The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-03-22
NEW THIRD AVENUE BOARD
vREELAND PRESIDENT, HART vICD.
PRESIDENT DEBT- FUNDING PLAN

New First Mortgage Proposed Made to r..
deem tn. Bonds Now Out and Pay the
Floating Debt-Ths Minority Well Repre-
sentcd In the New Board of Directors.
The Third Avenue Railroad stockholders
elected yesterday a new Board OF Directors
representing both tho old and the new interests
and the directors elected Herbert II. Vreeland
President pro tenpore and Henry Hart Vice.
President, The following plan for funding the
debt OF the con pany has been practically
agreed upon: For the total amount OF the
debts. floating and funded. which the standing
Master In Chancory reports to the United
states Circuit Court. the Directors OF the Third
Avenue Railroad Company will authorize an
issue OF bonds, These bonds will be to an
amount sufficient TO pay of both the funded
and floating debt OF the road and they will be
secured by n first mortgage on tho property.
The present first mortgage bonds and the
second mortgage income bonds will be 70.
deemed with this new issue and the mortgages
cancelled.
The stockholders meeting was held at the
offices Of Hoadly. Lnutcrbach & Johnson. and
lasted from $3.50 I. NJ. until +:3O. The major
iy stockholders. the METROPOLITAN Street kails
way, were represented by William {. Whitney.
Thomas +, Ryan and Herbert II. Vreeland.
The minority stockholders we're represented
by Henry Hart. Edward Iauterbach. Albert ].
Elias. Charles Kemsen and Henry lden. This
board was elected: Herbert u Nreeland.
Henry Hart. william &. Whitney. Edward Lau.
terhach. Thomas I, Ryan. Albert j. Elias. John
u, Crimmins. Henry lden, Grant b. schley.
Charles femscn. Walter 5. Johnston. Samuel
Riker and Edward NJ. Burghard.
The members of the old board not reelected
were: John T. Parsons. William II. Webb.
David c. Andrews. Il. Rowland Leavitt, John
II. Waydeli, John Byrns and Alexander Had
den.
One OF these persons said after the meetings.
THE lion aud the lamb lie down together.
Everything was as harmonious as possible.
Those who needed introductions to become
acquainted, got them. Nobody seemed to
want to be elected to anything and the self
sacrificing spirit manifested was really beauti.
full to behold. The result Is that everybody is
agreed that We have a remarkably strong
board and everybody interested In the property
Is happy"
William c. Whitney said:
This Is our first move to take over the Third
Avenue property. As we control the stock we
naturally wanted our own Board Of Dire ctors."
The meeting Of the stockholders was called
at the request Of the old Board OF Directors.
Having been informed that a majority Of the
stock had changed hands, members Of the old
board felt that the new majority holdings
should have directors OF their own choosing.
and 40 Mr.. Lauterbach arranged the meeting.
Mr.. Whitney and Mr.. Ryan we're prepared to
submit some new names for the directorate.b bus
they insisted that as many OF the old board 40
could be agreed upon should represent the
minority holdings. Upon Mr.. Lauterbach's
motion. Mr.. Vreeland was elected President
pro tefnpOre, and then. 40 II was reported after
the meeting. Mr.. Whitney arose and put for.
ward. In a most pleasing little speech. Henry
Hart as the candidate Of the majority stocx-
holders for Vice President. Mr.. Hart was said
to have been not a little affected by what Mr..
Whitney said. and by the heartiness with which
his fellow directors put him back in his old
place.
The general comment In Wall Street after the
personnel Of the new directorate was an.
hounced was that the new board Is a remark.
ably strong one. The old President OF the road.
Mr.. Elias. Ia there with Mr.. Vreeland and John
ID. Crimmins, who for years was associated
with the Metropolitan system as a director or
road builder. or both. Grant b. Schley IL the
senior member Of the banking firm OF Moore b
Schley. and Walter S. Johnston Ia the Presi.
dort n, ,ba stata Trns, Counanv FdvarA
- W - "" ~ -
Nj. Burghard Is a lawyer ana a member OF the
firm OF Hollis. Wagner 4 BurRhard, the counsel
TO the stockholders Advisory Committee. He
IL q son in. law Of George Ehret. the brewer.
and one OF me largest indlvldual stockholderY
10 thc roal samuel iikcr Is q lawyer ana
represents me interests OF ms lainly IN tne
boari, as 'nafIes heHSen does those OF TINS
Reins'n lamIy henry ilen mas long heen Q
director IN the ROAD ana q I9ree stockholuer.
Ne Is me sehlor msmoe OF ideh a. 20. manu-.
mciTNtrnr. y sas "A'u'eH az 'n''ers'' p"oe
- the iuhu'hg pan ou'llheu aoo'e a uirectoE
This has always been our plan Tor financing
an hGlulIeu ttoLcrty any, uhItnS Wecnahee our
minds In a short time. this VIII be- our plan for
thKlng care OF me uebt on thr mira AVehuos
Butho move VIII De- maze az financing uhtii lhe
report OF we stah1IhR master shalI nave been
made 70 inc court whIch VIII De some ume
about the MIDDLE OF Nay. IL must pe remem.
nave really ho'hlnH 70 90 WIN IL untll the
'ourt says 10 us s,lhelhihh .lke this' uentle.
men. ! am row lhIufNleu hs 70 tho cohultloh OF
your ,road What " owes anu Wnat ~ mas to
pay ls deDts Wth ls creuitors want
their money snail iorecIosure proceedings
be Instituted or nave you some other
pan 10 suggest lhch we VIII submit our
pan. telI the court l"at we can take
care OF our uents. prove tne truth 81 our
statement, and, then ask mat The receiver be
IIscnhtsea anu tne roau tuIntu ovsr 10 ue.
W men the IHrlc comes we shai, DC ready WIN
thelnoney; nlRht say. even. thht we coulu Do
ready VIII lhe money to-morroW u u were