The evening world., 1909-01-05
This Vast Sum Will Have Been
Used When Receivers Re-
/. linquish Control.
MORE CASH TO BE SPENT
Judge Lacombe in Explaining
Situation Severely Criticises
Public Service Board.

When the surface railroads OF Man,
haitian shall have been placed on the
auction block In April the receivers ap.
pointed by Judge E. Henry Lacombe, OF
the United States Circuit Court, will
have spent il2,ooO,OOo In the physical i'm.
provement OF the property-3S. 10000 on
the Metropolitan Street Railway Com.
pany's ,system and 100000 on the lines
OF the Third Avenue Railroad Company.
Would private capital have done as
much for the public7 Hardly. Could
No; for only a receiver can cancel ruin.
Gus leases, void improbable contracts,
default on crushing bond issues and
pass dividends on watered stock, and II
10 this side Of the traction question that
has been entirely overlooked.
More Cash for Betterments.
Further, The Evening World Is au.
thorized to announce, the Federal re.
ceivers estimate an additional expendi-
ture Of from $4,000 to Sl0, 900, 0O0-to be
made by the buyers Of the property
before the surface railroads Of Manhat.
tan have an AL service and their rol.
Ing stock Is up To the needs OF the
public.
In view Of TIE bitter hostility of the
newspapers to the traction receivers,
am quite loath to discuss the grea,
work they are doing" said Judge La.
combe to an Evening World reporter,
who saw him In chambers to-day
However, ascrlbe a large amount OF
the animus to a misunderstanding Of
the facts, plus a spirit Of unfairness
toward the receivers encouraged by
/ the Public Service Commission and its
Dess agents,
Very frequently at breakfast I read
a letter sent to the receivers by the
Public Service Commission which Is not
delivered through the mails until hours
later. What the receivers have written
In reply Is seldom II ever made public
by the State regulators Of the street
railway trafiic.
"Ths Public Service Commission
seems TO have overlooked entirely the
fact that the receivers are part Of
IN honorable court. They have issued
insulting mandates ana written letters
which did not even conform with the
fddimsAts Of common courtesy. let
challenge these gentlemen TO name .
single instance whore the Federal 70.
csivsYs have failsd to comply with
any service order which they may have
issued"
Judge Lacombe declined to discuss In
detail the work Of the Federal receivers,
but ne placed at the disposal OF The
Evening World all the facts and figures
that were asked for.
Aroused by Ryan's Name.
When the name OF Thomas F. Ryan
was mentioned in association with the
future OF the surface lines, Judge La
combe snapped out his indignation In
this fashion
"Young man, you don't know the true
situation. Why, the receivers Of the
Metropolitan are suing Tom Ryan for
over 100000"
Receiver Frederick W. Whitrldge's
good work on the Third avenue system
has been frequently brought to the at
tention Of the public by reason OF Mr..
Whitridge's personal ability to make
good copy" In an interview, but little
has been known OF the excellent work
OF Messrs. Adrian II. Jollne and Doug
las Robinson, in charge OF the Met
ropolitan system. They have equipped
the road with 305 new cars, made tre-
mendous trackage repairs. and made
the following defaults In connection
with leases, contracts, bonds and
stock.
Metropolitan Street Railway
Company.
Si2,SO 90 at & per cent. 800 ssa5 90
Rebuilding mtge. &l8,6oi 900 at T.. eti, 100
Dividend on capital stock $50, 1000. ...
Third Avenue Railroad Company:
First mortgage 5000 90 at o.. 80. 900
First consol ntge. $3T $50. 90 at l.JG, 4D
Dividend rent on capital stock
Si5.99j 500 at 6................ ~S.7is