New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-04
The PUBLIC DEMAND FOR INVESTIGATION

Al. Elias was Invested yesterday morning Of
The presidency OF the Dry Dock East Broadway
and Battery and Of the Forty-second Street
Manhatta1vtlle and ST. Nicholas Avenue railway
companies, and at once Third Avenue stock be-
gan ID rise, and although selling as low as Al at
one time, il advanced TO 90 and closed at 55as
gain OF rs points on sales Of nearly forty-four
thousand shares. But FAR higher stronger and
more steadily rose the public demand that the
thieves who have looted this once magnificent
property be indicted, tried and put behind the
bars II was urged by angry stockholders that II
one Special Grand Jury could be called bring
20 justice men who scatter false reports about
the Brooklyn Rapid Transit Company. another
Special Grand Jury could for douby adequate
reasons be fnpanelled 10 investigate what
seems 10 many New Workers. one OF the most
RuSactous. most barefaced. most reckless. most
gigantic crimes against private property that
this city has probably ever known while the
ring OF corrupt contractors and officials engaged
n il appears 10 be larger than any other similar
combination since the doodle" Board Of Alder
men exposed.
The complete exposure Of this Third Avenue
band OF commercial bandits Will be a difficult
task Wall Street realizes. because politicians Of
the two great organizations belong 10 it; but
the feeling found widespread expression yester-
dav that If Governor Roosevelt should be asked
by any fairly representative body OF the minor
ity stockholders 10 appoint a special Deputy At
torney-General 10 prosecute the case he would
be likely 70 name some free from party bias
and free from fear Of making enemies. Such
man would be upheld IN probing this nasty bust
ness 70 the very bottom.
MEANING OF ELIAs's RETIREMENT.
The resignation OF President Elias from the
presidency OF the two subsidiary lines Of the
Third Avenue road already mentioned was
-7av
that the resignation from the presidency OF the
Third Avenue will speedily follow. No state
rnent could be had from him as to his inten-
tons or his reasons for the designations already
handed in but Hugh J. Grant the receiver, en-
s7eayored automatically to let Mr.. Elias down
easy by saying that the step was taken TO de-
crease expenses. Being asked. however. how
much salary was saved by Mr.. Eliass two res
.grations he admitted that no salary at all
was attached 70 those positions
reporr was current yesterday in Wall Street
that another big saving Of expenses had been
effected through the resignation OF EDWARD
Iauterbach as counsel for the company. NO
confirmation at all could be obtained OF this re-
mort II is recognized. OF course, that MI Lau-
+erbach's retainer IS commensurate with MS
skill as an adviser and that Mr.. Grant might
think under the circumstances. that the com
many could no longer afford such costly counsel,
and might be inclined 70 save expenses IN that
way Another big item Of expense in the past
has been the conpany's outlay in the lobby az
Albany. Nj Lauterbach frequently went TO
Albany for the company. He was there for the
greater part Of last winter fighting the Ford
BIZ which sought 10 prevent the company from
t,gipg Amsterdam The coUlPanys legal
Hxoerses" for that fight alone were over SlOO'-
FOO il Is said. Mr.. Grant can al least save lob
bvtnR expenses al once. Some think he may
decide to sell al the subsidiary lines as soon as
possible and thus simplify the situation Since
the Third Avenue road Dy Itself shows splendid
receipts day by day
Bur Mr.. Grant declined 10 discuss his plans
He did however, put an extinguisher on the re-
rorts that he would Immediately issue receivers
certificates for several MILLIONS Of dollars using
the proceeds OF their sale for the roads inliIe-
date financial needs. He drew attention 10 the
fact that SO far he has merely been appointed
temporary receiver OF the road, and added lhaI
only &. permanent receiver was empowered unoer
the law TO issue such certificates. He made this
statement 70 a reporter Immediately after having
had a conference with Judge Lacombe in the
Federal Building
TENDENCY TO BLAME HART
4 tendency IS evident among certain directors
Of the company 10 throw the blame for its pres
ext condition upon Henry Hart TO a great ex-
tent They say he had perfect mania for
huying stock Of the Third Avenue at any price
and carried lots OF II margin His struggles
10 keep up the price Of the stock by borrowing