New-York tribune., 1908-08-19
POOR REPORT TO 2. S. C.
PFCEITERS DROP BEHIND.
n 7. c. RaiIscay Lost sI,047, 900
IN Nine Months.

,,-,,r q long conference yesterday morning
,.an officials Of the Metropolitan traction system
= +bose of the Central Park, North and East
60 Railroad Company the order of the Public
80. Commission to establish joint rate of fare
= 4,-osIgh rates over the lines of the two systems
%.--asn szth and I1sth street the receivers
= .ba Metropolitan issued yesterday a statement
a earnings and expenses during the first nine
-,ss of their regime The evident purpose OF
- -s+an,ent is 10 show that it is hopeless for -2e
.s;,,ars 10 think of trying to comply with the
o,-,rs.ssion's order Both the receivers, douglas
,,,.-sor and Adrian II. Joiine were at the confer
80 as were also Arthur H. Masten, of counsel
- Creu Root the general manager OF the Metro
-,,.s- lines The Central Park, North and East
p,vs- Railroad Company was represented by James
. Mcdonald president; Alexander J. HeInphfI,
--a+arv and George ". Linch. general manager
r7-o-, the statement of the financial condition OF
-. metropolitan il would be surprise If the two
-,nanies sent a message to the Public Service
z,-nnisson stating that il would be impossible for
+he-, 70 comply with its order by agreeing on
so.n1 rate Of <are. Il this is done and the Public
Ss-zsce Commission is not satisfied with the fnan-
ssl statement submitted by the companies. it will
ta m 10 that body 10 determine whether a Joint
e of fare shall be established and what that rate
shaIl be-
The statement OF the results of operation to June
- frnn September 3 1897. shows that the gross
.a-,inps were al.s47lz7 Il while the operating
nses amounted 10 Sc eS SIS 81. leaving s2SS sos 81
as the net earnings Other receipts bring the total
3,co-ue 10 s. S70sa S. However, when taxes. rents
and interest amounting TO s. ,77S sc. had been
rstd the deficit amounted to sl,0f7.s2 IS.
= Is not considered probable that. in view OF a
sacft OF more than 81 leo0eo0 operating the New
YORK City lines for a period of little more than
nine months the receivers viii make any attempt to
establish Joint rates OF fare According 10 MI Root.
-s item OF additional expenditures OF s344S2 s. not
included in the operating expenses was left out
because there was a question as to whether this
sim should be charged TO the account OF capital
er operation and II thought best to eliminate
the amount until the litigation on the point was
settled The receivers certificates. Of which the
oourt granted permission to issue sS,5O0000, take
-reos5ence over all other obligations. They
issued chiefly as result-of orders OF the Public
Service Commission requiring the receivers TO main
tatu their equipment in better shape and TO give
the public better service.
The Third Avenue was segregated from the New
York City system January last on the order
sot Judge Lacombe and Frederick W. Whtridge
was appointed receiver: June l the operation
Of the Fulton Street Railroad Company was dis
continued. and July 10 Gilbert H. Montague
appointed receiver Control of the Central Park
North & East River Railroad Company was re-
Inouished the morning of August 6. and the
giving OF transfers was stopped, which led to the
inquiry by the Public Service Commission and the
Issuing Of the order on August Il to make joint
rates On July Is ". ". Dad6 was appointed re-
.ceiver OF the New York City Railway Company,
e1o tOoh oNeL VIAL property l1lefo was bo4ohS1IS
70 thai company. distinct from the Metropolitan
2 On August Oren Root. general manage for the
receivers pointed out yesterday that the state and
local appraisers had agreed in setting valuation
taxation purposes Of ss2oooooo all the prop
critics Included in the statement Disregarding all
the charges 10 underlying companies. Mr. Root
said his figures would show that there was q re-
turn from the property of only little more than
ssaen. something more than 1 per cent return
on the valuation Mr. Root thought q reasonab bic
return would be per cent which, he said. the
statement showed the companies were not making
at present
From the figures submitted TO the court by the
receivers Z learned that the operating expenses
for the nine months high-something like SO
per cent OF the gross earnings II is the opinion
Of the receivers however. that this percentage is
much nearer the normal than in former years, be
cause much more has been done in the way of
equiprnent and service than was done formerly.