New-York tribune., 1900-03-09
TO SAVE THIRD AVENUE.
NEW AGREEMENT TO PROTECT STOCK
HOLDERS AND CREDITORS.
PANY MADE TRANSFER AGENT
FOR CAPITAL STOCK.


Another important step in the transfer OF con-
troll of the Third Avenue Railroad Company
from the old management was taken on
Wednesday. when the Board OF Directors passed
a resolution appointing the Central Realty Bond
and Trust Company the transfer agent of the
capital stock Of the company and providing
that beginning yesterday, stock transfers
should hereafter be made at the office of the
trust company. No 80 Liberty-st. Hugh J.
Grant. temporary receiver Of the Third Avenue.
is vicepresdent and director of the Central
Realty Bond and Trust Company, and among
his associates on the Board of the latter cor
poraton F. p Olcott, who is chairman Of
the Third Avenue Creditors Protective Com
mittee; Anthony y Brady and John d. Grim
MINIS
Mr.. Grant said yesterday that he felt confident
he would have his report ready for the court
on March II. He declined to answer any other
questions about the property.
NEW AGREEMENT ENTERED INTO.
An agreement which has been entered into
for the mutual protection OF the stockholders
and the creditors of the Third Avenue Railroad
Company was made public yesterday afternoon
al the Mercantile Trust Company Offices The
agreement is signed by Frederic T. Olcott
chairman: Louis Fitzgerald and T. jefferson
Coolidge, jr.. of the Creditors Protective Com
mittee and all who agree to its terms are asked
10 file claims and stock with the trust company.
BY the terms of the agreement the Protective
Committee becomes The Committee" 1t is
stated that the chief purpose is to promote
operation and unity among the creditors and
harmony of action between the creditors and
stockholders I'm order to prevent loss and sacri-
fee The committee is empowered TO take such
action as may he necessary for the reOrganiza-
tion Of the Third Avenue road and its tributary
lines "and 10 do such acts as may be deemed
judcious and proper" 1t is also authorized to
prepare and to submit plan for carrying out
all these schemes. Title to all claims and stock
is to be transferred to the committee. 10 be used
in the work of reorganization. Trust certificates
will be issued by the committee in lieu of all
claims and stock thus placed. and such certih-
Gates will enttle holders TO the privilege of par
ticipating in all benefits accruing from the work
of the committee.
II is also provided in the agreement that the
committee shall have power to adopt plan of re-
organization and to appoir. reorganization man
ayers whenever In its judgment II shall become
Third Avenue property from disintegrating by
raising temporary fund to meet the pressing
debts OF the road. and later effecting a per-
manent reOrganiZa ton"
1t is understood that n number of stockholders
have already deposited their holdings with the
Mercantile Trust Company in accordance with
the plan, which is said to have the full approval
also of Receiver Grant.
A member of the Protective Committee said
yesterday afternoon that absolutely nothing had
been done yet in the direction of a reorganiza-
tOn of the property and that no plan of re-
organization would be framed until after a
permanent receiver had been appointed by the
Court and it had been determined with some
degree OF accuracy what sum would be re-
quired for completing the necessary construction
work on the Third Avenue system.
KEENE SAID TO HAVE "UNLOADED."
James r. Keene would not a Tribune re-
porter who called him yesterday, but he is
quoted saying:
Some had d. brG fha had oT through
that the gossp mongers even got 1t up as high as
5000 900. Now If | had been weak at the time |
have injured me But let me say once for all
in Third Avenue stock Don't waste any sympa- |
thy on me. Two days after | got that stock ! |
realized that had gold brick, and got rid of II
Immediately
Wall Street is asking whom did Keene |
unload that gold brick Edward Lauterbach |
yesterday again declared that he had nothing |
say"
District Attorney Gardiner yesterday after
noon said that no move had yet been made TO |
submit any of the evidence relative to the Third |
Avenue Railroad to the Grand Jury. That body |
would not begin its investigation until after |
Receiver Grant. who is an officer of the United |
States Circuit Court, had made his report to |
that court and then IL would be for the county |
tribunal to say whether or not an investigation |
would be made.
Mr.. PUTNAM REPUDIATES INTERVIEWS.
The March Grand Jury yesterday took occasion
TO brand as false and fictitious certain alleged
newspaper interviews regarding the coming in
vestigation of the affairs of the Third Avenue
Railroad COMPANY II was made plain at the same /
time that the Grand Jury would not permit its |
secrets to be published. The Grand Jury reported.
TO Recorder Gor early yesterday afternoon ana
the foreman. George Haven Putnam. announced
that he wished to present to the Recorders notice
something the Grand Jury thought was of impor-
tanee. He then read the following. which the Grand
Jury had adopted:
Whereas In certain newspapers in this city re-
ports have been printed of interviews said to have
been had with the foreman of the March Grand
IIiru and oY nfs Rain to