New-York tribune., 1900-03-01
GRANT TAKES THIRD-AVE.
Continued from first page.

capital stock, but this sale cannot be made now
because of the depreciation of the stock already
issued
The bill Of complaint ends with the usual
clauses relating TO the temporary receivership
and the disposal of properties pending the ap
pointment of a permanent receiver.
The answer of the Third Avenue Company,
which was filed by Edward Lauterbach and
Eugene Treadwell, at the time with the
Old Colony Trust Company's bill OF complaint,
admits all the allegations contained In the
latter, and joins in the prayer for the appoint
ment OF Mr.. Grant temporary receiver of the
road. The receivers bond, which had been pre-
pared in advance, was also deposited with the
clerk of the court. President Elias of the Third
Avenue Company and large number of law
yers representing the various interests involved
were present In Judge Lacombe's chambers
when he signed the order appointing Mr. Grant
as temporary receiver
Mr Grant yesterday afternoon made the fol-
lowing statement:
have taken formal possession of the property.
way that It will meet the approval of the Court
company until have made an examination. The
case. IS only temporary in character. While at
the ofnce OF the company I continued Superin-
control of their respective departments and the
line will be operated by the same men as now.
But how about Mr. Curtiss who was re-
Gently appointed Treasurer" was asked
Il haven't anything to say about Mr. Curtiss"
answered Mr.. Grant Il found Mr.. Beaver act
ing as treasurer. and 1 made him treasurer
for the receiver"
CONFERENCE AT Mr.. GRANTS OFFICE
Late in the afternoon there was held at Mr.
Grants office, No 81 WaIl-st conference
which was attended by the members OF the
Creditors Protective Committee. Messrs Olcott
Coolidge and Fitzgerald; Adrian H. Joline ccun-
sci to the committee, and Alvin w. Krech, its
secretary and Jacob II. Schiff and Otto H
Kuhn. of Kuhn. Loeb & Co. The occurrences
Of the day were discussed, IT learned from
one of the conferrees, and all present expressed
their satisfaction at the appointment of the TX
Mayor receiver. A receivership had been felt
to be inevitable, and its coming to pass. it was
believed, would have a beneficial effect in clear
ing the atmosphere" AT the conference j; was
decided to continue the Creditors Protective
Committee as reorganization committee. and
the following announcement was made:
eSSysr of the pTqPsry s of the ThTd
p. Olcott president of the Central Trust Company
chairman; Louis Fitzgerald: president of the Mer-
% tr president of the Old % Colony trust company
nave neen aPpoted coInmittre mn m 10 ] dhe
ton of the Stockholders and holders Of the un-
pany's notes and other unfunded obligations and
stockholders 20 deposit their evidence of Indebted
Trust Company the Old Colony Trust Company.
Gates under n agreement in course of preparation
which will enable depositors TO Withdraw their
when submitted. does not meet with their ap-
prova
The announcement OF the abandonment of ne
gctiatons by Vermilye & Co. and the bankers
sociated with them made almost immedi-
ately after the opening of the stock market yes
terday. 1t follows:
Referring TO our announcement Of the 23I Of
February. that on behalf Of the holders OF q ma;
Company Investigating the affairs of that
company With view OF undertnking the REQ Feorssni- -
an investigation Of its affairs We have concluded
that the facts do not warrant our going on vita
the business as proposed
Hi:HN!f:RE HEI8EI:RkcH + 20; f&;xE1HE1MEn 90.
HALLGARTES { CO
RUMORS ABOUT DIVIDEND CONFIRMED
Soon after this announcement 1t rumored
that the directors Of the Third Avenue Com
pany had decided TO defer payment f'the divi-
dend OF ! per cent. due yesterday. until further
orders from the Board had been received. This
report was confirmed by Edward Lauter-
bach who said that when the dividend de-
clared by the directors, a week two ago. *
was with the firm belief that the road would be
taken in hand and all the money needed for it's
obligations would be promptly forthcoming. The
subsequent failure of negotiations with the
Kuhn-Loeb syndicate and the so-calleG Vermilye
syndicate caused the directors to deem it
wise 20 pay the dividend and for that
they had rescinded the order.
Third Avenue opened in the stock market
yesterday at 81, and, after dipping TO 5012, ad-
vanced as high 80. The close at 5S1A.
net gain for the day OF Ga per cent. The early
buying represented principally short covering.
but the most rapid advance in the after
noon after the news had been received that
Mayor Grant had been appointed receiver The
selection OF Mr.. Grant well received by the
Street his business ability having been con-
spicuousy proved by his work receiver of
the st. Nicholas Bank; and special significance
was attached to his appointment from the fact
OF his close business relations with Anthony y.
Brady who is member Of the Whitney Synd-
cate which controls the Metropolitan Street
Railway Company, we'll being influen-
tial figure in the management of the Brooklyn
Rapid Transit Company; the inference being
promptly drawn that the Third Avenue Com
pany would emerge from it's receivership 10
pass Into the control of the Metropolitan Street
Railway Company, thus uniting under single
direction all the surface traction roads of Man
haitian and The Bronx and the lines of the
III ion Railway Company in Westchester
County.
There much guessing yesterday to the
present position of James r. Keene in Third
Avenue a week ago Mr.. Keene issued state
ment in which he said that he was heavily in
terested in that company. and 1t has been cur
rent rumor since then that he had lost great
deal Of money in the recent rapid decline in
value of Third Avenue stock. Yesterday. how
ever. there reports that this adroit opera
tor had succeeded in practically evening up his
losses through large selling the short side.
Mr.. Keene yesterday afternoon declined TO
ment on the appointment of Mr.. Grant as tempo
rary receiver. In answer to question as to the