New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-28
THIRD AVENUES FUTURE
PERSISTENT RUMORS OF IMPENDING
RECEIV VERSHIP.
DECLINE OF ABOUT TWENTY POINTS IN
THE STOCKS VALUE-MECHANICS' LIENS
AGGREGATING NEARLY s2OOOO.OOO FILED.

AGGREGATINC NEARLY s2O.OOO!OO0 FILED.
All signs yesterday pointed to a receivershp
the outcome Of the Third Avenue Railroad
Companys difficulties. Additional mechanics
liens aggregating 81 1893, ,O57 80 were flied against
the property the stock Of the company declined
another 20 per cent in value and the confer
ences between representatives of the railroad
company and of the banking houses which have
been considering the advisability of undertaking
the task of caring for the Third Avenues float
ing debt resulted in definite understanding
or agreement, far as could be learned. A
prominent banker who is intimate relations
with the houses composing the so-caled Yer
milye syndicate said yesterday afternoon:
There was conference of the bankers to-day
iheTe Is no change in the situation, but to-day's
uecilhe OF 70 per cent ir the value of the stock
makes the problem of reorganization very much
more difficult. There is. strictly speaking no
syndicate; but the negotiations between the
three banking firms mentioned and the directors
OF the Third Avenue company have not been
abandoned.
Another well known banker, who was a mem
Der of the syndicate organized by Kuhn Loeb
q Co, expressed it as his opinion that it would
be for the best interests of the Third Avenues
stockholders in the present situation If the cor
poration should be placed under the protection
OF the courts. 1t is still understood that the
primary reason why VermiIye & Co and the
banking firms associated with them in the ne
gotations have not announced their intention
TO take care of the Third Avenues floating debt
is the fact that the stockholders of the COM
pany have not complied with the condition
precedent to such announcement in raising the
SSoOOOOO required for completing the improve
ment of the Third Avenue system and bringing
Its physical condition to a point of efficiency
which would enable the road to make money.
GOODNESS
1t developed yesterday that there is a marked
GOODNESS between the directors of the road who
wanted Kuhn, Loeb & Co. to reorganze its
finances and those who are back of the se-called
Nermilye plan. Mr. Lauterbach is not taking
any hand at all in the present effort to put the
finances of the road in better shape 1t is de-
clared and his friends yesterday said that there
was little probability of the latest effort sue
ceeding
If this view is the correct one the Inference
would seem to be that 1t is Mr. Keene Mr. Cur
tiss and their friends who are now the dominant
interests in Third Avenue and who are conduct
ing the negOta tions with the bankers an in
ference to which additional strength was given
by the remarks of John F. Parsons in his inter
view published yesterday. It should be noted
however that as recently as Monday Mr.. Lauter-
bach and President Elias were present at a con-
ference at the Office of VermiIye & Co
With the spreading of the rumor of an i'm
pending receivership came speculation as to the
as,ae Of the probable receiver John D. Grim
minis was first mentioned but Mr.. Crimmins
when asked yesterday afternoon if he had been
requested to serve if appointed by the court
answered that he could not refuse that which
had not been offered. If a receiver should be
appointed he thought it would be a man Sc
lected by the large creditors of the company
Wall Street was not inclined to believe yester-
Of
mns's selection if the application for a receiver
were made in the courts of this county, for Mr.
Crmmins is at present far from being in favor
with Tammany Hall.
Another rumOr was that General Louis Fitz,
gerald, of the Creditors Protective Committee
might be made receiver, but no confirmation of
this report could be had Still another rumor
which found many believers had il that appH-
cation for the appointment of a receiver would
be made to the United States Circuit Court in
Boston. of the members of the Creditors
Protective Committee, T. Jefferson Coolidge jr
being president Of the Old Colony Trust Com
pany, of that city, and several million dollars
of the unsecured debt of the Third Avenue Com
panv being owed to residents of New England.
The effect of this step it said, would be
that the appointment of ancillary receivers here
would lie with the United States Circuit Court
instead of the State Supreme Court. Wall
Street would not be surprised, either. If ac-
ton should be brought to enJoin the payment of
the Quarterly dividend of S16OOOO recently de-
clared by the Board of Directors of the COM
pany upon the $16000O00 outstanding stock.
Talbot J. Taylor was called up on the tele-
phone at his home at Cedarhurst last night and
asked about the report that q receiver for the
Third Avenue Street Railway might be ap-
pointed He said:
''I know nothing more than what have heard.
in he
I know nothing about it,"
Are you buying Third Avenue?" was asked.
1--WE have very little interest in it," was the
reply. I'VE haven't hundred shares of
Third Avenue in any of our loans"
What is the attitude of Mr.. Keene?"
'T cannot say" answered Mr.. Taylor. at
don't know what he is doing"
Mr. Keene, who according to reports went to
his home at Cedarhurst late in the afternoon.
called up there the telephone, but 1t was
sad he not at home. He could not be found
anywhere uptown last night
EDWARD LAUTERBACH HOPEFUL.
When Edward Lauterbach was seen last night
at his home and asked If 1t We're probable that
an application would be made at an immediate
date for the appointment Of a receiver, he said:
1 hope that nothing of the kind will be found
necessary. The friends Of the road are working
hard provide for its existing Indebtedness
While this is in progress there is no loss on the
property and there is no greater reason for the
appointment % a receiver than there has been
The road has been managed under a mistaken
financial policy the fruits of which are apparent
An effort is being made to reorganize the
finances and l am sanguine of satisfactory re-
suits after full and fair investigation Of the
property is completed.
DO you look for success on the part of Yer
milye & Co, Hallgarten & Co and Heidelbacb
Ickelhemer & Co. in their efforts to place the