New-York tribune., 1911-12-28
TO BUY METROPOLITAN
BondhoIderS' Committee Names
Three to Bid in Property.
SALE SET FOR TOMORROW
Whitridge Elected President OF
Reorganized Third Avenue
Railroad Company.

Under the order of the Circuit Court the
| foreclosure sale OF the Metropolitan Street
Railway Company will take place to-mor-
row, and the receivership, which began on
October !, 1907 will be ended. The bond
holders committee Of the company has ap-
pointed t. S. Marston. OF Blair & Co.; Al
exander J. Hemphill, president of the Guar
anty Trust Company. and Guy f. Tripp
of Stone & Webster chairman of the bond
holders committee. a committee to bid In
the property. The upset price fixed by the
court is g2,ooOO00, OF which sl0,000,0O0 will
go for the property represented by the
per cent bonds and 100000 for the prop
er;y pledged under the refunding As.
The company Will be reorganized under
the plan put out ON November 10. All but
about 5 per cent of the stock has been de-
posted under the terms Of the plan, which
required the stock TO be deposited by De-
cember g. The Interborough Metropolitan
Company, as the largest stockholder In the
old company, will control the new company,
and will have TO furnish about s5,5O0Oo0 OF
the $4,000 new cash required Arrange
ments have been made through Hallgarten
g. Co to raise this money. and 81 s,375.COo of ii
was pau III idSl SdNhlddN, wien hli' "N'N''
owned by the Interborough- Metropolitan
Company was deposited under the plan.
The bondhoders have the right TO keep
possession Of the property for six months,
but a new company will be organized as
soon after the first of the year as possible
and the property will be turned over TO
this company as soon as the new securities
can be issued. The new company Will be
called the New York Railways Company or
the New York Railways Corporation, and
as the rborough-Metropolitan Company
will be the controlling force, Theodore J..
Shonts will be the president. There will lie
nine directors of whom six will be chosen
by the bondholders and three by the stock
holders. at first. but as soon as the new
company is working smoothly the stock
holders will choose five of the directors and
the bondhOlders four.
The operating management OF the new
company will be in the same hands as that
of the Interborough Rapid Transit Com
pany. Frank Hedley will be in control, with
practically the same STAFF under him as he
has in the management of the Interborough
lines. Since the Metropolitan company
went into the hands Of the receivers Oren
Root has been in charge Of the operating
management of the surface lines. 1t has
not been decided yet if a place will be
found for him with the new company.
Alexander j. Hemphll gave out yesterday
a statement extending until tomorrow the
time for the deposit of the per cent bonds
without penalty. He said this was the last
call for the few bondholders who had
failed to take advantage of the opportunity
TO deposit their securities.
Frederick W. Whitridge. for several years
the receiver for the Third Avenue Railroad
Company. was elected president Of the re-
organized company yesterday by the sub
committee Of directors appointed to effect
a permanent organization. Mr.. Whitridgc
has accepted the Office It is said.
4 member of the reorganization commit
tee. in making the announcement said;
"Mr. Whitridge will be formally elected
president by the full board at later date;
he will be elected a director OF the COM
panY at the same tirnS.
A permanent board Of twelve directors
has been elected. They are: James y.
Wallace. Adrian Iseln. Harry Bronner'
lanes Timpson. Frederick II. Shpman, w.
Fnlen Roosevelt, John W. Platten, Joseph
n Seaman, George w. Dawson EuWdIu u
a. Maher, Franklin l.. Baocock ana NlIoi'
TIE hearing before Judge Lacombe IN the
T-nited States Circuit Court Of Appeals on
the motion to discharge FREDERICK W
ybitrIdce receiver Of the road. was az
iourned until this morning at lO:3O O'CLOCK