OCR Text |
Show I -STREET CARS jl DO NOT PAY. Since the automobile has calned li I favor, the street car lines of the coun- I try have been on the verge of bank H ruptcy and. one bj one, the) are going and passing into the hands of receiv-ere. receiv-ere. On Friday, application for a receiver for the Denver Tramway company was 1 H filed in the United States district I ' court by the Westinghouse Electric Company which alleges that the com-H com-H pany s deficit for the year 1918 was , 1118,879 for the year 1919. $26 422 and I that the company has defaulted in the payment of taxes due to the city of ; Denver in the approximate amount of ( I 195.000. It also states that interest I Mow owed on the company's bonds j amounts to a figure close to $247,000. The company's property December 17. 1618, inventoried $43,674,100, it is al ii lrged. Petition sets forth that out- standing bonds of the tramway com- j pany reach a total of $19,383,000 and j that various and sundry banks are iDwed $200,0u0. The tramway company, according to the petition, has defaulted default-ed upon the payment of various interest inter-est Installments due for outstanding 1 bonded Indebtedness. This Includes f $87,500, due December 1 on its collat eral trust gold notes, according to the ' I 1 petition; $347,245 due November 1 on 1 londs secured by a first and refunding linking fund and $12,075 due Nov, m bet 1 on bonds secured by tho first and collateral notes of the Denver &. Northwestern Railway company The total overdue and not paid bond and note interest Is slated to be approxl Imately $346, 800. In addition, the claim is made by certain holders of I bonds that the tramway company has not met an obligation to retire bonds amounting to $154,365. This adverse showing as recorded , against the Denver companv will ap I ply to many other street car lines. i Only by the most drastic economy are I any of the smaller trolley lines enabled en-abled to keep out of bankruptcy. Many of those who lorimrlv rode Ion street ears now ride in automobiles, automo-biles, and the street ear business, as a result, has ceased to be an inviting i investment. |