New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-14
IT'S AFFAIRS IN BAD SHAPE.
4 FORECLOSURE SUIT AGAINST THE LONG
ISLAND TRACTION COMPANY.
BROOKLYN TROLLEY ROADS IN MIDDLE AND
TIER OFFICIALS sILyNT-soME FEATURES


THEIR OFFICIALS sILxNr-soME FEATURES
or THE CASE
Foreclosure proceedings have been proush' III
the United States Circuit Court. Eastern Dstrict
Of Virginia. by f. Kingsbury Curtis, representing
the New-York Guaranty and Indemnity COM
pany. against the Long Island Traction Company
the Brooklyn Heights Railroad Company ana
Horace J. Morse as receiver F. Kingsbury Cur
tls special master appointed by the united
States Courts will offer at public sale at NO. III
Broadway on December next. the rights iran
chises and property owned by the Long isianu
Traction Company and the interest 1t owns III
the capital stock of the Brooklyn Heights and the
Brooklyn. Queens County and SUBURBAN Ha'-
road companies. together with all assets receiV-
able by the Brooklyn Heights Company unoer '"e
lease of February a. 1893 and all the interest OF
the Traction company in certain suar""'e'
fund Of s400OOOO mentioned in the lease
Mr. Curtis gives notice that SO 900 in cash must
accompany the successful I'd as a guarantee OIL
good faith II not the cash, then soo'ooo oi re-
ceiyer's certificates. par value. Issued under t"e
order Of March 26 1895, will answer. fur'hei
than this. Mr. Curtis announces that soo'oo' !"
cash must he paid of the price for which the
nronartv is sold and from time TO time otner pa! =
rnents are n he made as the Court may direct
The right is reserved to reject any or all pids anu
70 take n,ssession OF and resell tie property upon
failure of any purchaser to comply win any
order of the Court requiring further payments
The sale Is subject to confirmation oS l'e
Court and If the bidder fails 10 comply WIZ"
any order Of the Court, the sum ne mas ue
posited shall be forfeited. The decree grahte'
bv the United States Court bears date Oh oo-
tober H. 1895 The beginning of the roreciosuie
proceedings while not exactly suiPiise ="
the stockholders Jf the Long lsiand Itao''''
COMPANY Is occasion for chagrin all arou"'
that the traction companys arairs are III aS
bad shape as ever Just how DIG a OIL ''7
Guaranty company has against the Tac'ioh
neople IS not known nor could 1t be ascer-
tanned last night why 1t is that the foreclosure
proceedings have been resorted to-
President Rossiter. Of the Brooklyn Heights
company when asked about the matter by
Tribune reporter. showed a marked disposition
The matter does not come within the scope
Of my duties said he. You would better see
Daniel +. Lewis. Of the company.
Mr. Lewis when seen declared that ne RAD ap-
solufelv nothing t. say. He added that eX-IoV-
ernor Flower and F. p Olcott were the oEiy ones
who had clear knowledge OF what the foreclos-
ure proceedings meant -
Fx-Judge Norris counsel to the Brooklyn CITY
Railroad Company said: Il don't know thing
about It," although his client IS ihuirecty ue
fendant in the action. - .
Neither Ex-Governor Flower nor F. Z. Olcott
was at home last night when Tribune re-
porter called. go
The Long Island Traction Company. 1t VIII pe
remembered was organized under the laws OF
West Virginia in order to water its stock TO
ca Capitalization OF $50 100000 its lease of the
Brooklyn City and Brooklyn Heights corpora
tons together with it's ownership Of the Brook
Ivn Queens County and Suburban systems of
surface roads In Brooklyn. They also avoided
taxation to large extent by incorporating the
company in West Virginia.