New-York tribune., 1919-01-16
lIFFANY & CO.
FIFTH AVENUE & 37m STREET
PEARLS DIAMONDS JEWELRY SILVER
CLOCKS WATCHES CHINA STATIONERY

Manhattan through one outlet, the
Centre Street loon. Altogether, ac-
cordlng to the report, there remain uu-
finished ~ miles Of rail out Of Il total
OF l15, and 10 miles of road out of 4l
Inc main sources of income Of the
B. K. i. arc gwen as from dividends 0
constituent companies, interest on ad-
vances to them and on bonds. sale OF
power, maintenance contracts with sub
sidlary companies and net profits of
the Brooklyn Heights Railroad Com
pary.
Present Financial Condition
The present financial condition of
the b. .R. 7. system is summarized by
Nr. Garrison as follows;
Taking the entire Brooklyn Rapid
transit System as a unit and elimina-
'lnE lnter-company items. the conscl-
GATED statement OF results of opera-
tlons for the year ending June 80,
1918, showed a surplus over all charges
of $4,112,O54" "
The total income of the New York
Consolidated Railroad~for that period
IS given as $1.315,251 For the first
i've months Of the present fiscal year
!slnce June 80, 1919 the net incone g
is placed at only $S1,784, or $619.3S3
year The balance sheet of the COM
pany indicates g surplus of S1,2l5, $40
excluding dividends declared for the
year IN advance and unpaid.
Taxing up the affairs of the B. r. r.,
the holding company, the report says:
"Ihe compary's present chief diff
Guilty seems to be lack OF cash. Not
only have dividends on stocks of com
p&nles owned been reduced or entirely
suspended, but the constituent com
panles are II arrears in payment OF
interest on their certificates Of indebted
! ness. and the New York MunicipaI
Railway Corporation has failed to pa,
the interest due January 1 last on it.
bonds, most Of which are owned by th,
brooklyn Rapid Transit Company"
! Paid Out Millions
NJ. Garrison then made the poin
that the b. r. T. had sold no securities
itself for the last ten years, payin,
out instead millions Of dollars t
finance its constituent companies. s
that its "book surplus" on Novembe
80 last, Of $10,8S7,0 ,085, instead of bein
cash was represented by the bonds o
the constituent companies.
The report states that the increased
cost of labor, fuel and materials ha
added greatly to the burden OF the
transit corporations. Taking Novem
! Der. 1918, as a basis for the entire wear
the increase for the present tsca
year, as compared with 1916 the repor
! states, would fe:
1915. 1916. Increase
For labor SIS, 5,49S,229 $1l,324,99s S4,173, 90
For fuel -. 3,l90,874 1,422.S06 1,76S,0 ,06
Taking a Consolidated system state
ment for the five months ended 1915
compared with the five months Of tn
year previous, q falling off of S670 pc
cent in earnings is noted in the repor
The system earned $31S,729 in 1913 an
| f2,395, ,750tin 1917, or d falling oil Q
/ $2,077,02l
Financial Requirements
The financial requirements Of th
/ Immediate future are given as follows
NEW YORK MUNICIPAL RAILWAY COR
PORATION
For construction and equipment
wor'. now under way pursuant
to city contracts and payable at
intervals during the next ten
months .................. SO ,00C, 90
Interest chargeable to construction
to January t. 1919. and unpaid S09, 80
Sinking fund due January |, 1919. 190.50
BROOKLYN RAPID TRANSIT COMpAN,
Bills payable to banks and trust
companies .................. $3.50 90
Additions to power facilities (most-
~ under contract and payable
within the next six months) - 453, 90
Most Of this work is being
done by the y. r. r as agent for
The Brooklyn Heights Railroad
Company. and the cost will
eventually be repaid b. the latter
company, but the facilities are
needed 10 enable the B. +. r. to
carry out its contract for fur
nishing rcwer.)
Purchase of fifty trailer cars, with
appurtenances (as agent for sur
face railroad companies ....... 4i7, ,0O
! NEW YORK CONSOLIDATED RAILROAD
COMPANY
Interest due February !, 1919, on -
underlying bonds ............ S540, ,OO
Conversion of surface cars for
! trailer operation las agent for
surface railroad coropanies). .. 900,O 90
Replacement OF storage and dock
facilities required by govern
ment's reouistion Of existing Ia
cities (partly ohar9eablc to
constituent compunics), about. 5000
! Interest on per cent notes. due
January !, 1919. and unpaid go 2,O20. ~
! Principal Of per cent notes, due
July |. Observation-Disclosures. sos, 90
Refers to Malbone Street Wreck
Giving o separate section to the Nal
bone Street accident, the report says:
"On November /, 1918, dcplorablt
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