New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-25
THIRD AVE. DOWN AGAIN,
REORGANIZATION PLAN SAID TO IN
VOLvE RETIREMENT OF PRES
ENT DIRECTORS.

There Was another heavy break yesterday in
the price Of Third Avenue stock which opened
81 g. % points under Fridays close sold
down as low es 7414. and closed al 75ss. a
net loss CT SIS per cent for the day and a net
decline Of 1865 per cent, compared with the
highest figure reached last year. 242 on Febru-
cry 81. The weakness OF the stock yesterday
uas attributed 10 uneasiness caused by the fact
Z the fling q the mechanics lien for more
than S144 000 and 10 8 persistent impression
hat the most recent plan for rehabilitating the
Third Avenues finances would not be carried
afo execution. There were also reports that the
decline was due 10 short selling by Metropolitan
interests and that Mr.. Keene and his associates
we're retaliating by putting pressure on Metro
politan, Peoples Gas, Brooklyn Rapid Transit
nd other stocks with which members of the
Vhitney syndicate prominently identified;
- downward course OF Third Avenue thus be
x. according TO this theory. a result of market
computation rather than consequence of the
admitted fact OF the company's bad condition
and the long delay in putting into operation
plan for the Improvement Of that condition.
Members Of the banking firms which are con-
udering the advisability Of undertaking TO care
for the floating debt OF the Third Avenue Com
psny said yesterday that If plan should be
agreed upon the present directors and officers
OF the company would retire. William A Read
OF veruilye q Co. said quoted:
When a change Of control VIII take place or who
Gals IS something which We cannot tell at pres
ent We DO not know ourselves The same ex-
making az examination for US. At present we only
which we have reason TO believe IL willard moth
Ing binders the TASK OF reorganizing the com
dIi9ns q our doing this is that the control Of the
NJ the business at all
Later II the day there was a conference at
vermilye s. Co.'S at which were present Mr..
Read, 2. ". Whitridge Of the law firm Of Cary
& whitridge; Henry R. IckeIheimer. OF Heidel-
bach. Ickelheimer & Co., and one or two others
NJ Read, at the close Of this conference, de-
clined 10 say what. II any, result had been ar
rived at Edward Lauterbach said yesterday
afternoon. in answer 10 a question whether or
not the Third Avenue directors had signifed
their willingness 70 resign. II that step should
be requested by the syndicate:
Nc. Il Ia. not even been suggested Il was. how
ceedec representation IN the Board would be given
them Z they wanted il Il is not true that the
conference held to-day.
The present situation hinges largely upon the
attitude Of the creditors. Some OF the loans
made 10 the company fall due On March 1. and
some Of the recent conferences between repre-
sentatfves OF the road ard the large banking
interests, Il Is understood. have had TO do with
al arrangement for the payment OF some of the
more pressing obligations.
There Is well defined impression that some
q the local banks are more deeply concerned
n the Third Avenue line than they consider II
expedient 20 admit at this time. Report
GATES the names Of at least half-dozeu impor-
tant financial institutions as large lenders OF
money on Third Avenue notes.
President Elias Of the Third Avenue Rail
road COMPANY yesterday denied that Henry
Hart had sold all his stock IN the company. and
sscrfbed the recent break in the stock TO
ntpulstior. Russell Sage yesterday admitted that
he was a large creditor OF the company; but
declined 70 give the amount Of his claim All
the Third Avenue notes held by him which had
fallen due lately had been paid he added