New-York tribune., 1900-03-15
THE COLLATERAL.

THE COLLATERAL.
The collateral upon which the loans from the
Central Trust Company, the National Park Bank
and Kuhn, Loeb & Co. obtained is
follows: The stock securing the loan from the
Central Trust Company of SALT. 800: 10000
shares Union Railway Company stock; 1900
shares Forty-second Street, Boulevard and Man
hattanville stock; 5000 shares Westchester Elec-
trio Railway Company stock; 2,4S3 shares
Southern Railway Company stock; 40 shares
4onkers Railway Company stock; 1900 shares
Tarrytown, White Plains and Mamaroneck Rail-
way stock; 100 shares each of Hudson River and
Long Island Railroad stock. West Farms and
Westchester Traction, Suburban Traction Com
pany, Van Nest. West Farms and Westchester
Railway Company. Williamsbridge and West
chester Traction Company, and Wakefield and
Westchester Traction Company
The security for the loan of $3.50 600 from the
National Park Bank: $500 shares of Forty sec
ond Street Railway stock and $3.50 shares of
Yonkers Railway stock. The loan of 10000
from Kuhn Loeb & Co.. carried on the books of
the Third Avenue Company as S24O.549 81. was
secured by $50 second mortgage bonds Of the
Forty-second Street Railway of the par value of
81 OOO The loan of 50 100000 from Kuhn. Loeb
& Co. was secured by IL ,231 shares of Dry Dock
Railway stock. Among the unsecured loans
listed are two of 100000 each from Russell
Sage
The hearing in the matter of the Old Colony
Trust Company of Massachusetts,, the creditor
of the Third Avenue Railroad Company on
whose petition Mr.. Grant was appointed tempo
rary receiver. takes place tomorrow afternoon
before Judge Lacombe. In this proceeding all
parties stockholders and creditors, will be heard
personally or by counsel as to whether or not
the recetvershp should continue, as 10 the selec-
ton of a permanent receiver, and also as TO
whether or not il is desirable 10 issue receivers
and for wi
amount for what period and upon what rate
upon what terms and how they should be dis
posed OF.
Mr. Grant was seen at his Office yesterday
afternoon but in answer to a request for his
opinion of the condition Of the Third Avenue
road as reflected in his report, would say only:
II must let the report speak for ITSELF
w L. Bull. of the stockholders Advisory Com
mittee had a long talk with Mr.. Grant in the
latter's office.
ADVANCE IN THE STOCK
In view of the remark made by Receiver Grant
in closing his report Wall Street was inclined TO
believe tt.st the Third Avenues debt might be
found to be much larger even than appears from
the figures given in the report. Despite this un-
certainty however. Third Avenue stock ad-
vanced rapidly in the afternoon rising ten
points TO 66. the highest price OF the day. and
closing at 63, net gain for the day or per
cent The advance was generally understood
to have been the result OF the operation known
as squeezing the shorts" There has oeeh,
however. heavy buying or InlFO Avenue StoSA o.
the low prices of the last few weeks, one well
known stock Exchange house having accunu-
lated il is said good deal more than hrty
thousand shares II was reported yesterday on
good authority that the customer for whom this
firm has been making It's extensive purchases or
Third Avenue is capitalist IN close relations
WITH the Whitney syndicate. and that his pur-
nose is 10 turn control OF the property over 10
the Metropolitan Streer Railway Company. Con
troll OF the Third Avenue would be represented
nv the ACQUISITION of any amount OF stock in ex-
cess of eighty thousand shares. Metropolitan IN
terests have often, and recently declared that
tha,, ala not want the Third Avenue system, for
va rious reasons. the chief being that the Third
Avenues new electrical equipment was faulty.
Rut every property is worth some price, and the
prblic generally is inclined TO the opinion that
the Third Avenues charter and ITS control or
the big system of electric lines In the fast Erow
irc, 1istrict beyond the Harlem make the Third
Avenue road a property which the metropolitan
nIeht perhaps deem It desirable 10 acquire and
figures