New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-23
AAHMAKE STATE.UENTTO-DAY
FERMILYE & CO.'S PossrB1E cor-psE
REGARDING THE THIRD-AvE.
COMPANY

>. on olleet took holiday yesterday so that
t. -, -, 10 developments TO be recorded concern
re e4e .Hiro Avenue Railroad Company's affairs
TIoll lntiinations Wednesday however 81 seer1s
not unlikely that statement nav, =. tsgs =. a..
y Ferniiiye q Co.. who are looking into the com
Pahys financial condition with the idea NJ .o-r,r1
y 10 take Up the floating debt Kuhn
Aoeo Co did form a syndicate the r,A,,be-sbin
u "hlch was generally known In the Street. b,,+
NOBODY has yet been able to ascertain the -o,, =.
one mouse belonging to the vermiIye syndicate OK
op' the hrn OF Vermilye & Co themselves the
aN,-0"n Oelhg that as yet no syndicate has been
A.=ly organized Nor has any greater success
''eloeo the efforts to learn who the persons or
nrns are who. according to Mr. Curtiss treasurer
u the Ihird Avenue Railroad Company have
- 10 furnish TO the company the 100000
winch must be expended for putting the Trtrc7a,,a
- sOeil INTO physical condition which will estab-
hsh the company a money Garner These can't
iSos II Is said, would provide the necessary funds
- Noiiaise LOT $4,000 stock at par, less 10 per
cent commissions that is, at 80, which is about the
present market quotation for Third-ave stock Fu+
as was noted in The Tribune Yesterday # is r,,ae
ron whether or not such a transaction would he
regal as lawyers are inclined to regard 1t as tech
icai evasion OF the statutory prohibition against
the issuance OF stock at less than par
The additional feature Of the plan outlined bv Mr.
Curtlss contemplating the formation By the ma
9ority interests in the Third Avenue company ~
corporation to lease the Third Avenue proper
Oes N perpetUity. at annual rental sufficient 10
- = nd
e. per cent for the present and per cent after
~ years also would seem 10 present difficulties
me pan would have 70 be approved by the stock
noISoers anc undoubtedly would be so approved z
as Nj Curtiss SAYS II has been already decided upo1
oy me holders Of majority Of the stock: bit II
could not be carried through II IS understood
WITHOUT the active opposition Of some of the mi
lofty stockholders. who having seen their divi-
uehcs dWincIe from 9a per cent in 1896 TO 81. per
cent in 1897 7s per cent in 1898 and 6l per cent IN
LssS 70 per cent in the year and the value
OF their shares decrease from the former high
ngures TO 90 and being advised Of the existence IF
noatng debt already aggregating about so 600
pT1o~1 rod
within the next few months. would. IL is said be
very likely to carry the matter iuto the courts
where some embarrassing questions might be Dut
TO the men under whose so-called management this
once Wen paying property with its valuable fran
chise has drifte ed into IT'S condition among
those questions being about the relations Of
directors with the construction firm of Naughton
Co as to division Of the profits the work of
electrical equipment and to the JUS tifcation
for paying dividends at even per cent a prop
erty which, even Il its debts Of all classes were
consolidated into single bond issue, could not
taking the figures Of the latest annual reports
basis Of estimate, earn enough money to meet its
fixed charges