New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-08
IN THE HANDS OF A RECEIVER
ACTION AGAINST THE SUBURBAN ThAC-
TION COMPANY OF ORANGE.

WATSON wHITELEsEy APPOINTED ON APPLicA-
rIoN OF THE AMERICAN LOAN AND
TRUST COMPANY. OF BOSTON.
on the application OF the American Loan and
Trust Company OF Boston, Watson "hi'eeses' VI
Orange. y. j.. has been appointed receiver Vi '"e
Suburban Traction Company, OF that city. VICE
chancellor Van Fleet also has granted an injunc-
tion restraining creditors from selling Mt SheriH
sale any portion OF the companys assets IN saus-
faction Of judgments secured ny the"'' ""Ne
Howe made the application for receiver. as co"'-
sci for the Boston company. which ho'hS Si''V'''
thrty-year bonds as trustee. executed In Its favor
by the traction company. The receiver mas p"''"
fed in $4,000 bonds and taken charge OF the aHars
OF the company ~
Ronds for 81 10000 were executed on June !. 1872
and interest at per cent was to be paid VI '""o
and December each year These payments nave
dcfaulted until the arrears now are N2". laAes
amounting to 5000 have not yet been PAID anu
the concern owes sl4095i - over and above us
bonded Indebtedness The companys resources
are estimated at $4,000 This includes ten mics
OF track two-thirds OF which are cIectrica'iy
equipped; eighteen cars, thirty horses one ana
half acres OF land. and other appurtenances OF the
street railway company. Frank w. Child Is the
company's president, and Albert W. Nissan It's
secretary The Ball & Wood Company secured
Judgment OF $3.50 81 on November Z. and the road
was advertised for sale yesterday. The appoint
nnent OF the receiver, however. sets these proceed
ings aside
Boston. Dec THE American Loan and Trust
Company OF No SO Safest, which has applied TO
the courts Of New Jersey for the appointment OF
receiver for the Suburban Traction Company. OF
that State IS no, at all affected itself 10y the stand
ing OF the street railway company being merely
tho trustee on the 81 $4,000 bonds involved and only
acting nj the reques, Of the bondhoders under the
terms Of the mortgage reporter saw the actuary
Mr. Jordan OF the American Loan ana Irust
COMPANY this afternoon. just after the news OF the
appllcation for a receiver Of the New-Jersey com
many reached Boston Mr.. Jordan was hrst asked
IN exnlaln the relation OF his company 10 the street
railway corporation.
The Suburban Traction Company. ne sa!d, OPP
crates tho street railways In and about Orange
y J. owing to heavy accident charges. ana un-
favorable treatment hy the authorize. OF INC cry
and perhaps being unable 20 Sc! suNicltnt DohiS
I,s outco has exceeded lts Income. nder the pro
visions OF the mortgage. We are the uus'cs ~ w.
nortgage and under another provision, the in'r"s.
having been deinuliei and bondhoders having asked
M 10 apply for a receiver W. were cpinpele' 10 ap
Div FOR a receiver. and to take preliminary steps
toward foreclosure. ..-,..,,...
viii the road he rcorgan.z'I by the siockholders
THAT il ,or the hondholdcr. 20 decide. bat tnnN
tim, ". will probably fJreclpse ,,
as the American Loan and Trus; Company AZ All
affected . j., -.
COMPANY AT all We merely have the relation OF a
,rusiee toward rs bonds a. have with hundreds
Of other corpors tons. We 10 no, o'e " cent
I'VE have never underwritien nor owned a single
Are the stock and bonds held much in this neigh
II think not So far a. know they held al
most exclusively In New-York and New-Jersey.'