interests of the
CORPORATION and the stockholders thereof.
Mr. Bowers after rehearsng the history OF
the Third Avenue road. said the bondholders
represented by him had right to have a
separate receiver to protect their interests. He
suggested the name Of Mr.. Whitridge, who, he
said. was well versed in railroad affairs and
erninently qualified to handle the property;
Edward NJ Shepard. representing stockhold-
ers Of the Third Avenue, took no stand on the
appointn1ent of a receiver. but said Mr.. Whit
ridge would be acceptable TO them, if the court
decided to appoint
STOCKHOLDERS OBJECT
Henry Wollnlan on behalf Of stockholders Of
the Metropolitan, opposed the appointment OF
a receiver for the Third Avenue. at least until
after the special master had reported on the
ability of the Metropolitan to pay the rentals
and interest due on the Third Avenue
Mr. wollman. who wants a separate receiver
for the Metropolitan. said that if co-receiver
TO represent private ownership of Slo,Oo,So
OF Metropolitan bonds was appointed this own
ership would guarantee to furnish the interest
one on the S5o00o00 bond. Issue Of the Third
Avenue, now due
Judge Lacornbe said shat the bondholders Of
The Third Avenue should by right have sepa-
rate -eceivership. and later signed an order nade
ont bv Mr.. Bowers Mr.. Joline and Mr.. Robin
son are authorized 10 turn over to Mr. WHIT
ridge all the property OF the Third Avenue, VINO
is authorized to operate and manage the road
TO collect all money and make all disbursements
and borrow any necessary money.
The court reserves full jurisdiction to retake
possession of the property through the wv re
ceivers formerly in charge. if within three
months from January, 1905, the rental under
nrovision Of the lease to the metropolitan IS
naid. jurisdiction is also retained TO adjust any
differences that may arise between the former
and the present receiver
and Robinson.
Neu- York CITY. and Mr.. Whitridge VIII have a
conference to-day, probably, for the purpose OF
settling the exact status of the contractural re-
lations between the two companies The Ihlro
.venre will have TO make some arrangement
for obtaining power from the Metropolitan
The era Of talk is over" said Mr.. Whitridge'
.ben asked concerning his plans and untli
there is something to say shall keep quiet
Arthur H Masten, counsel for the New YORK
city receivers said that until they had had a
chance 80 go over the situation with Mr. whit
ridge there would be nothing to say. He would
not hazard an opinion to Just when the IN
rercbange of transfers would be abolished
Jns, before the close Of the court Hr- Whit
ridge filed a bond Of tbe Fidelity and Deposit
Company of Maryland for $lo0Vrl
JUDGE LACOMBE'S COMMENT
In handing down his decision to appoint Mr.
v-hitridee. Judge Lecombe said that If it APP
pea-ed Wise TO al'loi'it . "
f,,turs date he would do so. but 1t seemed u:l-
necessary al this time lie added;
-rb. court has reason to feel thankful that a
gentleman such professional and Ies ,iat AZ s.5.d @
ng in this community H. willing 10 accept iie posi-
- ~ a. q thankless office. tie FeceiVofsnip OF
io. .tTi. eervice corporation: II is aDOrious and
,,5rossing If time: il is frettinS. rksore ana eN-
Iarstt-g And ), grows still more weaTisoine be
-s,Tsa n Seems II il must a ways De doht IN :
constant atmosphere Of suspicion an9 nl,s1sri - ot
- &so.'Sad r1iricisn, not malicious al al. save pos
inSran
a'1r :. sem to r,.n with the popular humor 10
Continued OF second pagr.