New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-24
THIRD AVENUE SYNDICATE
FIRMS WHICH ARE CONSIDERING RE
ORGANIZATION OF THE COM
PANY'S FINANCES.

PANY'S FINANCES.
The report referred to in The Tribune early
this week that Heidelbach IckeIheimer & Co.
and Hallgarten & Co. might cooperate with
Vermilye Co. in looking into the affairs OF the
Third Avenue Railroad Company found con-
firmation yesterday. when the following Of
fetal statement was issued:
vermilye & Co. Halgarten & Co.. and Heidel-
quest Of majority Of the stockhoiders Of the
Third AVenpe RaiToad company dney nave vs;zs
tlon Of It's FRANCES and they are now prepared 70
William A Read of vermilye & Co. said sub
seQUently. quoted:
Our announcement does not mean that we have
decided 10 finance the company. We are merely
taking the matter under cons'deration The ex-
pert examina tion already made VIII be Satisfactory
to us. and II it proves acceptable In regard TO Us
results we shall then have something more to say
Henry Bulge of Hal!garten & Co. made prac-
tically the comment. saying: The basis
is there, but nothing has yet been definitely
closed We are proceeding as rapidly as pos
sible. and by Monday may be able to speak
further. We shall not. however. say anything
until we see our way clear in the matter"
It was learned from Edward Lauterbach late
yesterday afternoon that conference had been
held at the office OF Vermilye & Co. between
Mr.. Lauterbach. Henry Iden and Samuel Riker.
committee of the Board of Directors of the
A. Read of vermilye & Co.: Henry R. IckeI-
heimer, of Hedelbach. Ickelheimer & Co. and
Henry Bulge of Hangarten & Co. Mr.. Lauter-
bach said:
We discussed the plan for funding the Third
Avenues floating debt. and the synGicate's rep
resentatives agreed TO the plan outlined by
William H Curtiss in his statement. which ap-
peared In the newspapers on Wednesday morn
IN ing The plan was Was then then reported TO the board
meeting held in my office, and was approved by
them. The plan in detail will probably be made
public on Monday and will embrace all the
features mentioned in Mr.. Curtiss's statement,
including the provision for the formation OF a
corporation to lease the Third Avenue and
guarantee dividends on its stock
There is much uncertainty as to the origin
and the purpose OF the circular published on
Thursday morning which addressed to Yer
miye & Co.. and which outlined in some detail
plan for taking up the Third Avenues floating
debt with issue OF notes, and subsequently
consolidating these notes with the present fund
+ ed debt in new bond issue This circular. it Is
understood was carried by H. P. rockingham.
a loan broker, to many creditors of the COM
pany but few of them, 1t is said. looked with
favor the plan. One Wall Street man. usual
: ly we'll informed. said yesterday that the Froth-
ingham circular merely a tentative plan.
put out as a ''feele7' by the bankers. and that
he understood it had been lbandoned- One OF
the men interested in the projected syndicate.
ing whatever about the rockingham document,
while Mr.. Lauterbach said he understood that
1t the Vernilye syndicate plan.
A mechanics lien for S1443S9 one OF the
largest ever fled in the County Clerks Office.
was yesterday recorded against the Third Ave-
nue. Railroad Company by the National Con-
duit and Gable Company. OF which W. s. PerOt
( is president for 155.257 feet OF cable furnished
to the Third Avenue Company. James W.
! Warner, of No. 120 Broadway. the attorney for
the renor company said that the lien was fled
precautiOn TO protect the company IN the
expectation that receiver for the Third Ave
nue. Railroad Company would be named by the
courts The cable purchased between De-
cember l. 1899. and January 49, 1900. and
was used on the Boulevard and Amsterdam
lines
The filing Of this lien added Mr.. Warner.
will probably be followed by others. under
stand that there are number Of large claims
for construction. aggregating S5.OOOOOO or
$6OO0OOO. The lien should have effect on
the plan of reorganization We have great
faith in the road. and in Mr.. Lauterbach- Our
claim does not affect any other claim. and
amounts to practically nothing more than
notice that the road owes us $144 600. 1t IS
too big to take any chances on"
There yesterday that John D.
Rockefeller. jr.. was heavily interested in Third
Avenue with James r. Keene and William II.
Curtiss, formerly William ROckefeller's private
Q
nue. Railroad Company. Mr.. Keene could not be
seen yesterday, but at his office it said that
. the story probably untrue, the speaker add
ing; Il doubt whether Mr.. Keene has ever met
Mr.. Rockefeller
The stock of the Third Avenue company broke
badly again yesterday. selling down 10 S31a. a
new low record. and closing at S12 a net loss OF
per cent compared with Wednesdays clos
8 ing price. More or less definite rumors about
the dislodging OF Third Avenue stock hypothe-
Gated by Mr.. Keene with Wall Street bank
were heard. but no confirmation of them could
be had. There were also rumOrs that MetrOpOl-
itan interests were forcing down the price OF
Third Avenue, with the object of getting il to
level at which the stock would be a desirable
purchase for them; and. the other hand. the
weakness of Metropolitan, Peoples Gas and
certain other stocks was attributed TO operations
conducted by Mr. Keene and his friends
John Byrnes of the directors of the Third
Avenue company. said yesterday that if a GER
tain faction in the Board had taken the advice
/ of the more conservative directors last year the
+ company's present financial difficulties would
have been avoided, as the expenses would have
been met by the issuing OF additional stock It
is understood that Mr.. Byrres OF the
directors who opposed the declaration OF divi-
dend a week ago.