The evening world. Newspaper, March 5, 1900, Page 2

pStock Tumbled When) “1 Listened tothe Temp- a a ooo ter,” Says the Coun- bjs —_— sel to the Third GRUBRAL MARKET OFF. Avenue Rail- ag road, | Third Avenue Railied After the Start—The Quo- tations. Edward Lauterbach i# to reatgn a*) counsel for the Third Avenue Rallroad He has intimated to the directors that he considers himself useless under the existing circumstances and has notitied Receiver Gram that his resignation is ready on demand. | Lauterbach i crestfatien over the | ruln of the Third Avenue Company. | While he defended himself agatnet | the intimation that he a party to @htieencement that the quarterly om the common stock of the Company had been cut in half the Btock Exchange thie after- When that stock hed touched the level of 106 1-2. price dropped abruptiy and there lation of Kia HS 4 which act resulted |r a manipulat fava. O kod the stook and a vonsequent deciine of | T'eypmd arate | Mra "Haou if ugar changed hands. seemed to be accorded the low [ s+ bein uln to the “Yon Bar and the general level of prices as Toy aera a famiton % : Pare | board, We met, conaldered all the] °hanged at decreasing prices, There | ment of the cut in the dividend was “a to the highest. a. WUTTYRRT YT COROT EERE names and he was the unanimous! *4* a slight check in the slump and the |made and the slump noted above ot- ‘There were some notable Muctuations| TEMPTED BY WALL STREET.| ise Andrews and Kayser married | chotce price was sent up to 9. | curred. the usually inactive stocks. Buffalo, rr | Mleces of Henty Ha: tere of| ‘As I look over the matter, I cannot? On Jan, 10 Mr, Havemeyer made nis Previous to the meeting of the Suga? Rochester and Pittsvurg isewes advanced| “We have met in this room.” 08] Mra, Lyon, whose husband was Preal-|too severly coademn the va noteworthy speech eoncething the divi- | directors to-day orders were given to 81-80 % and Chicago Terminals deciined | Mr, Lauterbach to the direct of the | dent of the Third Avenue Company be-| Wall street for their action dend at the Jersey City meeting of the shut down the Brooklyn an@ Jersey 284 to 21-2. Metropolitan Btreet Ra!-| read, “with happler faces. As you | fore hia death. they got held of uy, the end was soon in] Company, in which he said: | City refineries, 1,600 men being thrown | Poe 3844, know, I was Mp. Hart's friemt and | Kayoer's lose ta partiewlariy unfor-| sight. They kicked var stock bout] “1 am pure that when the duty of de- | owt of work. ‘the shut-down, it wae ¥ specialties ruled lower on heavy | viser, When his interests were at-|funate, as he haw been wined out en- | the gutters of the Stock Exchange a6 termining the amount of dividend is im- | raid for the Compa yy, was G00 (6 ever. Gellings of Steel & Hoop and People's|tacked by she financial complications | (rely. Mr. Kayser had been Secretary | held our throats until they were/ posed «pon them (the direciorsy they | production, while Wall street operators ? i of the road a few weeks ago, I sought to protect them, Wall street offered | $3.00. This poritic ald from him on Satur: ‘The tempter came, 1 became his victim. “In this room, less than a month ago, T made the bargain that ended In ruin, You have heard that I quarrelied with | James R. Keene, Yes, | did, But there may come a day of reckoning. “in my Lime L nave been bentiNed with | many business enterprises, with the le Inetitutions, =a sagned 21-2 0 3 points re- » Bugar rallied to par, but fell Mito % on free offerings. Most of the Salireads hardened in sympathy with a Pacific and Trunk line y tened, 1 tae a friend of Kayser! a blow to him now,” trregularity was man- tive specialties, but it the raliroads, made this statement to-day to an ing World reporter: & point and just Reon mounted to 361-2, Third covered about the same range. of the Third Avenwe's financ and I have been Chairman of the Re jenwe'n finances. changes of bonds were slightly publican County Committee 1 have |'*, however, no denying that there has ‘s tasted of the bitter and of the sweet. | been extravagance and mismanagement ‘There is sorrow in my heart now. 4% Inst I feel that my usefulness in (he community is at an end.” Mr, Lauterbach's remarks were taken by the directors as his final bow before the company ar an of To his friends he inade no concealment of his "| teatings. He felt that much Frespons!- bility for the colapec rested upon him and that the publle would condemn Con wiidated Gai New York Central me can be mabe, Deck road's affairs. way and so approved. The Mtocks to-day were meroy, looked after all the detaila and were |phip, Fock, uinmeecnly wor, Par] vceged dom inthe Third Avenue] trusted mpiitity, ee dh ii roud or that any eueh suggestion had | pér, Vrestand was asked by an Prarie rae many, ofthe. sveiere 48) DIRECTORS FELL ASLEEP. iin wer's tow 'bintsact sal temiee~| ‘Comptroter Coler madi“an announce | eapy"tecs in the soy, that te ‘The Qeotations. . Many e| . ‘i Low. vad whore NG wore in this “I saw a play once which forcibly re- conde aieie nt gy ye) pe] ment, it te asteged, that the tunnel | regetitan Traction Cumpeny ose $0 ay 16% | property are left with only a mengre| minded me of the way things were run lof fancy prices ry plots Rin hypoth: | Was to be run by the Metropolitan and a| orate the new tunnel, He pittance, But the heaviest blow comes in the Board of Directors, It was “Men ecated it, . ten-cent fare was to be charged on ex: | safd@t "Yu Mie] to the man who tn heid by his fellow-| and Women.” If I recall rightly a| “He still believes in the property. and | rey trains. ‘The news was probably Fy 14" 14" | stockholders responsible for It alm clerk Ina bank ts accused of theft. The | ago." /P iuiia up the Third Avenue] Th¢ Comptroiter Is quoted thus In ®} to mo as it was to other people $8 88) ronry Hart. directors héld a midnight meeting, and rin agate, Why! T'm only finety: | *peech to the Brooklyn Philosophical 8° | rea) i this morning. The * 14] Not alone has he been ruined, but the) one old fellow fell asleep during the | Don’t fear, I'l; bull It up again lety. iz we we ze - wane cee _— President Orr, of the Rapid Transit 4 2 2) on Commission, suppurte Mr. Vreeland's | onthugigem. He no Goubt i Se Re) statement see the Metropo:itan Traction org ae BS) “L don't believe Comptroller Coler ever | operate the tunnel and the wish ow g 7 sald that the Metropolitan Street Rall- | probably father to the thought.” a | of way Company or any other company DAd |" tiag there been any tall i 1M 104% | ot control of the Rapid Trans:t Road,” | your company operating the tunnel?” a) a es said President Orr, of the Rapid Transit |" yn MeDoneld has contracted to built gs ae a’) ‘© | commission, 10-day. ee and opertte the tunnel. He hes thus vd me Ts “The public is aware | made no to us to run poses rity a ite (Continued from First Page.) ba vn ~ nT ea ‘The ge Metropolitan Trastion Com- Morden | ts Bs pu att ean ie pig 4 privilege of} pany preretta the tunnel would 9 10 ee | 1BY 1B | charles G. Dobbs, real estate, 26 West | those whose Interests they manage with | with the District-Attorney at once.” g sbiyy a i It he thon bat We euurt'de | sant (are be etnresd ca the edeiens Ge we] End avenue, John R. Voorhis, butlder, | ihe highest degree of honor and intes- | “Have wou made arrangements to hg ‘without the consent of the Commis | trains?” bead % BS) 16 Bethune street; B. Frank Hooper, | rity, They are in the positions of trus-| lssue receiver's certificates to meet the ‘ 4 no such proposed contract has] ‘That question I caanet answer. HS BS! president, @ Centre street: Courtiand| eos, and ax ‘Trustees eRould deal with | expenses of the road?® perl aaa e537) Wa at cums Weald taee: th ak a. 12% 121%] D. Hastings, jeweller, 13 Maiden lane: | ine interesta in thelr hands with the; “! have not.” replied the @m-Mayor. | 7’ by ih be posed 10-cent fare on Rogge se ben] profit fm the (ransec- 1% 11%! James Owens, cashier, 284 Third ave- | highest demree of honesty “That le only a matter which the per- 9 for the pro Mania ‘Tramek teeh | GGa Gad ike Gade cedagy ‘to ‘in [ue; James R. Floyd, tron, w# Chambers |" “tq business aftaira @ high etenderd | manent receiver can attend to. 1 am|cxnress trains, ihe IAdlll Ceaulll, ight RO aa he ee ton, Ae @ matter tay ah, | streets Ai gust V._ Lambert. ewes, of honesty and morality should be eatad-| the vg ' ; CCeapelied to buy @ transfer coupon |of fact, however, the fare on the tun- 44 77 | 988 Third avenue; Frederick Zitt lished and maintained. | “Hay t plans for an cme Transit | nel trains is regulated by the rapid estate, 100 ‘Third avenue; Edgar Het +p cannot your attention to day | epneens nt of per cént, on the oo arr ee 8 Tis Secta | PAM lah. Se OTK EM tine, Laing, clerk, IMT Broadway. specific case at the present time, be- | Stock RECORDER GOFF'S CHARGE |: we have no ieeal evidence: but 1 that I know of, The Board of [9 Fide anywhere on the line, ae WP addin: Bn yah pos gy Mapa se proper that 1 should call your atten-| Directors would have to attend to that,| “The question of how much It | and the 1e-cont fore matter was a pert After they had taken the oath, Re-| ion 19 certain atatements that have ap-| 1 have nothing to do with it and haye| to equip the road. and the vrobable re. | Rie tie ket SMe ek ONS OE 4 them. He sit) eared in our great metrapollan news-| Neard nothing about tt." cetote ond oreste has hardly bern Asured) en Pee Com wil A ! only forty CAP | ers, alleging a xross breach of trust| “Is President Eliar of Counsellor Lay. | oUt | imagine Sivas, hp aes IX Adu ]in the Tombs, and that the Grand Jury ANG ay qimoat criminal neglect of inter=|t@rbach to be retired? Comptroller Coler te out of town, and bse edb oc lg = ous @ sub- By a Mill Rave plenty of time to go IMO OUL> | osry wnich it wax thelr duty to aubserve | “That the Hoard of Directors of the | Mt_the Danking-house of NEU sebaoalhs Bega nashss Besar <4 Mesias gh | road have to do with just now = —— = ay tt Although the Recorder did not name | ARDI ier CHARGED TO ACT. | Be aE fone ant avenur to GARDINER CHARGE! -| QARDINER’S LETTER TO | OTIS REPORTS SUCCESS it 11 | meaning was perfectly p he . 5 | ‘it Hib] body In the court-room and hi asta tine ese ine Be ar GRANT. ———s 6% ay} to “many public rumors and “lyou whould make an investigation into! Following is the letter which Col, Gar- | S8tv-four Pilipines Lett om Field WS 144 | ments concerning certain business Inlter- | 1.15 Gemterable condition of affairs, | diner wrote to Receiver Mugh J. Grant im Rattle with Gedwin—Our iB i Cg theromgtiy ago neo | Ut District-Attorney should dis |DieTRICT.ATTORNBT's OFFION, CITY AND Leas Slight. 1 nN ma Poep eaadaata 4 adgee| cover anything or recetve any legal evi- COUNTY OF SW YORK, March 3, 190, TON, March 6.—Gen. | os tam ali repay nad oral PN he In bound (o lay his taformation | ee. Hegh 3, niet, Reverie Thad averse Paige ecg Poon alypes oly t! zag feat c 9 lo | {| before you, go that you may act in your) Railreed, New York City. t fr Spey eet. lo proper mt thie time Ria Aiscretion and good judgment. | Ott: ince your eppetutmest by the Unites eggs aiaty perenne Gace ion | Sbould Invite your attention “A PUMMOF OF & FeQOFL {6 Rot suMoient | Het Cirewlt Court, Goutberm Diane of New 44 | many pubile rumors and statements Con’! 1 Sareant action on your part, You| Ter. a Recetver of the Third Avenus Ralinvet battalions of ae MS Me orning certain business interests in thit] 1 have Jegal evidence, such ae may CMP*AT. the mettpeiiion prose hes womrd wits fifth Regiments and detachmente of ar- ri a | elty. Jeonvince you beyond any Peagonabie | T'7 concerning mismanagomim of tha: | ‘lllery. engineers and signal corps, | which may prove io have been of « | 2.200 men, landed troops on the southeast, | 1 call your attention to a matie of 7 | public interest. To-day New York is the & | second greatest city In the world, both 1s | as to population and commercial wealth. Tig [Tt te the commercial centre of this mq | country =* |HONESTY MUST BE ASSURED. wy | “Therefore it i# of the utmost neces- sity that q high standard of busloess and commercial honesty be matntained, The people of this city are entitled to protection both at home and in thelr} business rights. People are attracted here from al: over the country and they should have their commerctal Interests protected Ikewine “Ht is ne ary for the protection of the multifarious interests in this etty that our ta Id be enforced, and If not obeyed punishment should be meted Out to the (ranegressors. “Every man in (he community is af fected by « condition of affairs such ax arises out of falling off In the wubtle morals The public morals should be up- held, and it is your bounden duty to se that it ts upheld. so far as is within | om your power, Re "The poor man who deport money | tret-At in the savings bank as well as the rich |ralleond office. Man who inverts his wealth in securities Noon and «er: are equally entitled to protection “Wil you 4.) (4 Gardiner in TRUSTEES OF INVESTORS. | rrssoavict™ une ees “It ye 2: = [3 Discrict-Attorney and the courts. “Unlike the clvil law, which ac and keeps iitigants In the years, jhe criminal law ie ewitt. act | qrent care and consideration.” - ol egesese 33°32 -35°*F 2: eZ oelver. ceived no communication. very Important ma orets an opinion must give naideration. sgtyepesgestse sassy ste SEPP SSSI wer f Ae 1 veel LAUTERBACH 006 Off, HART TO HIS RUIN. nd of the Dry Dock Railroad at a salary of Was taken away “Even that was something,” remarked “The lons of it Is John Byrne, the Treasurer of the Bast Rroa@way, Dry Dock & Rattery Road. and also a director of the Third Avenue, “1 do not believe that there has been any deliberate raseality in the handling ‘That is the moet serious charge I rec “I had been only a short time in the company's directory, where 1 was placed because of my familiarity with the Dry “The company's éirectors had littie to do with the road's management. rorte were submitted In a perfunctory officers doubt, that the lew has been violated. 10 Work to inquire into and |*rMminel Maracter investigate the matter of which I have | spuken, you will be ably aesieed by the |S courts for De not with haste, gentlemen, but Mt wae at thie period that the District- Attorney arose and made the statement that he had already taken the, steps to | Procure evidenre from Receiver Grant. GRANT WILL NOT TALK, An Evening World reporter brought the first nets of the proposed Grand Jury investigation to Recetver Grant at Dito office, Wall street, thie afternoon. “This ip all new to me,” sald the re- “Does the Mstrict-Attorney may ne has written to me? Well, I have re This a . and before 1 ex. fun ‘There may be a letter from the Dis- torney to me on my dest in the 4 ali @o up this after-| wmeat, os: July 63; vane . , aay ee rey ose + whee @ bewee ta | cee ee LED (SUGAR TRUST GUT Put Old President's Stock in the Hands of Wall Street Clique to Be Juggled for $12,- 000,000 Loss, ——— heated discr nm. At the end he had the most pronounced judgment. “Old Henry Mart always reminded me of that director, Hart was the Third Avenue and the Third Avenue was Hart “How much le was influenced by others I had no meins of knowing. No one ¢an accuse the directors of having knowledge of w doing, You will fing that nearly all the directors have been hard hit by the collapse. They held thelr stock to the end, and cer- After Stockholders Lose and RefineriesShut Down. Waa cut In half at the quatterly meeting of the directors to-day. Inetead of ¢ usual 3 per cent., a dividend of | 1-2 per cert. for the quarter was declared, On the preferred stock 1 3-4 per cent. wat declared. declaration of dividends." The market opened that meyer statement was iashed over ‘loker Sugar fell to 1171-2, and tt ch world, af it had been scheduled gales amounted to 196,600 shares. ¢ on Wednesday. ‘were only a few spasmedie checks to 9f,|the wrecking of the road, he takes upon {alnly had they known anything. wae ‘abd then fuctuated wildly above the|himself the blame for the demoraltsing || ABWARD LAUTERBACH. wrong they would have let go before it] ¥A4 the brlefeat meeting of the directors | the public, the sales reached the huge fetal. A break of 2 pointe in Tobaceo| Wall strect polloy inaugurated to eave | —— —— ———| was too late ever Weld. total of 263,700 shares on a wasting mal and Tennesses seemed to be the! the mock blow also has crushed his entire family. Tom in favor of « full investigation! Wall street had been guessing since | kel. deélining to 112 1-4, and showing @ @nly effect on the general market. Mr, Lauterbach has had « painful in- and believe there will be one. I know | Jan # to the probable course of the net lowe of 51-8 pointes. The membershin of the Stock Hx-| terview with the directors of the roat.| HART FAMILY’S LOSSES, [tne otter directors tavor the same! directors in the dividend matter, and| ince then Sugar has been dropping | Banse was too buey with Gugar to heed|At that meeting he confessed that '! hig ig the Iiet of losses in the Hart (NE. y want It open and they] When the announcement of the cut wae steadily, and on Saturday fell to the ether One-thousand-share jote| was he who placed with » Wall street | amily: have coniidence in Recelver Grant and] made the attack om Sugar shares was| lowest fixure in iis history, % 1-4. geemed tranaac:| clique the holdings of Henry Hart, | 11. that he will Ko to the bottom, | Fenewed and the stock Rammered trom| It steadied before the day's dealings to 12.89 over 00 “The trith shoul be told for the pro. | 1% to were over and closed at 1007-8 To-day Grant was| JAtae selling orders were thrown on tection of everybody. Mr. mare receiver at the suggestion of the the market and ti tock in large biocks throweh with us NO USE FOR HART NOW. “There is one incident in connection with it all that has touched me much. A day or two ago 1 saw Henry Hart at the company's alfice, He was .w: up and down alone wnnoticed. And T | thought of the the, only 4 few weeks Even- | ago, when he was & power among men. | How they gathered around on a tons! suited from the policy which has been declared that President McKinley’ pursued, Hable in the future than it has always | raise the price of their, pro@uetion. been in the past to look ahead without fearing the readle of any policy whicn DIVIDEND IN HALE Long Suspense The dividend on the common stock of| may be deemed advantageous. Speak- the American Guger Refining Company | ing for myself, | say with as much forse is possible that I would oppose any day with Bugar common at 1%. After the Have The necting was & surprise to ihe! at 19094, a net lone of 96-8 for the dev. pli The ses-| next day, as the realisation of the Have sion lasted less than three mirutes and! meyer etatement sank into the minds of |it opened at per and was pushed up until {t reached 1061-2. Then the announce- will take Into careful consideration the | declared it was for economical reasons fact that a reduction of profits has re- | and to support the dividend cut. Others ur- render to the trusts in the matter of “I do not betteve you would destre!the Porto Rican tariff has considerable them to declare any dividend which | bearing ow it, Now that ¢he Sugar would weaken the Mmancial strength of | Barone ate sufe of the Porte Rican the Company of would render it lees | tariff, it wae Gald. they are gs can best be dene by redueing the out- low, when he entered his office, one would rush to take off his costs another to take his umbrelia—ail angious te do him homage. It wes ot lunch time. 1 arked Bim if he had esten yet. ‘No,’ the old man replied; ‘no one hae Drought me anything.’ And then he took from his pockets a few pieces of candy, and like a child began eating, remarking, ae this is all I want.’ And I thought ‘How the ;' Henn Har hall Soa a the Taira Avenue Railzoad. He went to the office n Sunday as he did on the other six in the There Re- day that he was going to run the tunnel | statement to Mr. Coler. psn northwest and southern coasts of Ban Miguel ee eas Eis | u ne. “The eigong, eppcsition was 59 rime tae aes] COTTON of ‘eo severely a ive ‘woul wore x investigation of its afeire pee wil! be ermine whether or noi the asvietance Me office may be secvanary, provided there violation of che ertmtaal law, The object of (his communteation ts te ay thet, ny judgment, the wrecking of public corporn. toma wich Feeulian! lees to (hounds of Innocent In you rt lowly with “The ered im outh eriminal acta, 1 wilt in every way aasiat you, Were om investigation by the Greed J ne te ven! servant, AMA BIRD GARDINER, District-Attorney. WHEAT WAS STEADY, BUT MARKET QUIET. Wheat opened steady to-day te ihe face of bear statistios. and - ly caved off lightly. Very little trade was in evidence, New = opening prices were: May Wheat, A July, 331-3; September, 123-4; Mareh. 711-4 Chicago's opening prices were: May May corn, 06-6; May | casueltion from Feb. ee, Killed; 72; wounded, 30; Mieaing, 3. York's closing prices were: May bs {0 tis Marth, BO; Jey, 11-8] me. o if i } i bedi ! it 4 i ? f 3 | iH i i 4 i} i H i i I | il is g K } t ? every 4 Preddent Vreeland, of the Metro- mont @ Ce, a reporter was denied an- nolitan Traction Company, denied te- | swers to questions apropos of the alleged BRONCHIAL SUFFERERS THE RATE OF $34 TE, Until Mlacch 18 alf of $3 a month. The Fé PENALTY WHICH “SAPHO” FACES. The offense with which the producers of “Sapho” are charged and for which they are held is a misdemeanor, punishable by impris- onment for one year or a fine of $500 or both, "SIO" RETIRGNLE | SERS ae 6 ELD FO TRL (Continued from Firet Page.) gs tie ool the other Mr. Hummel) you are entirely mistaken in regard to the lew. Now, In the first place, the jedges here have held that in these cases there the testimony—that {s, most all the testimony here could be left out of the _ entirely, tt to Pr Vatlatay thes really Roaght wns not proper, and now there are three cases that decide the question. One wem to the Court of Appeals, Now we have in these cases established the law that ft {8 not to be decided upon expert teatimory. That is settled beyond all 1 shall hold these people Qpectal Gewions, requiring them to gi ball in 9899 each. Col, Gerciner—Weuld Your Honor ane baow anything seat Wy, vou go to the play ae wonet to PES ae ecm eee os seen o-