New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-07

Hart. Secretary David c. Andrews Treasurer oo
Edward Lauerbaeh's Counsel fees iestimated 10000
Reduction of employees in electrical department les
'aeu' <o'ooV
Spurred on by the charge of Recorder Goff,
| published In The Tribune yesterday. all excuse
| for laxity being taken away from him by the
| expressed willingness of the Grand Jurys fore
man to take up the case. and chagrined by the
success of John Proctor Clarke in procuring in
dfctments against six the Brooklyn
Rapid Transit case, District Attorney Gardiner
announced late yesterday afternoon that as
| soon as Receiver Grants report the result
of his investigation into Third Avenue Railroad
affairs is completed. he would lay 1t before the
March Grand Jury. Mr.. Grants report will not
be ready before March A. and between now and
then there will be plenty of time for Mr.. Gar
| diner to be getting his witnesses ready If he
| really means business.
| Again and again the expression heard
yesterday: District Attorney Gardiner cannot
| afford to show less activity in the prosecution
| of commercial bandits than has Special Dep
uty Attorney General, otherwise the Tammany
| prosecutor will justify the action of Governor
| Roosevelt in taking the Brooklyn Rapid Transit
| case out of his hands,"
Mr.. Gardiner might begin by studying the
Naughton & Co. contract, getting particulars
about the Kingsbridge franchise purchase. look
| ing into the buying or the 'HuckIeDerry'' road
| and learning who spent the money the lobby
! during the Amsterdam ave. fight. Edward
| Lauterbach might prove to be highly useful
| and interesting witness.
THE RECEIVER CUTTING EXPENSES
Receiver Grant did some more sharp cutting
on the expense account of the road yesterday
| He reduced the number of employees In the cleo
trical department enough to effect an annual
saving of $4,000 and did not reduce the work.
| ing efficiency of the staff he says. He found
that the force of men who were employed to
keep the old cable slot clean still drawing
salaries for that work, while another force Of
men had been engaged to keep the electric con-
ductor slots clear of mud and dust. Mr. Grant
thinks the latter force can besides attending to
its own special duties. do all the cable slot clean
ing that will be necessary in the future.
Yesterday was the first day in many years
that old Henry Hart did not visit the depot
he called the company's big carhouse and
office building at Sixty-ffth-st and Third-ave.
Sundays, we'll week days, he had occupied
desk there for years, and generally spent
twelve and often eighteen hours out of the
twenty-four in and about the building. Truck
men moved his old fashioned office furniture
Monday night to his home No, 739 Madison-ave..
and Mr.. Hart said he would up office In
| the basement there. 1t was said that he was Ill
yesterday and would one. The actual
removal of his Office has done more to bring
home to him the fact that his beloved road has
slipped out of his grasp than anything else.
probably
A. j. Elias still nominally president of the
Third Avenue company, has also moved his
private effects out of the office. and Receiver
Grant sat at Mr.. Eliass old desk yesterday.
In reply to a question to what relation Mr..
Elias and Mr.. Lauterbach now hold to the rail-
road, Mr.. Grant explained that they
drawing no salary fees from him
ceiver. The entire property of the road is now
possessed by the receiver who acts his
president and has his counsel. All receipts
of the road spent by the receiver upon
the road and whatever the owners of the stock
Of the company do is nothing to him. Mr.. Elias
may be president of the stockholders, and Mr.
Lauterbach may be their counsel yet, but they
draw pay from the road Mr. Lauterbach
maintained his unusual silence yesterday.
GRANT LIKELY TO BE PERMANENT
RECEIVER.
There now seems to be little doubt that Mr.
Grant will be made permanent receiver for
John D. Crimmns, whom many of the stock
holders urging for that place, will not
have it. He was quoted yesterday as saying:
not looking for the recetvershp of the
Third Avenue road; l would @ not not accept It, | am am
holders who demand that thorough investigation
IF IF suc hs her be f{
These correspondents suggest that am the proper
person TO do this and urge me TO try to get the
appointment. But l see no reason why Mr. Grant
should not be permanently appointed. From what
we know of the man and his previous career there
him
The estimate OF $SOO0OO0 to finish the road
does not include the Kngsbridge power
house which would cost another SS 600 000 and
would supply power for the entire system from
the City Hall to the new extensions to Yonkers
1t would be possible to supply electricity from
the power houses already built for all the line
save the Kingsbridge and Yonkers extensions
and the line through Amsterdam-ave. from
Seventy-frst-st. to -hundred-and- twenty
f1fth-st
Third Avenue sold up to 60 yesterday on free
covering by an extensive short interest and on
a growing belief that the reorganization OF the
company has been definitely put into the hands
of Kuhn. Loeb & Co.. and that the reorganiza-
tion may take a form which will probably avoid
the necessity of assessment the stock
II is rumored that a company Is to be
formed TO take over the Third Avenue and some
affiliated lines basis which will be ad-
vantageous to Third Avenue stockholders. 1t is
called a operating company. but official
statements in regard to 1t are withheld, at least
for the present.
Mr.. Grant could throw no light on any reor-
ganzation plans he said At the office of Kuhn.
Loeb & Co. a Tribune reporter told that
all plans in abeyance until the receivers
report had been made. and at the office Of Mr..
Olcott. of the Creditors Committee, II was said
that steps would be taken until after
March IA
A Wall Street news agency circulated state
ment OF the companys financial condition. predi-