The sun., 1919-01-02
CITY WILL ASK FOR
B. R. T. CO-RECEIVER
Continued from First Page.

all the traction lines of the greater city
I'm some form or other"
He was asked II there were indica-
lions that other local street railroad
companies would petition for receivers.
He said that there had been frequent
conferences for some time between city
officials and representatives OF the lines
In MAnhattan and The Bronx in regard
to the proposal to increase the rate of
fares. an increase which the companies
hold is the only solution OF financial diff
flcultles caused by war conditions.
Got "a Period OF Grace.
Mr.. Burr said that January brought
critical condition to the Manhattan
and Bronx lines as it did to the Brook
lyn Rapid Transit Company in the shat pc
of heavy maturing Obligations. He
added that the Manhattan and Bronx
lines were able to meet their immediate
obligations. and that this permitted. in
their case, a period of grace that the
Brooklyn company was unable to secure
for itself
THE application or the Brooklyn
Rapid Transit Company for the APP
pointment OF a receiver is not an I'M
mixed evil" said MIR Burr. "Out of It
may come good to the people OF the
city. 1t will mean readjustment and
reorganization. The city, through its
Corporation Counsel. will take an active
part in that readjustment and reorgani-
zation. In this respect, the situation
will be different from what it was the
last time there was a reorgani Ia ton
OF the street railways in this city.
I'VE will ascertain what Is the legal
status of all the franchises and what
is the true value OF all the surface
railroads and we will also be able t.
determine what is the true condition
Of the subway lines affected by this ac-
ton OF the Brooklyn Rapid Transit Com
pany
When we have ascertained this and
found tina solid foundation and true
basis upon which TO reconstruct, IL will
probably in some form or other mea n
municipal ownership OF all the rail
roads operating in the city.
This will be the greatest problem
the city has to solve in the coming
year. hope we. will all have the
patience, courage and skill necessary 10
its final and beneficial solution in the
interest OF all the people
The Corporation Counsel added that
he had received Information that Judge
Mayer had fixed the day of hearing for
January Is. The newspapers were tod
thaI A'sC ifdIlilk was set lot january D
Cfty's Invcstment.
New York city has $3.50 100000 in
vested In the dual subway system and
with the increases In the cost OF coz
struction this figure may run up "a
$500, 1000. 000. The statement was made
yesterday that without a change II
present fares the city would get no re.
turn or this money for twenty-five years
II must in addition pay out interest
10 holders OF outstanding corporal;
stock. which will aggregate $4,000. OOC
in this year alone and tho interest viii
run on year by year
Brooklyn Rapid Trarsits rredicauier'
has been developing FOR several months
At times various solutions OF the trac.
ton situation have been proposed. The
most likely one was the adoption Of
the trusteeshiD plar. put in force by the
Boston Elevated Railway. where III.
fare has gone UP 10 & cents and NAV
go h.Ghe"- THIS p'an was gathering
momentum and man car1e over from
Boston to explain all Of Tho details |,
IL understood however. tina: the pia.
was vetoed by the Mayor
II IS reported but not confirmed that
Mayor Hylah has been converted 20 ar