The sun., 1919-01-01
LINDLEY GARRISON
is B. R. 7. RECEIVER
Continued from First Page.

Grsvesend Railway. Coney Island and
Brooklyn Railroad. South Brooklyn Rail-
way. all surface lines. and the New York
Consolidated Railroad and New York
Municipal Railway corporation.
Under se9 year leases the b. r. T.
holds the Brooklyn City Railroad and
the Prospect Park and Coney Island
Railroad, surface linea
Williams Issues Statement.
The company's statement, made public
by Timothy 8. williams. president Of
the b. r. T., was as follows:
The company did not oppose the ac-
ton. for Il felt that the best interests Of
the properties would be served by q
temporary receivership. Tho Immediate
requirements for meeting January / OBJ
legations we're about $4,000, 900. This
amount could have been obtained, but to
complete the task OF construction and
equipment which are now under con-
tract and to provide for additional ex-
penditures for similar purposes during
the coming year will require the raising
OF many millions more, and tho general
street situation affecting street railroads
with stationary fares and rising costs
have injured their credit and made i'm
possible up to the present time provision
for the Investment Of fresh capital.
"Every possible effort to provide for
these construction and equipment needs
including informal application to the
War Finance Corporation has been
taken by the directors. but without SUBJ
stantial result and 1t seemed wise to
face the issue now. with the hope that
a general knowledge and appreciation of
the necessities would suggest a way
for their solution.
ri hax Il,
Handicapped by the delay Of the city in
completing its subways These should
have been mostly in operation two years
ago. The essential parts of them are
still under construction. In the mean
time a largo part Of our $4,000. 900
investment is unproductive and the ex-
ioting and completed parts OF the sys-
tenn cannot be effectively or probably
operated.
Net Earnings Heavily Reduced.
'Tn addition TO this handicap the high
cost OF labor and materials and the other
hardships caused by tho war have
largely reduced net earnings. The effort
tenn TO restore rates Of fare authorized
by TIE r franchises or to get the right to
change fares sufficiently TO meet the cost
81 rervices has thus far rallied. II II
greatly to the advantage OF tho prop
crties that the court has appointed as
receiver man OF the executive and
administrative ability OF ex-Secretary OF
War Garrison"
The order for the reoeivership, which
!s returnable January g. was received
from Judge Mayer by George Yeomans,
chief counsel for the r. r. T.. at the
Federal Court here at 3 O'Clock last
night. Mr.. Yeomans went at once to
the offices Of the company at 81 clinton
street, Brooklyn, where Mr.. williams
and other officials OF the company were
In conference with Mr.. Garrison. After
the conference MIR. Garrison said that
his appointment would have no imme-
date effect upon the operat'J, OF the
road.
~ will have to study the situation. g
he said Mr.. Garrison qualified for the
receivers job by providing a bond Of
500. 900
The actual indebtedness OF the r. r
T. to the Westinghouse concern was
stated by Col, Williams to be only be-
tween $4,000 and $4,000.