New-York tribune., 1920-01-31
a daAHlg wv III surp-ts USIXnce *IV' To-
Companies Given Assistance

"The item advances to associated
companies represents assistance rem
dered TO three companies-NewY York &
Queens County Railway Company,
Rapid Transit Subway Construction
Company and Long Island Electric
Railway Company. Cash has been ad
vanced to the New York & Queens
County Railway Company from time to
time TO enable it to pay its operating
expenses and taxes. In addition, the
]nterborough Company has supplied
materials and furnished power to it on
open account for which there has been
no cash reimbursement
THE New York & Queens County
Railway Company. owing TO 5-cent
fare, has furnished transportation to
Queens County at loss for years.
company thus far represent in large
part gift to the public. for it has
Nad the service at less than cost. The
same comment applies to the loans to
he Long Island Electric Railway Com
pany
The advances to the Rapid Transit
Subway Construction Company and
the Long Island Electric Railway Com
pany are direct loans. The sections
Transit Subway Construction Company
have been practically completed, but
the accounts between the company and
me city have not yet been closed
None Of these companies ls able a,
,resent time to repay these debts.
Not Earning Dividends
The nest four items in the fore
going analysis Of the lnterborough
4rplus call for little comment. Operat-
',g materials and supplies are of
course necessary in the daily safe
-peration Of the road. The security
eposits under the contract with the
'cy and the workmen's compensation
aeposit with the State Industrial Com
mission could not be disturbed. And
the total Of the quick assets (thc
Liberty Loan bonds and the cash on
hand) is less than the loans and klls
outstanding against them.
The marlborough has paid its in
rcstors well IN years gone by, but it
is not earning any dividends now.
public utility TO keep healthy and DO
rs work we'll, any more than a work
'ngman can keep healthy and work
hard, on last years food.
THE security holders Of tho Inter
borough more than thrty-two thou
a1ds Of people scattered all over the
world-are changing all the time. Many
1f these security holders have re- rcr d
80 dividends. Doubtless the major
11rt OF the dividends paid 20 them has
2ecn used By their owners to meet
ineir living expenses.
Dividends Not Available
"These dividends are certainly not
7vailable TO meet the company's cur
ent obligations.
ain relation 70 the idea that the
cr4r +a eccrvft,, hcljovo ~ w..
noud meet the losses Of the present. il
olders nave already beer the ones to
fer me greatest loss. The dcprecia-
on of Intcrborouyh Rapid Tranait
cnpany funded obligations alone, The
aflYe proceeds of which have been
are being expanded III der Official
rublic supervision, amounts TO almost
100, ,oos,c6o
''~.7~ publir authorities alone have
re power 70 save the situation. and
ne marlborough company seeks only
2 franz dirc1ssjoD, full and free and
pnblics % devise with them working K
plan which shall meet thc pre.er.
noergvncy. preserve th. most @r;c;ent
,.ervice, provide for ~ growth. and
'4~al justly with investors who have
isrrished the mrans YIN which %
'nzke fncse tranaft fAc3l3t~a pox4lblr. y
Former Employees Examined
Three forr4c~ employees 81 fbc H..
'erbUough. nno resigned recently.
cslled - Che p'ncc ~ Diy.rsc. Al
torney swami yezterday On yeun.A+
<ob3Tnab. They w"rc DaNd " Roay
*no was Wcs-pyes dent u She cvrnpanv
and FRANK j. Delaney, chief clerk IN
the Durcbnzing tsph rtfnerrt Endep My