The sun., 1919-03-21
RECEIVER Is NAMED
FOR N. Y. RAILWAYS
Continued from First Page.

generally. and the receivership is finally
asked for in order that the resources OF
the company may be conserved and the
interests OF the public as we'll as those
OF defendant and plaintiff protected.
The petition OF the plaintiff alleges
that the company has an authorized
capital stock outstanding Of f17.4s5.oeo
and that the lines are subject to the
following mortgage indebtedness:
First real estate q rsfunding
Ad BS.sassi moits:s..:...., ''s.sS..s!:
Convertible scrip............ $4,000
List of Mortgages.
Then follows a list of outstanding
mortgages on the property OF companies
owned and operated by the New York
Railways Company as follows:
Lexington Avenue q Psvonis
coismSu. Xv.nu. 4 Ninth Ave- '''''''''
nue. r.. T. CO. '.'.''.''''''' s'ee00SSooSS00
Broadwsy Ry Co. ....'''''''' ''syoooooo
Central crosstown Ry. Co... 100000
The mortgage indebtedness alleged in
the petition against the lines leased by
the New York Railways Company is
given as follows:
Broadway q Seventh Avenue r.
r.. Co. hrst consolidated mort
o,
chri.,opher q Tenth street r. r.. -
twenty c ,hiird street ny. Co. i'm
provement and rsfundins mort
Bi.ecSsr Street & Fulton Ferry .
Thirty,four,h street cro,,town
Ry. Co. .............'..'' l'vVv'vvV
The petition continues:
1.-The plaintiff Is informed and believes
| that failure to meet the interest on such
mortgage Indebtedness as such interest
natures, other than interest on the
aforesaid adjustment mortgage indebted
ness, which accrues only as earned. will
operate also as default under the
mortgages securing the indebtedness, the
interest on which shall 30 become In de-
fault and render such mortgage enforce
able.
Operation of system.
That on information and belief the
defendant since entering into possession
as Aforesaid has operated all the lines
owned and leased by 1t as parts OF a
single system constituting routes over
different lines and parts OF lines. con-
Meeting separated lines over parts Of in
| termediate, leased or owned lines. or
lines of controlled companies inter-
changing equipment among tho various
lines and furnishing equipment as might
be required TO meet from time to time
the varying requirements of particular
ines supplying power and using power
houses, car barns and stations as seemed
best for the effective and economical
operation OF the system as a whole and
| also establishing a system of transfers
| between various lines and groups that
the defendant owns equipment to a sub
stantial amount which has been used
over the system.
| 1.-THE plaintiff is informed and believes
that many of the leased lines In defend
ants system are without adequate equip
| ment OF their own and that In many
cases motive power employed on the
leased lines. or lines Of controlled COM
panies has been changed to electricity
without supplying said lines with indie
pendent power houses or other indepeuA-
| ent sources of supply Of power. leaving
such lines dependent for power on other
| lines OF the system"
The petition here sets forth that the
| defendants alleged indebtedness to tho
| plaintiff ts In the sum OF 6,S06.26 for
brakes used and miscellaneous castings
furnished and supplied and for which
| the defendant agreed to pay. The petit
ton sets forth formally that payment
Of the above sum has been duly de-
manded and refused.
| Continuing the petition says:
1T Is the plaintiffs Information and
belief that since entering into posses
sion of the premises the defendant has
expended large sums aggregat ting more
| than $4,000, 900 in making improvements
and additions and other capital expen-
ditures to and upon the lines OF its sys-
tenn, including its leased lines. and that
raid expenditures have greatly benefited
such lines and enhanced tho value Of
| said leased properties, but that the de-
| PENDANT has no further resources for any
further expenditures that may be need
ed: that the defendant has been re-
quired and will be required to make
large expenditures for the maintenance
and repair of its system, and that the
| defendant will be unable to pay there
| for. although Immediately necessary
| for the operation of its lines; that in
the course of the operation OF its lines
numerous accidents have occurred in
respect of which suits have been
brought and are now pending, and that
| said suits 10 the number OF several
| thousands are now upon the calen-
| dars OF the courts awaiting trial, and
| that the defendant will be without
means to meet judgments recovered In
said suits: that there is a suit upon
the calendar Of this court growing out