New-York tribune., 1901-11-08
HENRY HART DIES AT 80.
NAN WHOSE, FORTUNE WENT IN THE
WRECK OF TIE THIRD AVENUE
RAILROAD TASSES AWAY.

Henry Hart whose name is insepoTai3y con-
1ected with that OF the Third Avenue K7ilroa0
Company. died yesterday morning "t his hHpl''
No 139 Madison-sye. He wsG ntcety years oiu
and death resulted from the iIiiralities OF ase'
Although he had been in falling health tor seF-
eral months his Illness had hecn of SERIOUS
nature only since last Saturday. ne took an
interest n the municipal camapisn jos' enoeu
and expressed himself being pleased at the
result. He retained al OF his faculties 70 'Ne
last
The loss Of Mr. Hart's fortune in the wrecklng
or the Third Avenue Railroad is recent history,
and is the most dramatic event III ms plcL-
uresQue career. From time TO time as II p
came necessary 10 raise funds for changing 'iie
motive power Of the road from horse 10 cdoie'
and 10 extend the system and acquire ne"
properties nex stock was issued. and MI ffaTt
alv-axs took his allotment 1t when the de-
cison was reached TO make a change TO elec-
,ricitv that the troubles of the road began A
contract for the work made for Sl-o'''V'"
with a firm of contractors which was oloselE
Identified with Tammany Hall, and whcn was
10 receive as its conversation u per cent OF
the amount expended. The work dragged on
for long time. and huge sums were spent upon
it. and lost in decreased traffic Another STOCK
issue had been authorized, but MI Hart VINO
lust then found II inconvenient TO pay Tor ms
allotment exerted his influence for delay Inc
money market was easy. and the extraordinary
expenditures consequent upor the changes IL
the system were met by additions to the float
ing debt Finally. early in 1900 it developed
that the unfunded debt amounted 10 the great
sum of ss3 $4,000 and that SS.os.oe would
he required to put the road in a physical con-
dition enabling il TO be operated proftaoly-
The stock plunged downward, fruitiess nego-
tiations were entered into with two syndlcafes
for financing the company, and receiver was
appointed In the Crumbing of values Henry
Hart as the largest shareholder, was the heaV-
Jest loser. But while the decline was IN prog
ress he MADE an arrangement by whlch James
r Keene lent him about S1,oa0Ns on part OF
his Third Avenue stock, and a syndicate in
which Mr.. Keene supposed TO be interested
took over the rest Of his holdings, about 2ub't
shares at par with the prOviso that he could
redeem il within a year at par or the syndicate
might buy il within the same perloa al Id. IN
January of This year he took up the loan. but
subsequently discovered, il was alleged. that
$500 shares had not been accounted for only
two three days ago he obtained court orQer
allowing him 10 inspect the books Of j. 5. Bache
G. Co. who said to have been of the syn
dicate. for the purpose of ascertaining the pres
,nt depositorv OF this block Of the stock Third
Avenue stock is now about 100. Just before the
Metropolitan interests secured control II was
selling below 40.
Henry Hart born July %. 1911, in water-st-.
this city. went into the pawnbrokers' business
with his brother AZ No. ?. Chatham-st The old
building is still standing at No. - Park Row. Mr.
Hart became interested in steamboat lines and rail-
roads. In 1853. in conjunction with several others
he started the Third Avenue Railroad He at
the head OF the company and the chief owner from
1858 to 1890, when the Metropolitan Street Rail-
way Company acquired possession Of the property.
MT. Hart vas also interested in the Pacific Nail
Steamship Company.
Mr. Hart a picturesque figure in financial
circles In this city z century. made q
comprehensive study OF railway traffic, and
attention the smallest details of the blsi-
ness. His railroad was his pet and he spent night
and day 10 make II success Before the days
when the owners Of railroads protected by
means Of bell punches and fare registers he would
frequently ride over his line il is said. and per
sonally detect his employees appropriating earnings
which belonged the company
Funeral arrangements have not yet been per
fected, although il is announced that the burial
viii be in Cypress Hills Cemetery.