New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-28
MAY FORCE THIRD AVE.
TO BUY BELT LINE ROAD
Mr.. Ma|tbie Believes Former
Will Be Obliged to Take
59th Street Line.
DEMANDS OWNERS NAMES
Hearing on Application for
Right to Issue Bonds Of Till
Thursday-Central Trust
May Be in Syndicate

II developed yesterday al hearing be-
fore Commissioner Maltbic. Of the Public
Service Commission, or an application OF
the Belt Line Railway Corpora ton
which is the Seth street crosstown line
for permission to issue $50" OF BONDS
and $4,000 OF stock, that syndicate
which purchased the crcsstoun line last
November might have placed the Thiro
Avenue Railway Company in position
where it felt obliged TO buy the property
Commissioner Maltbe intimated that tho
Central Trust COMPANY. OF No. q Wal
street, was back Of the syndicate.
Edward Cornell. OF the law firm OF
Davies. Auerbach. Cornell " Barry. 81
No. q Nassau street, purchased tho cross
town property last November for Sl.6'3."
at auction. There were ASo,10 OF taxes
against the property at the time NJ
Cornell did no, tell who the purchasers
were. and has not yet told. Commssion"r
Maltbics efforts to find ou' who Nj. cor
nell represented in the transaction. at the
hearing Yesterday, were uiaNainng. The
Third Avenue Railway Company has since
offered TO buy the road al = net front OF
5000 10 the syndicate.
In the course of the hearing Yesterday
Commissioner Mdltbic read from tho rec
ord Of the hearing last Friday a state
ment By Frederick W Whitridge prosi-
dent OF the Third Avenue company. as fol-
lows:
Il originally did not contemplate any
such purchase. but when ! found ont
that the company the 18th street cross
town line, was in the hands OF interests
WHO we're willing to operate il themselves
and break up the transfer arrangement
which exists between the croSstown and
the north and south lines decided 20
buy It,"
M Maltbie then asked Mr.. Cornell who
was associated with him in the purchase
Of the property. Julien r. Davies of Mr.
Cornelrs firm. ana counsel for the cross
town company. replied:
II hope YOU won't press the question. as
Il involves a matter of professional eti-
Quettc
Mr. Cornell finally said that he had
bought the property with money he hor-
roTed TOT the purpose The Commissioners
pressed the matter further, and when ne
learned that while there WAS no agree.
ment 10 show q division OF the profits.
nevertheless the syndicate would split
up the 10000 profit between them. he
frankly told Mr.. cornell that II would bc
To his advantage and that OF the Others
TO have the whole matter cleared ur.
The commission showed Nj. Cornci. a
list of the trustees Of the Central Trust
Company. and asked Mr.. Cornell II amy
of them were associated With him IN the
transaction. Nj. Cornell replied that he
couldn't say whether any OF the trustees
were associated with him. Mr. Maitb!e
then showed him a list Of the directors
Of the Third Avenue Railway COMPANY
and asked him the same question.
Il don't know replied Mr. Cornell.
II have very little knowledge IL thei! az
fairs"
Pressed further. Mr. Cornell declined
70 answer in regard TO the trustees OF
the Central Trust Company.
You are aware" said Mr.. Maltbic'
that the commission viii refuse 10 act
until these facts are produced
In which event ! shall have lost q
sale said M Cornell.
Commissioner Maltbie adjourned the
hearing until THURSDAY at 2:3o p. m. with
the advice to Mr.. Cornell and Mr. Davis
to produce the facts At that time