New-York tribune., 1914-11-12
WHITRIDCE WINS
THIRD AV. FIGHT
Minority Holders Create
UprOar i'm ClamOr for
Dividends.
DEMAND MADE FOR
HIS RESIGNATION
President Of Road Becomes Pep.
perry, but Appoints Com"
miitec of Inquiry.

perry, but AppOintS Co'h"
miitec of Inquiry.
Nothing outside Of a political con
vention where halt dozen factions
fought each other tooth and nail could
equal the annual meeting OF the Third
Avenue Railroad Company, held yes
terday in the Offices of the road, Third
av. and l2eth st. At times it threat
ened TO develop into fist fight.
The battle began at - o'clock, when
Frederick W. Whitridgc, president OF
the road. banged his gavel and was an
swered by rapid fire charges by minor
ity stockholders, led by Alonzo T.. Cot
tier. who lives at the Plaza.
The minority stockholders desired
the road 20 pay 4 per cent dividends.
"Dividonds." said Nr. Whltrldge,
"should be- paid only when the money
is in the bana."
Mr. Cotticr. whose leadership Of the
bcligcrent minority made President
Mhitridge lose his temper more than
once, opened the attack with "A state
ment that twelve Of the thirteen di-
rectors together owned but ll3 shares
OF stock, whose value, he said. was less
than S3.500.
The twelve directors he named were
+. w. Whitridge, ]. NJ. Wallace. Adrian
Iselin. i. II. Shipman, Albert W.
Scholle, +. A. Nahcr, George w. David
son, Milton Ferguson, +. l.. Babcock,
W. Emlen Roosevelt, Joseph II. Sea-
man and John Platten.
Duty Ia BoGdholders.
Then Mr.. Cottier criticised Mr.. Whit
ridge for purchasing the 2Sth and 18TH
SITS. crosstown line Tor 100000, road
which has been run at loss IN the last
year. Mr.. Whitridgc rellied:
i've always considered my first duty
was to the bondholders. They supplied
the money. have never prouhesied
when "a dividend viii be paid. A woman
wept for fifteen minutes III my Office
over $1,000 she said she had lost in the
stock. Then | made up my mind that
ia never allow any one 70 say they
lost any money through any statement
Of mine"
1lr. Cottier then attacked Mr.. Whit
ridge for the purchase OF the New
N,rk City interborough Line.
Mr. Whitridgc told how he put up
$4,000 OF his own money and then
Read & Co. on his own notes, and
after carrying it for year sold it TO
the road without profit to himself. He
said IL was good investment for the
road, and added that he hoped = be
TO say the same of IN 2sth and
29ih ST. crosstown lines.
81 wanted 90 20 10 the Pennsylvania
Station he said. The Pennsylvania
said they spent $55,00O,O0O on their
buildings and didn't want our cars
there. | say it is a sOmbre, jaii-like
building, and bright red car IN front
OF +, would brighten it up"
Whitridge Gets Peppery.
SIR. Cottier read = letter from Com
missioner Maltbie on the 2Sth and 18th
81. purchase.
Il may have made mistake" said
Nh. Whitridge.
q pretty bad mistake for a $50, 900
a-ycEr man." retorted Mr. COttier.
"lf you persist IN mistakes like this
how long viii il be before we're like
the New Hayen?' asked Peter T..
Meyer.
Just twice as long as if we followed
your policy" was NJ. Whtridge's pep
perry reply.
why don't you say you'll work for
nothing while the road isn't paying
dividends? >" Mr.. Meyer came back with.
"If any considerable number Of
stockholders ask me 10 resign | Will
answered Whitridgc.
stephen W. Collin. another minority
stakeholder. asked that Nr. Wh.tridge's
resignation be accepted.
81 said replied Mr. Whitridgc, that
I'd resign at the snap Of my fingers if
any considerable number asked me.
But III not place myself at the mercy
OF q lot Of idiots"
Would Reduce His Salary.
1lr. Cottier then proposed that Mr..
Whitridge's salary beccut from 1000
TO S2j 5000, 10 continue a that figure
until per cent dividends were paid,
when r. was TO be raised 10 S35,000,
and $4,000 added TO it as the dividends
jumped / per cent annually until ne
was receiving $4,000 d year
Nr. Whitridge replied his salary had
been fixed by the directors and was
lower than any other railroad presi-
dent hereabouts.
Alexander c. Lassen moved that a
committee of three stockholders pres
ent be nominated TO examine into the
an ldAin anu 'bi4AhNA " llt company.
Mr.. Whitridge said he had 10 OBJ
iections to an investigation, but wanted
it made intelligenily. Half an hours
wrangle ensued over the right OF the
proxies 10 vote.
"lf we're voted down well hold an
independent meeting shouted sew
eral.
But the proxies C98,G63 shares
against the $500 Of the minority were
/ allowed TO vote and the motion was
lost. amid wells of Unfair" and
"Steam roller"
Mr. Whitridgc then appointed four
stockholders +. 4. Manice. William
Mas l.. +. Strauss and Henry Block
10 make an Investigation Of the road.
4 Passing the annual report and Other
business led to further squabbles.
Eventually Mr.. Whtrdge left, com-
. planning of a headache
The income account for The year
I ended June 80. 1914. showed gross
earnings Of $10,s5S.216, an increase OF
$74O.3G5 over the previous year. Net
earnings after taxes were $3.121 1896. a
gain OF S19,38l. while other income
brought the total net income for the
year up 10 S3,l96,6l2. an increase OF
s4,49G. Owing 10 the fact that per
cent was paid on the adjustment IN
come bonds in 1914, as against 3al per
cent in 1918. there was an increase of
S375.075 in fixed charges last year
leaving n surplus Of s62G.3O6. &c
crease OF S290.6j2 FOR he year.
ELNAY sDTT1MENTS