Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-02-21
Third Avenue Railroad Will
Be Recognized.
SOME PROMINENT MEN
Have Taken Charge Of the Matter and
Will Advance the Necessary Funds
Valuable Rights Will be Acquired
by the Stockholders.

New York, Feb. 21.-The troubles OF
the Third Avenue Railroad company
continue the exciting topic in Wall
street. The composition of the syndicate
which is to ~reorganize the road Is not
definitely known. but 1t is known that
Vernelye & Co., the bankers. are at the
head of it. The statement of Treasurer
w. H. Curtiss of the Third avenue, an
nouncing the solution of the difficulty,
is as follows:
LAS chairman of the committee ap-
pointed for that purpose by the board of
directors, I nave entered into an>agree-
ment with a syndicate of eminent bank
ers, including two very large interna-
tiomal banking houses, and under the
terms OF the agreement the bankers will
furnish to he company the sum of $21,-
5000 900 at 5 per cent. / have also entered
Ii 20 an agreement with other parties
who will furnish the company the sum
OF 81, 900, 900 additional.
The terms upon which these arrange
ments nave been made are, in my opin-
ton, very advantageous to- the company.
Persons owning a majority of the capi-
tai stock of the company have decided to
form a corporation which shall lease the
properties of the Third Avenue Railroad
cornpany in perpetuity, and at an annual
rental sufficient to pay its liked charges,
and, in addition thereto, dividends upon
Its stock ON a scale beginning at 4 per
cent immediately. and reaching 5 per
annum at the end Of four years, n con-
tinufng at that rate thereafter.
In this connection the stockholders Of
the Third avenue company will acquire
certain valuable. rights. The leasing
company will deposit with a trust COM
pany satisfactory to the Third Avenue
ctnpany a sum IN excess OF 81 200, 900 in
cash. which shall stand as a guarantee
fund fnr fhn M vyY1n,nf 1T thn .J;.;l,-l.
"Mossrs. Ryan and Vreeland OF the
metropolitan company published a state
ment today to the effect that the Metro
politan company does not want the Third
Avenue and never considered the uues-
ton of taking it over. This statement
surprises me very much, because within
the last 30 days ]. Pierpont Morgan per-
sonally offered to take up and fully re-
ganize the finances of the Third Ave-
sne on condition that the
stockholders would not consent to a
lease to the Metropolitan on terms which
would guarantee to the stockholders 4
per cent per annum in perpetuity.''
James r. Keene says. in reference to
the subject:
u am the holder of a large amount of
the capital stock of the Third Avenue
Railroad company, "a portion of which
ds in my hands on advances that I have
made to the party owning it for a very
long period of time and Thoroughly Sc
cured. The right to vote on any propo-
sition for the pledged stock in connec-
ton with any plan to place the company
en- a sound basis, has been delegated tn
me by the party to whom 1 nave lent
the money.
- am, therefore, in sympathy with his
interest, n in consideration for his
own, given the interest OF his to any
projected scheme that would benefit the
company. I a taken great pains tn
inform myself respecting the value of
the property of the company, its pres
ent dltticulties and it's future prospects.
anu after the most thorough investiga-
nue. Railroad compass will emerge IN a
rev months. when the full construction
OF It's lines is completed. into ONE of the
"esl paving properties i'll the country.
may be the proposed plan
company. it will lave my arnnst ond
thorough. support" "ao