New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-27
THIRD AVENUES AFFAIRS.
pTTNORS ABOUT THE CAUSE OF THE
STOCKS E-CoNFERENCE
OVER THE CoMPANY'S
FINANCES.
FINANCES.

Conlpany's financial position, the iacl was HOs
allowed 10 become public. Further conferences
,-era held between the members OF the so-calleo
Tern1ilye Syndicate and representatives of other
interests President Elias Secretary Amory
aud Edward Lauterbach. of the Third Avenue
Company were closeted for nearly two hours
yesterday afternoon at the office of Vermilye g.
Co. with William A. Read. of that firm; Henry
r. Ickelheimer, OF Heidelbach, 1ckelheimer &
Co. and F ". whitridge, counsel for the syndl-
cate The Third Avenue officials were the hrst
TO depart. Mr.. Lauterbach carrying away with
him big book. which appeared TO be one OF the
account books of the company. When asked to
saw something about the conference. he an
swered: Everything is progressing nicely
A little later F. p Olcott. OF the Creditors
Protective Committee, Joined Mr.. Read and Mr.
whitridge with whom he remained in consulta-
ton for a half hour so. When Mr.. Olcott
went away he would say only that he had gone
over the Third Avenue situation with the other
men, but so far as he aware nothing of
definite character had been determined upon by
the syndicate. He would neither affirm nor deny
the truth Of the report that his committee had
imposed as a prerequisite TO the financial reor-
ganization Of the road the payment by to-day OF
the sum of 100000. which amount is said 10
represent the more pressing obligations OF the
company
Mr. whitridge when asked if the bankers
were still considering the taking up OF re
railroad companys floating debt, ans" ered;
who can tell what tomorrow "'ih bring
forth?"
Mr. Read denied himself to all inquirers yes
terday. aid when asked through of his
Clerks whether or not the negotiations would be
resumed to-day mereI;t sent out word that he
mad nothing to sag.
AS already s1id, about SSoO0O00 will be
needed for patting the Third Avenue system in
such share that 1t will be able to earn money.
This sur1 must be raised by the stockholders be-
fore Termilye & Co. and the bankers associated
with them will care for the unfunded debt Of
the company, which is estimated at about
S23,000.0oo. Mr.. Curtiss's plan, published last
week, contemplated the sale of SS,OOo,ooO of the
company's authorized, but still unissued, stock
al price equivalent to 90: but this was to be
done by issuing the stock at par less 10 per
cent commission. q procedure as to the legality
OF which there is question, and, moreover,
the market price of the stock is now far below
90 having dipped yesterday as low 6S.
One of the bankers interested in the Vermilye
negotiations said yesterday afternoon that
far as he knew the Creditors Protective Com
nittee had not set to-day as the limit Of the
period within which the stockholders must raise
the 100000 and that he had heard of no
uitmaturn having been sent the company by
the committee. He added that the report cur
pany. part of which is secured by collateral,
would amount to S50OO0000 was greatly ex-
aggerated that debt actually not exceeding
S23.O00.0O0 at present
MR. PARSONs's RESIGNATION
The fact became known yesterday that John
E. Parsons had resigned from the Board Of Di-
rectors Of the Third Avenue Railroad Company.
In explanation of the step Mr.. Parsons said, as
quoted:
Ny becoming a director resulted from my acting
ea re for Mr Hs as d eo Of f oth 10 consdr
able stockholders were friends and clients. Mr.
Harris devotion and his practical confidence in the
value Of the property had been beyond all praise.
While have taken little active participation in the
policy. which became pursued, of obtaining by is
made by the copany the Extension Of
its system and its ACQUISITION OF new properties.
In every case the new stock was taken by the ex-
listing stockholders by the persons to whom they
September when there occasion, 1 advocated
of the companys Indebtedness. The directors were
e sGT OF B M ffT re qe ePfe IN h 6
ings Of stock His confidence was so great that he
which his holdings entitled him And as he was
unable 10 pay for his allotment his Influence which
time oond BE- @ %a ra het and 9ny a a Ra
IN the interests Of an concered to continue the ex
perament This led him to disregard What was in
The minds Of Others OF the directors the possibility
generally understood, by me and by others of the
out delay to issue the stock which had been au-
R9FTe s Ref9Te this was done came the panic
fect his own situation In the effort to do so they
eesg into the comPsny these @ fepTe
Al this time there was pending the proposal Of
Messrs Kuhn. Loeb Co. to finance the company
looked upon that very mucl in the interests
garded by the new interest. That made counter
proposals and; IN the end Messrs Kuhn Loeb &
Pened since then do not know The course which
stock. and then to make the arrangement with
Kuhn, Loeb & Co. having failed 1t seemed to me
senting the new interests that they should be per
hi{teo the privilege and should assume the RESPONSE
ingly I withdrew and resigned director.
ANOTHER LIEN FILED.
Richard Thompson yesterday filed mechan-
les lien on the power houses of the Third Ave
nue. Railroad Company in the Bowery and in
Third-ave. between Sixty-ffth and Sixty-sf,th
SITS, extending 10 Second-ave. The claim is for
S2,401 due for repairs to furnaces and material
furnished.
Next to Sugar, Third Avenue again yesterday
was the stock most extensively dealt in on the
Stock Exchange. 1t ranged between "A and IS.
closing at liz. a net decline for the day of a.
per cent.
Many ugly runors are heard in connection
with the extraordinary shrinkage of value Of
this stock. 1t 4 a matter OF common a,ossin
that some Of the leading directors of the COM
LAny toIeseehnS what was coming, sold out
their holdings at the first signs Of a crash one
director is said TO have sold the greater mart Of
his stock at from ll5 down par and then
gone into the open market and bought hacl, az
around 50 almost as much as he had sold
The impression has been growing until now If
has become general in Wall Street that the
downward course Of the price OF Third Avenue
stock is due in small measure TO Operations
by members of the Whitney syndicate in retaIia-