New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-03


ing given out about the conference, it is
believed that Mr.. Grant called to consult Judge
Lacombe about the proposed issue OF receivers
certificates
IT is understood that the first issue which the
Court viii be asked to authorize will amount
to So 100000, further issues TO be made later
While the mechanics liens already filed
aggregate more than 100000. the sum actu-
ally now due under them is much less. as the
liens drawn TO cover contracts not yet COM
pleted The receivers certificates are lien
prior to the bonds. and 1t is understood to be
the plan of the interests Immediately concerned
in the direction Of the Third Avenue Railroad
that the receiver shall complete the extension
and improvements projected by funds raised
from the sale of receivers certificates, and shall
ultimately issue enough certificates to pay off
all the mechanics liens but that the note cerdt-
ors will continue holding their present paper
The officials of the United States Court are
inclined to think that the Bankruptcy act does
not apply to the Third Avenue Railroad Com
pany, and that its creditors cannot put II into
involuntary bankruptcy.
A well known specialist in bankruptcy prac-
tice said yesterday regarding this possible step
that no case had yet been decided under the
present United States Bankruptcy law In which
a corporation similar to the Third Avenue
application TO put a Westminster water COM
pany into bankruptcy denied only few
weeks ago not on the ground that 1t was not
trading corporation" but because 1t was held
to be quasi-public corporation.
The Insolvency and bankruptcy practice 1t
was said had been thrown into rather 81 chaotic
state py the enactment of the National Bank
ruptcy law, and 1t still question open to
argument whether not street railway could
be brought under the operation of the new
United States law One interesting and impor-
SAINT feature of that law, IT was added, was that
all liens begun against person within four
months before the filing of a petition in bank
ruptcy by or against such person shall be dis
solved by the adjudication of such person TO be
bankrupt" If among other grounds, 1T ap-
pears that said lien was obtained and permit
ted while the defendant was insolvent. and that
its existence and enforcement will work pref
erence."
A STOCKHOLDERS LETTER.
The following letter has been sent by a stock
holder OF the Third Avenue Railroad Company
to the Creditors Protective Committee:
notice the statement that the management OF
the Third Avenue Railroad Company. through
men le fo k o'
suggest whether it is moi now time that the credit
of that defunct corporation without the assistance
before the Court or OF sne and
brought the whole status OF its affairs into public
To restore the property to prosperous condition
and fun earning capacity must needs require abe
ditions Of local transport ation, high order of
ecutive ability and if the best permanent results
the head Of affairs should be one whom both the
st2ekhodssss, and the public at large have the
AS indicated to you yesterday it is my eonyiei
as combining these qualifications to larger . ex,
tent than any one that could be selected for the
Drs sS s viii have hand, ,.,,,,a :: how.
q voice in shaping any action hereafter taken or
be accredited with so doing It mus; be long tine h
present and prospective outcome OF the company $
affairs.
Edward Lauterbach, who has been active In
the affairs of the company both as legal ad-
wiser and director. declined yesterday to say
anything for publication on the subject Of Tam
many Halls alleged responsibility for the pres
ent condition of the road
Third Avenue made n new Tow record in the
stock market yesterday. touching 45A II closed
at All, a net decline for the day Of 212 per
cent
David Lamar yesterday made the following
statement about his Third Avenue puts"
oDssrEsa in the Te Pa e9t
puts on Third Avenue, which have not been
taken care of by me wish to state unqualifedly
that have puts outstanding on Third Ave
nue. stock.
NJ. B. Mendham said yesterday: THE matter
has been fixed up satisfactorily. Lamar has
settled with me- and with all who held HIS
puts
Lamar is a we'll known figure In the Street.
Cases have been known, it was said in Wall
Street Yesterday Of puts being settled by the
issuer's promissory notes. One Of the myster-
les of the financial district is the abiding place
of William H. Curtiss. formerly the private
secretary of William Rockefeller and now the
titular treasurer OF the Third Avenue Railroad
Company, although Receiver Grant said the
other day he did not know anything about Mr..
| Curtiss. Many reporters have tried for many
! days to find Mr.. Curtiss in this city, with the
| object Of getting him to tell what he knows
| about Third Avenue. but their quest has been
/ Ruthless
ANOTHER LIEN FILED.
| mechanics lien for S4S 1872 was filed yester-
day against the Third Avenue Railroad Com
| pany and the Forty-second Street. Manhattan
| willie and ST. Nicholas Avenue Railroad Com
| pany, in favor Of the Pennsylvania Iron Works
Company for castiron Jokes, insulator boxes
and roadway construction iron castings
| Suit begun In the Supreme Court yester-
| day against the Third Avenue Railroad Com
| pany, the Forty second Street. Manhattanville
| and st. Nicholas Avenue Railroad Company
and the Kingsbridge Railway Company by the
| National Conduit and Cable Company to fore
close Hen for s144,3S9. filed on February %
Two judgments we're filed yesterday. They are
| N. Quinn. So $50 10 and E. Overbaugh. $3.50.
D. F. MMAHON's STATEMENT.
Ex-Polce Justice Daniel F. Mcmahon. of the firm
| of Naughton Co, when seen last night said:
| All this talk about enormous profits secured b,
| the firm of Naughton & Co. Is a COMPOUNDED out
rage and there Is absolutely no foundation for it
manifest during the progress Of the constructior
their work No doubt some o, them sna w soans
great contract like that or the Thrd-ave line Ma.
ways stopped es 50 as the
he erpb an,