New-York tribune., 1900-03-20
NJ. s. R. GETS THIRD AVE.
WHITNEY SYNDICATE TO RE-
WE THE PROPERTY.
RECEIvERsHIP SOON TO BE DISCHARGED
METROPOLITAN MAY ALSO REACH
FOR MANHATTAN.
FOR MANHATTAN.

The opinion TO which The Tribune has long
been committed that the Third Avenue Railroad
/ Company would distant day be absorbed
| by the Metropolitan Street Railway Company
found its official and definite confirmation yes
| terday. when President Vreeland of the Metro
potan issued a statement announcing that his
| company had secured control of the Third Ave
nue. and would operate it as part OF it's own
/ system. The report that the two companies
would be combined has been current many
! times during the last two years. tut has been
| as often denied emphatcaIly and explicitly by
/ Metropolitan interests. The latest fat denial
was made after the close OF the market yes
/ terday by representative OF William c. Whit
/ ney- Three hours later Mr.. Vree.and gave out
his statement. which is as follows:
/ A number Of considerations induced ne 10
make thorough examination Of the financial
situation Of the property and To recommend the
action which has been taken In the irst place
/ II was always true that the property was worth
/ a great deal more worked in co-operatfon with
/ the Metropolitan than in any other way. This
/ consideration has been urged upon me BY all
! sorts OF peopie-our own people. the creditors
/ or the Third Avenue Railroad Company. and a
| great many of its stockholders. I would not.
/ however, commit myself 10 1t until I became
/ satisfied that II was advantageous thing
/ for the stockholders of the Metropolitan Street
taliway Company In the last few days-per-
/ haps for a week or two-I have been under
I more or less pressure from my own people 10
! take the matter up seriously.
good many millions Of the proposed ex-
/ penditure Of the Third Avenue Railroad Com
pany can be saved by using the power and the
plant or our company I have made the figures
with great care and accuracy, and I have be-
/ come satisfied that the investment which we
| have made in the stock is a good one for the
| company TO make. OF course II will reo11ira a
| thorough overhaulIng Of the Indebtedness So as
| 70 get the debts down to sound. honest basis.
Then the property worked In 0r+,1nrrior vvjrI,
| ours, will carry the interest on the debt and
| leave something substantial for the stock I
shall ask the other stockholders 20 confer with
L arT in hurr
cetver, who will undoubtedly honestly work for
the preservation OF the property, and together 7
believe, We can save il for all concerned. In
otner WORDS. oeIieve tne property, worked in
conjunction with ours Will carry itself. so far
as its honest debt is concerned. and that the in
Vestnent IN the stock will in the end pay hand
somely 20 the stockholders Of the Metropolitan
road.
There are many places in the city where max
ing junction with existing lines will add
very much TO the value OF each one OF them.
Take the Tenth Avenue. at One-hundred-and-
twenty -fifth-st. II the Third Avenue lines from
| One-hundred- and -twenty-fifth-st north should
| be connected with the METROPOLITAN line on the
same avenue from hundred -and-twenty-
| ffth-st- south. the amount OF business done by
both lines would be very largely increased and
would add the the value OF each Then the
Boulevard line, which ia naturally a West Side
| business feeds into the TFfr@ Ay-anna PaiIr0s5 i
whose business is already substantially full but
| could be given connection that would enOr-
mously add TO its value, as well as 10 whatever
road in our system we connected with IL
have not been in favor Of doing this until
lately. when the statistics with regard the
cessible and could analyZe them 20 form
a satisfactory Judgment I am obliged 10 say
that I have changed my opinion OF them o.
course, the low price OF the stock has been the
only thing that has made the transaction a
tempting one 70 me- The future OF the franchises
I of course. every will admit is a great one.
Harmonious action between the stockholders and
creditors. with such backing and connections as
the Metropolitan Street Railway can give IT.
would put the property, in my Judgment, on It's
feet for all concerned.
WHITNEY SYNDICATE OT-TETTv RT-YTNrz
The officials of the Metropolitan company
when they were seen last night after the Is
suance of Mr.. vreeIands statement displayed
decided reticence regarding the details OF the
transactions which brought the Third Avenue
line under their control Just how much stock
they have acquired and in what manner they
obtained IL they refused 70 say. II was learned.
however. from authoritative source that the
Whitney syndicate has for some time been
quietly buying shares. the opportunity Of
fered until yesterday the directors OF the Metro
politap company found themselves in the post
ton Of being able announce publicly that
they had secured a controlling interest in the
Third Avenue road The Trtbune's informant
was asked 10 tell how many shares beyond the
number necessary 10 control the syndicate had
bought but the only he could be in
duced TO make was that the Metropolitan hold
ing was a substantial" one.
The same authority, while not permitting him
self admit II in many words. caused il 70
be inferred that the thirty thousand Third Ave
nue. shares held by Henry Hart had passed into
the ownership OF Mr. Whitney and his asso-
ciates.
It is the purpose OF the Metropolitan company
70 end the receivershrp OF Hugh J. Grant as
speedily possible and TO go ahead with as
little delay as is necessary with the work OF
finishing the installation OF electric power on
the Third Avenue system. Despite the criti-
cisms which have been made concerning the
methods OF the contracting firm OF Naughton
& Co., OF which Daniel F. Mcmahon is the head.
in their dealings with the Third Avenue COM
pany IT is not beyond the bounds OF proba-
bility that Mr., McMahou's concern may be en-
ployed 70 complete the work of electrically
equpping the Third Avenue lines although on
far different terms from those with which they
began their operations
themselves that Naughton & Co.'S contracts
are subject TO revocation. and that the possi-
bnity OF being saddled with these contracts in
their present form is a contingency which viii
not arise
But" high official OF the Metropolitan COM
pany said last night by way or further ex-
PLANTATION. there is no reason why we should
not employ Naughton x Co. 10 go ahead and
finish what they started. The work they did for
us on the Eighth and Sixth ave routes was
perfectly satisfactory and expeditions They
equipped Eighth-ave.. as far down as Thfr-
ference between good and bad work is simply
gether unlikely that Naughton & Co. may COM
DIa ,F Fha