The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-12
NEWS OF FINANCIAL INTEREST
STOCKHOLDERS ROUT
WHITRIDGE'S CRITICS
Third Ave. Meeting by Decisive
Vote Downs Protest by
COttier Crowd.
NO DIVIDEND PLAN UPHELD


The stockholders OF the Third Avenue
Railway Company applied the steam roller
yesterday to Alonzo Y. Cottier, who. with
few followers. appeared at the annual
| meeting at tho corporations ofiico Third
avenue and l30th street. with the determi-
nation OF having an investigation OF the
administration OF President +. w. Whit
ridge, Of reducing the presidents salary
and OF having some dividends declared on
the stock
Cottier and his followers were over
whelmed on the first test vote that fol-
lowed much exciting debate. in which al
most every body talked at once. A resolu
/ ton offered by Cottler's friends providing
| for the appointment OF a committee OF
| stock and bondholders TO investigate the
| books and affairs OF the company was
voted down by o39i3 shares to 7,435.
The result aroused the anger OF Cottier.
Hc walked Indignantly from the hall. fol-
lowed by his friends. and the remainder
! or the meeting was most amicable. The
fight OF Cotticr to get dividends was short.
hut he had every opportunity TO present
his side of the case, and his friends like
wise received plenty of chance to tell their
grievances and make their protests. Prcsi-
dent Whitridge did not seek TO cut OF de-
bate or to stop the outburst OF wrath.
After the meeting was called to order
and the minutes OF the previous meeting
were read President whltridge squared
his shoulders and looking up with a smile
said:
Let's postpone all further formaiities.
am ready for the attack which Mr.. A. T..
Cottier has TO make against tho corpora
tion and everybody connected with H."
Cotticr Reads Complaint.
Mr.. Cotter got up and read the story
Of his complaints aganst the management
Of the company lie recited the heavy
assessments made on the stock OF the
Third Avenue after the appointment OF a
receiver He said that the stockholders
had borne all this with patience and had
been patient when the company failed 10
pay any dividends. even though various
lines were being purchased. lie declared
that under the right Kind OF management
the company could pay dividends.
President whitridge replied to all ques
tons and complaints. He said he hat
been determined from the first that M
dividend should be paid until the cast
was in the bank and there was no prior
lien on II,
l Following the action for foreclosure
ne said
81 had in mind two ambitions. FIRST
IL II was possible for mo to administer thi.
2 property. to see 10 II that every man whC
81 put A dollar OF money into IL on these
o per cent bonds should he able to get 4
= out and second. I thought that I SHOULD
V he able to pay TO the new stockholders
4 dividend and at the same time institute
. a profit sharing device with my EN-
: ployees."
. Defends Purchase OF Lines.
u President Whitrdge defended his pur
chase of the Twenty-eghth and Twenty
e ninth street line. lie said that the who'll
: issue was one Of opinion. He spoke as'
o OF the depreciation fund that he ha'
3 collected as one OF the soundest thing
S that he had done since taking over tn
n management of the road
i Wien the motion to appoint an inves
Il tgatng committee was put Cottier AM
= his friends sought to prevent voting b.
J. proxy, but thoy were overruled and whel
). the vote was so heavy against them the.
left the hal. The work of Presiden
= Whitridge was approved, Then Presi
n dent Whi'rldEe appointed an investgatin
l. committee Of his own. consisting OF
i T.. Strauss. Henry Block, T.. w, Mas
< and Edward NJ. Manice.
v The old board of directors was re
i elected
. In his report to stockholders Presider
h whltridge pointed out that his aim hR
Is been TO maintain the property Al tn
% highest state ~ efficiency. He said tina
"A the condition Of the buildings was show
D., by the fact that the rate Of insuranc
" on them is now one-half of what the rat
n formerly was. He said that the fund fo
renewals and contingencies had bee
80 kent intact at $500, 900. lie said
- ''The figures submitted on January
- show the necessity of an expenditure
~ upward OF $500, 900. 1t is too early
~ undertake to submit an exact statemer
y, OF what will be necessary during u
~ year ending June 80, 1915. but 1t ma
" bs expected that a very large amour
y, of money. more than enough to absor
&c all the net income, must be expend'
%, on the property especially for paw
u ments required by the city. particular
in The Bronx"
ne Tho report shows that for the YET
II ended June 80 last there was an increa
OF s74O,365 In the gross earnings OF u
company and AN increase or S79,3sl
IN net after the payment OF taxes. II
as gross earnings amounted TO slO S5s.
he and the net earnings to s312l 1895 TT
he total income for the year was 81 1876 81
IT After the deduction Of S2,570,3o6, VIII,
J. included interest on adjustment bono
| trVit NJ