New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-02
MAY FORCE BANKRUPTCY.
REPORTED PLAN OF A THIRD AVENUE
CREDITOR
RECEIVER GRANT FAMILIAR1z1NG HIM
SELF WITH THE COMPANY'S AFFAIRS
FURTHER FALL IN THE STOCK.

Ex-Mayor Hugh ]. Grant. the temporary re-
! ceiver of the Third Avenue Railroad Company.
| spent time yesterday at the offices of the
company Third ave. and Sixty -hfth-st familiar
! izing himself with the affairs of the road and
! comforting with President Albert ]. Elias There
meeting OF the Creditors Protective Com
mttee. which, however, so far as could be
learned, arrived at no definite conclusion beyond
arranging for the issuance OF negotiable re-
ceiver's certificates
Additional mechanics liens aggregating S1O7.-
40 filed against the Third Avenue com
pany, and rumor gained currency that appli-
cation might be made by of the creditors to
take the road out Of the receivership and put it
into bankruptcy
II was asserted by several lawyers yesterday
afternoon that this could not be pur-
sued, the Third Avenue company not being
| trading corporation and consequently not com
ing within the scope of the United States Bank
ruptcy law of 1898; but other authorities de-
clared that there at least one decision to
the contrary. II the Third Avenue company
should be adjudged involuntary BANKRUPT II
was conceded. the creditors would be likely TO
get their money much more speedily than If the
present temporary receIvershp should be made
permanent and plan Of reorganization carried
into effect; but the sale OF the property il was
pointed out, would probably leave practically
nothing for the stockholders. One beneficial re-
suit of bringing the Third-ave road into the
Bankruptcy Court would be. however II was
said. that the causes which have brought this
once strong and prosperous company into It's
present plight would be fully disclosed and the
charges often heard Of comsion and spoIia-
tion proved or disproved. as the bankruptcy act
provides that the bankrupt shall submit to an
examination concerning the conducting of his
business. the cause of his bankruptcy his deal
inSs with his creditors and other persons the
amount kind and whereabout OF his property
and, in addition. all matters which may affect
the administration and settlement of his estate"
although his testimony so given shall not be
used against him in any criminal proceeding
THE THEORY IN WALL STREET.
wall Street continues to hold to the belief
despite disclaimers from Metropolitan sources
that the Third Avenue Railroad Company after
the recevership is terminated, will pass under
the control Of the Metropolitan Street Railway
Company, with which may be allied in the oper-
alton the Consolidated Gas Company which bv
its recent absorption Of the New-York Gas and
Electric Light Heat and Power COMPANY a
whitney syndicate property. would be in a DO
sition to furnish perhaps enough electricity to
the Third Avenue Railroad Company to make
unnecessary the construction Of the large and
costly new power house which that corporation
has planned to erect far uptown.
n representative of the management in
Third Avenue is authority for the statement
that for the present at least the road will be
operated independently OF all outside interests
and solely in the interests of the creditors and
stockholders
Third Avenue stock, which made a marked
recovery on Wednesday after the announce
ment of Mr.. Grants appointment as receiver
was rather weak during the first part Of yes
80, decline of half point from Wednesdays
close and in the first half hour sold off to IS
with some odd lots selling below that figure In
the last hour the stock touched 491A the lowest
point reached by it. The close was at so
a net loss for the day of So per cent.
The weakness attributed to rumors that
the stockholders would be assessed all the way
from 20 to SO per cent their holdings before
the reorganization of the property can be ser-
ously entertained. All these reports were un-
official, however and ii will take Receiver
Grant some time to complete his examination of
the roads finances.
A member Of the Creditors Committee said
IT Is practically impossible TO formulate a reor-
The 70 aiver free hand in his management OF
the road In order that we may establish fair
idea of it's earning power. Until this Is done we
Stop in at Union Pacific ticket office. No. 2S7
Broadway and the wonderful moving pictures,
Il at he of