New-York tribune., 1900-03-05
THIRD AVENUE TROUBLES.
PATHETIC SPEECH OF EDWARD LAU-
TERBACH AT DIRECTORS MEETING.
Roofing OUT OF THE HART FAMILY IN
ABOUT MOTIVE POWER CHANGE.


ABOUT MOTIVE POWER CHANGE.
Wherever business men congregated for busi-
ness chat yesterday in this city II was not long.
apparently before conversation turned upon the
looting OF the Third Avenue Railroad and the
public demand for a special Grand Jury to
probe that iniquity 10 the bottom. Opinion
seemed considerably divided. however, as to
whether the chief blame should be placed upon
the little coterie of directors who ruled the
destinfes OF the road or upon the politicians
who practically forced the company to deal with
one contracting firm, and one only, because
those contractors alone could secure permits to
open the streets.
Those who laid the chief blame the direc-
tors argued that there was no absolute necessity
for changing the motive power of the road
anyway. 1t was making big money cable
road and if 1t found that Tammany Hall would
not without imposing extortionate terms, issue
permits for such street openings as were essen
tial before change could be made 1t would
have been better to defer the change till decent
local administration into power. Those
who argued thus could certainly point to the
results OF 6 contrary policy as good proof that
their argument sound
On the other hand, there were many who as
serted that the directors were not greatly to
blame for submitting the blackmail of Tam
many Hall. because in their opinion a change OF
motive power was needed at once. and they saw
no other possible way 10 get it. That they made
q bad bargain is apparent TO the meanest intel
lect but whether their own personal lossee
should shield them from responsibility for the
loss they brought upon innocent STOCKHOLDERS
admits of much dispute.
HENRY HARTs LOSSES.
Henry Hart's fortune, which has been esti-
mated at S15G00Oo0 has. Of course. been seri-
ously impaired. He was said at one time to hold
sixty thousand shares Of Third Avenue Another
sufferer on a large scale is reputed TO be Charles
Remsan. representing the Remsen estate. which
held thirteen thousand shars. IL is said. About
tventv-four thousand shares were supposed 70
be held by w. H. Curtiss, the former secretary
oe William Rockefeller. Reporters are wholly
unable TO find Mr.. Curtiss since the crash came
Other heavy holders Of the stock are, or were,
according TO common report g. H. LeaVltt'
1850 shares: A J. Elias. 1000; Edward Lauter-
bach. go: George Hyle, $500; Samuel Riker.
$50; John Byrns, 150; Daniel c. Andrews loo'
and John Beaver. 200.
The company is capitalized az Sl6,oco.ooo.
George Ehret, the millionaire brewer, is cred
tied with holding five thousand shares of Third
Avenue His lawyer Edward w. Burghard. is
quoted saying:
Ii is true that Mr.. Ehret is stoekhSldeT1 Sn not
ha1,eya ae thai he ever visited the company's Of
Why should he have gone there nasle aad
until recently paid liberal dividends. But now the
Snaers have aT rieht to expect an accounting.
Where have all those millions gone? Mho Is de re
eftT? Perhaps the secret of it all will develop
within the next few days
great deal Of praise was heard yesterday
for the vigorous way in which the receiver has
set TO work to eradicate the Hart family in
auence from the roads affairs It was pre-
dicted in many quarters that his efforts in that
direction have only really begun. Up to date
he has turned out Henry Hart himself from the
yice-presidency of the Firty-second Street, Man
hattanville and ST. Nicholas Avenue line; Albert
= Elias, q nephew of MFR. Hart, from the presi-
dency Of the same road. and also from the
presidency of the Dry Dock, East Broadway
and Battery road: David c. Andrews, another
nephew Of Mr.. Hart. from the secretaryship and
the treasurership of the Forty-second Street
road and Leopold Kayser. third nephew of
Mr. Hart. from the secretaryship of the Dry
Dock line. These men married three sisters,
pieces of Mr.. Hart. Henry Hart never married.
II is expected that Mr.. Grant viii at the next
meeting Of the Third Avenue directors induce
Mr.. Elias to resign also the presidency Of that
road, for which he receives salary Of $4,000 a
year, it is said.
The new appointments made by Mr.. Grant to
fill vacancies were also praised In Mr.. Elias's
place as president Of the Forty-second Street
line he put John Beader. treasurer Of the Third
Avenue; IN Mr.. Elias's place president of the
Dry Dock line ne put George w. Lincn. super
intendent Of that company; in place Of David c.
Andrews he put Thomas Maher. superintendent
Of that road. and of President Maher of
the Union Railway Company. and in place of
Leopold Kayser be put John Byrnes, the treas
urer It is not thought that any change is
imminent among the officials of the Union or
'.Euckeberry" road.
MI Lauterbach declined to say yesterday
whether he would or would not continue to act