The citizen. (Honesdale, Pa.) 1908-1914, 1909-04-21
OUR TROLLEY ROAD
George L. Mckay Makes
an Assignment.
INVESTMENT HERE CALLED GOOD.
Our Street Railway Represented to
BE in First Class Shape-May
Not be Finished this Sum-
mer, However.
From Saturdays Scranton Republican,

u t'dtuiudd
BY the assignment yesterday of
George L. Mckay, a New York
stock broker, the Honesdale Elec-
trio Street Railway system has been
involved in financial difficulties,
and the citizens of that town are
afraid that the promoter will be
unable to extend and equip the
line as he had expected to do this
summer.
However, his attorney is hopeful
that they can yet stem the tide of
reverses and that Mckay can soon
regain his financial prestige.
Mckay and his partner, Charles
B. Colby, conducted large broker
age Offices in New York, Chicago,
and Cleveland and up to few
weeks ago, when Mckay was ar
rested on the allegations of using
the mails to defraud, appeared to
be very prosperous.
About a year ago Mr.. Mckay went
to Honesdale with surveyors and
laid out street car line which he
proposed to extend to a consider
able distance in the direction of
this city. Up to the time of the
financial difficulties about two miles
of track was laid and they were
preparing to equip it.
Following the arrest of Mckay
and Colby they were given a hear
ing and released on bail for their
appearance in court. They were
represented by Attorney Fowler.
He said the liabilities might run
up to $4,000, but others thought
they :, would reach a larger sum
than that. Before the police got
after Mckay the postoflce depart
ment had received many complaints
from people all over the country,
who said they had been singed.
Scores of investors asserted that
they had bought mining stock from
the firm which they did not receive
at all or which they had been in
duced to purchase on fraudulent
pretensions.
Some of the complainants were
l.. p Dull, of Atlantic. Ia, who
wrote that he had lost $500; ]. E
Lane, of Macombe, Ills, who placed
his loss at more than $1,000; Viii.
liam Hughes. of Indian Orchard
Mass, who said he was out $3.50
and a mining promoter of Denver
who said that Mckay sold for him
$1,525 worth of mining stock and
did not make good with the cash
DR.. Francis E. Williams, of Gold.
field, put in a claim for $1,000.
Postoffice Inspector Kinkaid said
the complaints against the Mckay
concern had been piling up fol
over year. and that the postoffice
department had been investigating
McKay's activities for six months
before they made the raid.
Lawyer Fowler, who represented
Marrs in the assignment yesterday
said that the action of the postoffict
authorities had so crippled Mckay.
business that the firm was forced tt
the wall. The raid and arrest anC
the consequent publicity had fright
ened investors and the concern haC
been at standstill for two weeks
no money coming in but expense.
going on just the same. HI
thought that Mckay, personally
would lose about $4,000, but h,
asserted that all of the CREDITOR
would be paid in full.
Mckay" said the lawyer, "hal
an investment in a profitable bust
ness at Honesdale, Pa, stree
railway, which is in first-clas
shape. That asset alone will b,
sufficient to square the CREDITOR
and there are other assets that cal
be realized on"
Mckay & Co. had branch office
in Chicago and Indianapolis AM
George L. Mckay made his head
quarters in Indianapolis before h
came to New York. The concerl
made a speciality of booming min
ing stocks, copper for choice.
There are 100000 different species
of insects on tho aarfh Hopoa aHa ~