New-York tribune., 1900-03-15


unaeenrcd wdsn aaf,n aGsrusd Gch interest 1S
Estimated amount n@ces.ary for
c9mpietion of improvements ON
Fhirfi-ave system. .O:3. .9.7
Girs Gi as n1S5s
son iegni services. ........ 2OO,OOO
Total m rhr inSiities En3 OF foadr Seraasd
Total assets oe so;n. es' -S.
Excess of Liabilities assets. :5.O03. 2ss
Hugh J. Grant. the temporary receiver of the
Third Avenue Railroad Company, yesterday
morning presented TO Judge Lacombe. OF the
United States Circuit Court a report-some
main features of which are printed at the be-
ginning of this article-showing the present con-
dition of the corporations affairs. The report
is a long and elaborate document and. in ac-
cordance with Judge Lacombe's instructions,
contains an inventory of the corporations as
sets; classified statement of liabilities show
ing how much is secured by mortgage, how
much by hypOthecation of personal property
how much is represented by liens fled before
the appointment of the temporary receiver how
much by liens filed since then. and how much
is wholly unsecured; a statement of the gross
monthly earnings Of the road shown by the
books for three months including February
1900 and operating expenses for the same
period; a general statement of the condition Of
the other roads operated a part of the Third
ave. system and tentative estimates of the
amount required to complete the necessary
changes in the motive power Of the road.
NO RECOMMENDATIONS MADE.
The report makes no recommendations, the
temporary receiver contentng himself with set
ting forth facts and figures. as ascertained from
the books and records of the company. and esti-
mating the probable cost of completing the i'm
provements the various lines of the Third
Avenue system. The total debt funded and
funded, he finds to be, with accrued interest
S24SI1.911, and he figures that to put the sys-
TEN into satisfactory physical condition will
quire the expenditure Of S10035 657 additional,
the total. about $50, 900 OOO closely approxinat-
ing the estimate given in The Tribune month
or so ago. An astonishing feature of the report
is the contrast between the liabilities and assets
Of the seven companies operated by the Third
Avenue Railroad Company, the excess of their ag-
gregate liabilities assets being So. 600 OO0
These heavy obligations have been incurred
mainly through the electrical equipment of the
subsidiary roads. All the securities of these
roads owned by the Third Avenue company, the
report shows have been pledged collateral for
loans obtained by that corporation. The item
under accounts payable" setting forth claim
of the law firm Of Hoadly, Lauterbach & John
son for 5000 900 for services attracted much
attention and many comments In Wall Street
When Mr.. Lauterbach seen last night at
commenting on Mr.. Grants report. It speaks
for itself"
member of the firm OF HoadIy. Lauterbach
& Johnson, who refused to allow his to be
used said: This bill from Mr.. Lauterbach's 8
firm represents services covering a period of
four years. There are about fifteen hundred
suits OF different kinds pending against the
Third Avenue Railroad Company, and Mr.. Lau-
terbach's firm has defended all of them The
bill for services would have been presented long
ago but for Mr.. Lauterbach's personal wish that
IT be not pressed. Mr.. Lauterbach all along
said that the company needed all its ready
money for construction purposes. and that the
firms bills could wait 1t is now one or the
accounts which will be passed when the
company is reorganized. 1t will be found to be
correct"
THE REPORT PRESENTED.
so' that all persons interested would be ad-
vised as TO the existing situation before FRI
days hearing, Judge Lacombe ordered this pre-
Iiminary report In condensed form Receiver
Grants report states:
SCHEDULE /
The Third Avenue Railroad owns and operates
% Sl 900 miles of track of the electric conduit
list of securities OF the company is:
pledged 10000 shares Total capital stock. S2 600 600
Forty -second-st. Manhattanville and St. Nicholas
s2,5OOOOO
CompanyIPar value 500 pledged ns8 on hand
so; total, n,2s7: Total capital stock, 81 100000
Tarrytown, White Plains and Mamaroneck Rail
road-Par value, s25: pledged, 12ooo; total, 1900
Forty-second-st. Manhattanville and St. Mich
olas Avenue Railway COMPANY second mortgage in
I; total 357 Total issue of income bonds 81 5OOOO0
Description of real estate and
Power house depot Bowery. Bayard
as slxtyhfth and sixy-sixth 100000 90
thirtieth .....-....-. $50 900 90
thirteth-st ......... 1000 90
and one-hundred -eighth-st.....
twenty-ninthst, east Of Tenth-ave. $4,000 90
hundred and-eighty hfth-st-.-...,. 10000 90
Harlem River. Two-hu hundred-and-sx-
teenth-st. 10000 90
Total assessed value. 80 ss1 900 90
cost estimated present value OF list sl5sl 80
Al six.v-nfth-st. station. ....-.. $40 a51 5o
Inventory or operating supplies and fuel:
, 5i PAID fsT 5Ss
Accounts receivable %
Union Railway Company. advances ... s5o $50 81
oas Avenue Rai.way. advances etc. ass 5e2
6sssrss. Sas aaya9sss G59ps62 ss 5ss SO
Metropolitan Street Railway Company. esti-
United states Government, mail service one
I.Ps 3nh aTS9 aassf.ns paa S ss
Total So 100 7s6 -
Schedule consists OF a classified statement
of liabilities. showing how much is secured by
mortgage, how much by hypothecation of per
sona property, how much is represented by
liens filed since and how much is wholly unse-
cured. The items under this schedule