New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-17
NEW COMMITTEE FORMED.
TO LOOK AFTER INTERESTS OF UNSE-
CURED THIRD AVENUE CREDITORS

Two important developments in the affairs OF
the Third Avenue Railroad Company occurred
yesterday, closely following the announcement
on the preceding day by Kuhn, Loeb & Co. that
the syndicate represented by them had with
drawn from the negotiations for the taking up
OF the company's floating debt the formation
Of a protective committee 10 look after the in
terests OF the unsecured creditors Of the com
pany, and the appointment Of Isaac D Barton
as assistant 10 President Elias. Neither fact
became public until late in the afternoon. al
though Il had been reported on good authority
on Thursday that a protective committee would
be formed This committee is composed Of F P
OIcott president Of the Central Trust COMPANY.
General Louis Fitzgerald. president Of the AIer-
camille Trust Company, and T. jefferson Coo
udEe, jr, president Of the Old Colony Trust
Company, Boston, who announce that thew gra
acting on the request Of the holders Of a large
amount Of the unfunded debt Of the Thfrd-ava
company. and invite all the holders Of that
debt 10 communicate al once with them or the
secretary Of the committee. Alvin w Kracb
with view 10 mutual protection
The unsecured debt Of the company. now in
excess of S1T00Ooo0 is held by financial ins1f-
Jutions all over the country. but chiefly in thss
city and New-EnEIand. Among the largest
holders Of these obligations are said 10 be the
Mutual Life Insurance COMPANY and some Of
the institutions affiliated with IT, among them
the United States Mortgage and Trust Com
pany and the National Union Bank. the Central
Trust Company, the Morton Trust Company
and the National City Bank. Three months
notes Of the railroad company. aggregating a
large amount are now falling due. and the ap-
pointment Of q Protective Committee is regarded
as move made for the purpose Of safeguarding
the interests Of the whole body Of the creditors
some one Of whom might, II was pointed out
yesterday. II no concerted action were planned
take steps looking to the appointment Of a re-
ceiver
Edward Lauterbach, counsel Of the Third
Avenue Railroad Company. said last night.
Yes have heard Of the formation OF the Pro
tective Committee That would be all right. and
we should be glad TO have such committee
with whom 10 confer
IN answer 10 d question whether OF not the
directors We're III negotiation with any other
bankers now that Kuhn Loeb & Co had with
/ drawn their proposition for taking care Of the
floating debt Mr. Lauterbach said. "Other
things are being done, but there is nothing vet
for me newspapers
The announcement Of the appointment OF
Isaac D Barton 10 the place of assistant to
President Elias was made after conference OF
some Of the Third Avenue officials al the Office
Of Mr. Lauterbach. Il was said at that place
that the appointment was without special sig
nificance. Mr.. Barton is an experienced railroad
man, and al one time general sIperfntend-
ent OF the Long Island Railroad and later Of The
Brooklyn Elevated road.
Standard OIL interests are large stockholders
IN the Long Island Railroad Company, and the
facr Of Ar- BartOn's long and CONSPICUOUS
connection with that company. coupled with
the fact OF the election Of William II. Curriss
private secretary Of William Rockefeller less
than q month ago 10 the treasurership OF the
Third Avenue Railroad Company. caused a re-
vival in Wall Street OF the theory that Stand
ard OIL capitalists might interest themselves
actively n adjusting the present difficulties of
the Third Avenue Railroad COmpany-
IT Is, Of course. possible that the MetroDoftan
Street Railway Company might IN time desire
ID take over the Third Avenue but # is well
known that the Metropolitan management
places anything but high estimate on the
utility and effectiveness OF the electrical aQtlfn-
rnent Of the Third Avenue system. in the install
lation OF which by The ftTE Of Naughton q O.
co. most Of the present unsecured debt OF the
company has beer incurred and il is pretty
well understood that the transfer OF control of
the Third Avenue 10 the Metropolitan could Be-
arranged only upon valuation decidedly lower
than that which the Third Avenues directors
regard as a fair price for their property
Third A venue stock held fairly firm yesterday
a.. reports that The directors had opened neg0-
tfarlons with bankers other than the Kuhn
Loeb syndicate for taking care OF the floating
debt The close at 9S net advance for
The day OF , per cent
Atlantic City's New HOTEL RUDOLF opens tn
day. Rooms an suitA sea baths. orohesua.-Adyt