New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-14
BRIDGE SHUTTLE PAYS SUNDAY CLOSING WAR
Three Times Cost of Shares offered
to Nerc York City Rail1cay.

Shutting passengers across the Williamsburg
Bridge for cents apiece. two for nickel. seems
TO be profitable enterprise. Out % the wreck or
receivershps the New York City Railway Company
may have saved something worth while. Owning
half the stock of the Bridge Operating Railway,
with capital c. 500 600 IT has received an offer
of $4,000 for shares winch cost ii $4,000 at
the slme the bridge service was opened.
Public Service Commissioner Maitbie is investi-
eating application made by Messrs, Joline and
Robinson receivers of thu Metropolitan Street Rail-
way. for the commissions approval of the purchase
by them of five hundred shares of stock of the
Bridge Operating Company from William w. Ladd,
receiver of the New York City Railway The other
half of the stock is divided between the Brooklyn
Rapid Transit Company and the Coney Island &
Brooklyn Railroad Compan..
Judge Lacombe in the United States Circuit
Court has approved the transfer and has author
fed Receiver I.add sell and Receivers Joline and
Robinson TO purchase. the shares for $4,000. The
court order approving the transaction awaits only
the approval of the commission.
William H. Coleman counsel for the Bridge OPP
Grating Company. has submitted n statement Ou;-
lining the history of the operating agreement. II
was raade in 1904 between the New York City Rail
way Company and the Brooklyn Rapid, Transit
Company its constituent and the independent Coney
Island & Brooklyn road After explaining that this
provided only for the through scent fare. Mr.
Coleman's statement reads:
That left unprovided for the question of local
passengers there was formed the Bridge Operating
Company, to operate local service at 3-cent
fare. The stock subscribed by the various
transportation interests: the New York City COM
pany and its allied lines took five hundred shares.
the capital stock being thousand shares OF 500
each: and the Brooklyn companies took the other
five hundred shares.
Owing to the recevershp proceedings on August
]. 1908 the New York city ceased TO be Operat-
ing company and had for the five hundred
shares in Receiver Ladd's possession Hence the
desire realize upon them for the benefit OF credit
Mr.. Coleman says that the situation will he
unchanged by the fact of the transfer of the stock
President Winter of the Brooklyn Rapid Transit
Company said last night; The Bridge Operating
Company was organized I'm 1891. when the Williams
burg Bridge opened for trolley cars, by the
New York City and Brooklyn Heights companies
for the exclusive handling Of local bridge traffic
which Is the cnly traffic paying revenue on the
bridge Ordinarily this would go in with and not
be distinguished from other bridge operations, but
owing the companies entering upon the
bridge with equal rights and the confusion that
would arise from separate arrangements Tor the
handling of this business Il thought hest by
all concerned including the Department OF Bridges
put Il In this shape. and contracts between the
companies and between the companies and the city
We're drawn accordingly. and so executed by IL
self the business has the appearance OF being very
profitable, but taken with the entire bridge opera
ton II does not go far toward relieving the deficit
incurred in that service"