New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-18
DROP IN THIRD AVENUE STOCK.
MR., LAUTERBACH SAYS RELIEF MAY BE
HAD WITHOUT PUTTING THE UN1S-
SUED STOCK ON THE MARKET

The of the Third Avenue Railroad Company
yesterday suffered maximum decline Of more than
six points and net loss of three points selling
induced by various unfavorabe reports and the
showing of a floating debt of N6OOlO0O or more
disclosed by the report Of the company, filed at
Albany Tuesday. for the quarter ended Sep
TENDER 80, 1889. President Elias of the Third
Avenue Company In reply to these rumors yester-
day made a statement wherein he declared that
the floating debt is about 100000, as shown in
the official reports that than one-half of this
represents the purchase of the Union Railway
Cempany-"the Huckleberry road'-the Dry Dock
East Broadway and Battery Railroad, and the
Forty-second Street, Manhattanvile and St Mich
olas Avenue Railroad. Mr.. Elias proceeds to say
that the State Railroad Commissioners long ago
authorized the issuance of additional stock by the
Third Avenue Railroad Company for the extinction
of the floating debt, and that in lieu Of the is
suance of any stock at this time, arrangements
have been made with a syndicate of prominent
vancing to the company moneys necessary for
the completion of the unfinished parts Of the sew
eral lines.
President Elias made no statement regarding the
that the Third Avenue road had acquired
the Fort Lee Trolley Company and the Fort Lee
Ferry.
Herman Hates representing Edward Lauter-
bach. said, after the meeting of the Board Of Di-
rectors yesterday. the close Of which President
Elias issued his statement:
nor any reorganization There will be no reor-
ganizaton. of the $2S,OOOO00 additional stock
81 100000 ISSUED to stockholders at par In Sep
teniber. a when every one was flush. me
rest has been issued, the directors having
been tempted to wait for per cent money mar
ket. The debt Of the company has increased heaV-
lily through the heavy construction now going on.
IT is said that Kuhn, Loeb & Co. are members OF
the syndicate referred by President Elias, but
Jacob H. Schif of that firm, yesterday refused to
confirm or deny the report.
The stock of the Third Avenue Railroad Com
pany was in July 1899. increased by vote of the
stockholders from $l2OOOOOO TO AOOOOOOO In Sep
TENDER 100000 OF the stock was sold to the
shareholders at par leaving S24.OOOO00 still un,
issued. The floating debt of the company. stated
nv President Elias to be about $17000,OOO was
on June 80 1899 about $1330O,0OO
Edward Ilauterbach, when seen at his nome, no.
East Seventy eghth-st.. last night said ABOUT the
r11mors concerning the financing of the floating DEBT
az the Third-aye line: 1.-THE Third-ave. is In eX-
celent shape There is only mortgage of $5,OOO-
600 upon its main line. The mortgage upon the
should have taken advantage of the booming stock
market of six months ago to put out the adQl-
tional stock provided for which was authorized by
the State Railroad Commission. The road has just
gone through a costly reconstruction in changing
motive and besides IL has considerable
floating debt which is bad thing. This, with gen
eral conditions caused little depression, but 1t has
been suggested that there may be a little financing
done IN lieu of issuing the stock for the extension
of the floating debt. | don't care to mention the
names of those who will do it. but several banking
houses stand ready to undertake the task, and
doubtless II will be accomplished satisfactorily in
due time