New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-06
WHITRIDCE BALKS
AT SLIDING SCALE
Third Av. Head, at 100000
a Year, Objects to Cut
in Salary Plan.
SAYS HE'LL QUIT
If NOT WANTED
Circular to Stockholders Fore
shadows Lively Meeting on
Wednesday.

The recent sending of circulars to
the stockholders of the Third Avenue
Railway Company by one of its active
shareholders, Alonzo +. Cottier, who
lives at the Plaza, promises to add
considerable zcst TO the annual meet
ing of the company next Wednesday.
Mr.. Cottier makes strong appeal TO
his fellow shareholders to assert their
rights 10 a dividend, and denounces the
management of the company under the
presidency Of Frederick W. Whitridge.
The circular, including personal let
ter TO Mr.. Whitridge, reached the latter
Yesterday. While the president of tho
Third Avenue characterized the Cot
tier attack as "inane" to a Tribune re-
porter last night, he evidently resented
the following resolution, which Mr..
Cottier declared he would offer at the
annual meeting:
That the salary of Mr.. Whitridge
be reduced to $4,000 "A year, and con-
tinue at that figure until dividends are
commenced at minimum of per cent
PEI annum, at which time his salary
shall be raised to $4,000 year.
When . per cent annual dividends are
paid he shall receive $4,000 year.
When Is per cent dividends are inaugu-
rated he shall be raised to $4,000 a
year, aud when per cent is reached,
TO $4,000 q year"
Mr. Whitridge acknowledged that his
present salary was 100000 a year.
"That is a foolish resolution" he
said. MY salary is fixed compare
lively with other salaries. If, how
ever, ! found any appreciate dissatis-
faction at my management of the prop
erty | would get out that quick" and
he snapped his fingers.
Mr.. Cottier's circular and letter to
Mr.. Whitridge were prompted, he said,
by the receipt of letter from Shelton
+. Martin. secretary Of the company,
requesting his proxy in case he did
not expect 10 be present at the annual
meeting. Mr.. COttier denounced the
proxy as the curse Of American cor
poration management. He charged that
the company INDUCED in "high finance
in acquiring the 2Sth and 29th 81.
crosst0wn lines, and the belt line. He
asserted that only fragmentary reports
of the operations of the company had
ever been submitted 10 the StockhOld-
ers. and called on Mr.. Whitridge TO
explain these transactions at the meet
iEg
Mr.. Cottier pointed out in his circu-
lar that the Third Avenue company
was unquestionably in a prosperous
condition, having accumulated on its
$4,000 600 of stock since January J.,
1912, probably about S2000,O00, or 10
or y per cent of surplus. notwith-
standing what appears to have been an
eXtravagant administration of affairs
He said that Mr.. Whitridge was re-
corded as the owner of only one share
of stock At one point in his letter TO
the president of the company he said
"lf you were given one and half
million dollars of par value of Third
Avenue stock, capable Of yielding at 8
per cent a dividend OF $4,000 year,
and were performing your functions as
president with no compensation except
dividends thereon. instead of having
possibly salary Of $4,000 year and
only one share of stock, perhaps you
would see the dividend policy in diff
ferent light