Bisbee daily review., 1919-01-01
GARRISON NAMED AS RECEIVER OF ELECTRIC RAILWAY
Former Secretary of War As signed to Look After Affairs of Brooklyn Rapid Transit
 Company. by Federal Judge
cBv Review 1eases Wire,


 NEW YORK, Dec. 31.-Lindley NJ. Garrison, former secretary of war. was appointed receiver for the Brooklyn ! salaries by Judge Mayer in federal court tonight upon application of the Westinghouse Electric company which has a large claim against the corpora tion for supplies furnished it. Col Timothy s. Williams, president of the Brooklyn Rapid Transit, issued statement in which he said the cor poration did not oppose the receiver ship for it felt it's interests would ! be subserved by temporary receiver ship"
 Could Meet January Debts The immediate requirements were for meeting January obligations for about $2.00O, ,00O," he said, "and this could have been obtained but to com | plete the construction and equipment work now under contract. and to pro vide for additional expenditures for similar purposes during the coming year will require the raising of many millions more, and the general situa- ton affecting street railroads, with ! their stationary fares and rising costs had injured their credit and made i'm ! possible up to the present time pro vision for the investment of fresh capital.
 Every possible effort to provide fer this construction and equipments needs including informal applications to the war finance corporation, had taken by the directors. but without substantial results and it seems wise to face the issue now with the hope that general knowledge and apprecia- tion of the necessities will suggest way for their solution.
 Subway Delay Handicap
 "The company has been greatly handicapped by the delay of the city in completion of it's subways. These should have been mostly ip operation two years ago.
 The essential parts of them are still under construction. In the mean time a large part of our $60,000,000 investment is unprOductive and con- pleted parts of the system cannot be effectively ,or profitably operated. 1 Tn addition to this handicap the 7 high cost of labor and materials and the other hardships caused by the war have largely reduced the net earnings. The effort on the part of the company l to restore rates of fare authorized by their franchises or to get the right to charge fares sufficient to meet the cost of service has thus far failed" Won't Discuss Plans MT Garrison declined to discuss his plans for the rehabilitation of the com pany beyond saying:
 Il am going to run the road as di- rected by the courts"
 The Brooklyn Rapid Transit control virtually all the transportation lines in BrOoklyn-surface elevated and subways. It's elevated lines cross the Brooklyn, Manhattan, Williamsburg and Queensborough bridges into Man | haitian.
 The passengers carried by the Brooklyn Rapid Transit and its sub sidiaries in 1917 numbered 760,519.97. l The trackage aggregated 541 miles and the passenger earnings were S2S,- ! 4S5, ,S61. The Brooklyn Rapid Transit ! and it's 12 subsidiaries have bonds out | standing to the amount of $202, ,550, 900. ! The funded debt of the Brooklyn 1 Rapid Transit proper is S91 ,044,000. ! The annual interest charges amount ! to $5.622,77O. The government owns ! $17,O0O,OO0 worth of the company's l. 2 per cent notes, interest on which . falls due tomorrow.