The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-12-18
STONE AND
WEBSTER, ARE
IN \. I. CITY
Owners of Pensacola Elec-
trio System May Tackle
Gigantic Undertaking.

o~~&@sAS- S444S4tAeAkA&kk6s
1t is possible that the Stone & Web
ster syndicate, owners OF the Pensa-
cola Electric system, may take over
the management of the New York
Metropolitan Railway system. The
New York World of Dec. IL contains
the following concerning the matter:
Boston Specialists.
BondhOlders of the Metropolitan
Street Railway company will reorgan-
lie 1T at reported approximate cost
Of $80,000,000 and expect to have the
receiversnip dissolved as soon as they
can give Judge Lacombe the guaranty
that under the new auspices the COR
poration will be made a paying prop
erty- How soon this viii be done de-
ponds ON the report OF Stone and
Webster, Boston specialists in street
railway and electric lighting proper
ties, who have, been engaged to in
vestigate the Metropolitan. It ia more
than ligely that the same Arm will
operate the rehabilitated system.
G.. E. Trip, vice-president of the
Stone and Webster Managing Associa-
ton, of Boston, has been named as
expert adviser to the Metropolitan
Street Railway company's joint COM
mittee on reorganization. A suite of
six rooms has been fitted for him at
No. 45 Cedar street, and maps, blue
prints and data relating to the Metro
politan are at his elbow ready for in
slant consultation. When Mr.. Trip
gets through his report viii form the
basis of the scheme for reorganiza-
ton, which viii then be submitted to
Judge Lacombe
Lease Problem Must BE Solved.
It is expected that in order to con-
vince Judge IIacombe that a dissOlu-
ton of the receivership is advisable,
the present lease tangIe, in which the
Metropolitan Street Railway company,
the New York City Railway company
and the. Metropolitan Securities COM
pany are involved. viii be straight
ened out. Some of the bondholders
believe tnat foreclosure sale would
be the best way of getting down to
a business-like solution of the prob
lem.
Stone and Webster are reported to.
have a large interest in and to man,
age at least s150,006,000 worth of
electric railway and lighting invest
ments in Seattle, Minneapolis, Dallas,
Houston, Galveston, Ell Paso, Tacoma,
Lowell. Fall River, Brockton. Pensa-
cola, Jacksonville. Tampa and Sayan-
nah. Their representative, Elliott
will come to New York
and have headquarters with Mr..
Trip.
I'VE shall first secure facts con-
corning the physical condition of the
Street Railway Com
pany," said Charles A. Stone, head
of the firm of Stone and Webster, in
Boston last night. ut would be diff
cult to say how long that will take.
We are in business TO operate. man
age, equip, and in some instances,
own, electric railway and lighting
Should It be deemed all
visable to have us operate the Metro
politan Street Railway company, we
shall be fully prepared to do So"
Men in the Movement.
the Metropolitan Street Railways
joint committee on reorganization
consists of Chairman John w. Castles,
president of the Guaranty Trust com
pany; Otto III. Kahn, of Kuhn. Loeb
& Co.; Donald Mackay, of Mackay &
Co.; Edward s. Marston. president of
the Farmers Loan and Trust COM
pany; A j. Hemphill, vice-president
Of the Guaranty Trust company, and
w. p Dion, a lawyer of No. 80 Lib
erty street. This committee repre-
sents the $16,604.000 refunding As of
the metropolitan and the s12,508.00
general collateral trust 5s. Who the
owners or the persons VINO control
these bonds are is kept very close
secret by the reorganization commit
Lee, although it is said that members
Of the Astor, Vanderbilt and Whitney
families are represented.
Stone & Webster will first inyesti-
gate the physical condition of the
property, and they will then take up
he various traffic necessities of the
eity That can be served by the Metro
Dolitan. This will include the investf-
CATION of transfer needs, the question
,f Roadway of cars and changes at
ntersecting points Consultations
With the public service commission
Will also form part of the complicated
ask.
Finally, with these problems soIv-
I'd, the details of financing will be
AIKEN up. This done, Stone & Web |
ster will be ready TO advance CAPT |
al, and unless something intervenes,
% change the intention of the reor-
saniZation committee, viii operate |
he rehabilitateri road
The financing end of the problem |
VIII necessitate the hardest work OF !
H. So mixed up is the situation that |
{ Is said that attorneys engaged |
rom time to time in the tangle never |
lave had clear understanding of the |
situation.
Surgeons to Crippled Corporations.
Stone & Webster are public. service |
corporation surgeons-taey attend a |
iecrepit, badly rundown or defunct /
corporation and stay not only until |
rrf 10 Ill Ix,x& Lon
Is it lives. They have successfully |
reated at beast thirty companies.
Just how Stone &, Webster operate /
5 a matter of record, for they believe |
n publishing all the details of man /
Lgement, SO that investors may know
he. conditions. They receive reports I
rom the officials and managers of |