New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-02

ments the stock. AS temporary receiver. Mr..
rnit w "il opfaSte te roaH tor Two Weeks, ailS IN, M
| organization.
! Coupons due March 1. 1900. from the first
mortgage per cent bonds Of the Forty-second
| Street. Manhattanville and ST Nicholas Avenue
| Railroad Company will be purchased for &C
! count Of the Protective Committee of the Third
Avenue road by the Central Trust Company. Of
| which Frederic P Ocott chairman of the Pro-
| tective Committee, is president.
| MORE MECHANICS' LIENS.
The National Conduit and Cable Company
| yesterday filed a mechanics lien against the
Forty-second Street Manhattanville and ST.
! Nicholas Avenue Railroad Company for SS3.
234 OF. for 50, 400 feet of cable. laid and drawn
in the ducts of the company and contracted for
by the Third Avenue Railroad Company. The
National Conduit and Cable Company the
first to file lien. having February % filed
| one for S144.3S against the Third Avenue Rail-
road Company.
Additional liens filed yesterday by the
American Steel and Wire Company of New
Jersey. for $22 SS1 81, and by Houston & Co. for
St.325 5S.
The guessing to James r. Keene's losses or
gains in Third Avenue continued yesterday. the
general belief being that he has come out of the
transaction a loser. but not by any disastrously
large amount
There we're more stories in the Street about
certain irresponsible persons who were reported
to have sold puts on Third Avenue stock at
prices ranging from - to 81. In no case, 1t was
said these puts signed indorsod by
Stock Exchange houses but, according 10
mon report, they were freely accepted in the
open market Many puts" have since then been
repudiated and their makers have disappeared
from the financial district The aggregate of
losses through the circulation of the puts is
believed to be small.
One of the leading interests in the Third Ave-
nue. property yesterday denied with emphasis
the charge that the company had had to make
valuable concessions to the present city admin
istraton. Continuing, he said
Naughton & Co; made the same sort of contract
with the Third Avenue change its equipment
that they made with other companies. for which
they did the work well receive signal
proofs In favor in fresh quarters 1t has been said
that they protracted the work unduly but that is
not just to them. In little than year they
laid and electrically equipped fifty miles of rail-
work for the Metropolitan took them more than
three years II should be remembered that they did
this under the handicap of the continued operation
of the Third Avenue road, handicap that
The weakness of the Third Avenue road has been
the tremendous faith In it's future of its vicepresi
dent and large stockholder. Henry Hart. All of a
personal fortune of $6.00J00n. and millions that
he he bqTrowed Mr. Hart invested in the road Had
for the extensive improvements of the system all
!
Hart preferred 10 borrow money at or per cent.
Money was easy at the time, and it looked If it
were the wiser policy
William C. Whitney was asked yesterday as
to his opinion of the condition of the Third
Avenue road. He would not talk about the mat
ter. but said that in Hugh ]. Grant a capable
and conservative man had been named for re-
cever. and that he would doubtless do his work
effectively. When asked if the Metropolitan
would lease the Third Avenue and operate It,
Mr. Whitney said he knew of no such present
intention.
Anthony N Brady who is regarded as one of
Mr. Grants warm personal friends highly ap-
proved of the appointment, and at the Hoffman
House yesterday said Mr. Grant would make
an excellent official and would do a great deal
to bring order out of the situation
Receiver Grant, after spending the forenoon
at the offices of the Third Avenue line uptown.
and comforting with President Elias was at his
downtown office yesterday afternoon. When
there he said
II don't think the situation is any different |
from what it yesterday. 1 have spent the |
morning at the office of the Third Avenue COM |
pany uptown. I did little more than take pos
session"
What is the outlook" was asked.
We'll" said Mr.. Grant. Il don't think there |
has been any change in the earning power of |
the road since yesterday. The road is all there"
rs there any prospect of an immediate re- |
organization?" asked.
THE road doesn't need it said Mr.. Grant |
1T is in good physical condition. / shall SIM |
ply preserve the property and keep IT running |
shall retain the ola employees so far as prac- |
ticabe, and any changes l make Will be for |
the benefit of the road. AS for the finances, I |
haven't come to that. I suppose the experts |
have already covered that but some sort of an |
examination will he made
1t was said yesterday that Mr.. Grant would |
temporarily run fhe Third Avenue as an indie
pendent company. and the question of turning 1t |
over to some other operating company would !
come later.
EAST SLEEPER 10 RUFFALO