New-York tribune., 1911-12-27
WOULD MAKE WHHRIOGE
THIRD AVE. R. R. HEAD
Presidency of Reorganlzed Com
pany To Be Offered to Re-
ceiver When He ,RetlreS.
SILENT AS TO ACCEPTING
Petition for Turning Over Prop
erty to New Interests Decem-
Der 81 Is Made to Court
Will Be Approved To-day.

Frederick W. Whitrdec receiver for the
Third Avenue Railroad Company, VIII set
an offer Of the presidency OF the company
when he turns over the railroad TO the
shareholders at midnight on December 81
4 man closely connected with the re-
organization Of the Third Avenue Railroad
said last night that he had no doubt Mr
Whitridge would accept the offer
When Mr.. WhitridgC was seen last night
AT his home. No Is East 11th street, he
said the interests in control Of the new
company had discussed the presidency with
him but that no Offer had been made 10
him as yet.
"They arc looking for-the best man." Mr..
vhitridge said with smile. 'and as it
would appear from the various reports of
the Public Service Commission that the
Commission put the new cars on the Third
Avenue Railroad and is directly responsible
for all the Improvements MADE in the SER
vice NJ that company I suppose the inter
ests in control will look to the Commits
sion for the best man for the job
Mr. Whitridge would not say whether or
not he would accept the presidency. Of the
road n the offer was made 10 him.
In the four years during which Mr. Whit
ridge has been receiver Of the Third Ave-
nue. Railroad he has passed through many
controversies with the Public Service Com
mission. All the orders Of the Commits
sion had a great deal Of sarcastic attention
from him, and he published at his own ex-
pcnse a pamphlet popularly called Letters
Of a Receiver 10 the Public Service Com
mission which was regarded as highly
entertaining.
4 petition 10 have the railway property
turned over TO those who will control II un-
der the perfected reorganization plan was
y ade Yesterday before Judge Lacombe. Of
the United States Circuit Court. There IS
No doubt that the petition. which was, ,pure-
" formal VIII he approved by the court
to-day.
Counse, for the various interests affected
expressed their agreement TO the granting
Of the petition Yesterday. and the only
reason why 10 was not approved at that
time was because some minor changes I'm
the petition might De necessary.
The property of the Third Avenue Rail-
road Company was bought I'm by the bond
holders of the company AT a foreclosure
sale in 1909. The bondholders' committee
then proceeded 10 reorganize the company.
hut i's plan was disapproved by the Pub
&c Service Commission on the eround that
The matter was taken 10 the courts. and
recently the Court Of Appeals decided
against the Commission
a petition was fled Yesterday son behalf
Q. the hondho'ders' committee asking for
hearing So that the accounts ~ the re-
c'iyor might bc submitted. The financial
condition of jhe company under the re-
coivership was described I'm thisf petition
follows.
A~ nearly as can be estimated i'm ad-
vance Of tine settlement of the receivers
count the amount paNahle out of the
proceeds OF sale to houdhOders who have
not dssented 90 the plan or reorganization
IS about Sb'6. exclusive of interest for each
SI.F" Of bonds or about $54.573 i'm the ag-
Ersgatc We are also Informed that the
amount of the receivers certificates now
outstanding Is $2,50000O aud that $4,000 is
sufficient sum TO he reserved by him 10
me ct his other obligations. and thai S25. .0Oo
ie sufficient to be reserved for the expenses
OF the receivers accounting.
Petitioners desire to deliver to the Spe-
C4l master $S30 0O0 of consolidated bonds
and to surrender the receiver for CapCella-
tion all the outstanding receivers Certif-
Gates. including all claims for accrued and
unpaid interest thereon, and TO have re-
turned 10 them such part of the said
moneys remaining I'm the hands of a special
master as may he required 10 pay the
amount 10 which the nOn-assenting bond
holders are entitled. and such OtheT sum as
the court may deem advisable 10 retain.