New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-25
CITY AS PART OWNER
This Solution of Net. Problem TO Be
Recommended by Experts.

In the effort 20 evolve a feasible plan for the
organization OF the Metropolitan Street Railway
system proposition viii be made the two bond
holders committees. IL sa.d yesterday. to ad-
NIT the city into part ownership. Stone & Web
ster. az Boston. traction experts. have been en-
gagged IN an examination OF the Metropolitan stu
alton, with the result that they may recommend
the foregoing as one OF the practical solutions in
the interest Of the investors. The report has not
yet been submitted to the committees. but it was
said yesterday that il would be the
chairman Of the joint bodies. John w. Castles and
their counsel, l.. C. Krauthon return from Europe.
Mr. Castles and Mr. KraUthof. know OF the pro-
posed recommendation.
The whole question Of reorganization Of the sys-
TEN has been placed in the hands OF the two COM
mittees, one Of which, representing tic general
collateral trust mortgage SIS, expiring in 1897.
amounting TO N2.J0OoO0. has its chairman Alex
ander J. HemphiI. and the other. representing the
refunding bonds. As. expiring in 2oO2 amounting to
N6.6oi.0oo. is presided by Edwin s Marston
Before he left for Europe Mr.. Castles. chairman
Of the joint committee sent TO Boston for Stone &
Webster and set them 10 work 10 unravel the trac-
ton tangle
air. Hemph said last night at his home in
Como. n. j.. that the report that the city would
be called into partnership without foundation,
so far as he knew. He had heard nothing OF the
scheme, he said. From another source II was
a member of the committee. presumably Mr. Cas-
ties, that the advantages of part municipal owner
ship would be great. bringing regulation Of traffic.
eliminating the vehicular distractions which now
interfere with effective rapid transit. and thus. by
the assurance of better transit and municipal in
terest increasing the patronage Of the
immensely
Mr.. Krauthor and the Boston firm had experience
in recognizing the Chicago street railway system
on the same plan, practically, with added ad-
vantage 10 that city. however. Of eventual owner
ship in full. There the joint ownership agreement
was made when the franchises were about 10 ex-
plre. Many of the franchises here held In
what amounts practically to perpetual ownership.
Attorney General Wickersham took the leading
part in the Chicago traction reorganization Mr..
Hemphin said last night that nothing could be
done for several weeks owing 10 the absence in
Europe OF many concerned in the rehabilitation of
the Metropolitan system.
The committees have been urged 10 do something
al as early date possible owing TO the pros
pect of a delay Of two years least in the sale
Of the property because of litigation which is
likely 10 have its close IN the United States Su-
preme Court A person supposed 10 be familiar
with the work Of the Boston firm said last even
ing that their report would show that upon the
basis OF the present earnings under the receivers
there could be only excess Of per cent over
operating expenses if the roads were constructed
anew AT the present cost OF building.