New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-12
MET" AUCTION TODAY
Highest Bid Above $4,000, 900
Will Get Roads Property.
TO GO AS SINGLE PARCEL
List Includes Railways, Equip
ments, Franchises and Like
Held by Company.

l. All the property, franchises, leases, stocks
and bonds owned or controlled by the Met
rcpolitan Street Railway Company will be
| sold as single parcel at public auction
| IN accordance with the mandate of the
United States Circuit Court of Appeals, at
. o'clock this afternoon in The county
! courthouse to the highest bidder above
100000.
The sale follows the handing down A
month ago of final decree obtained by the
Guaranty Trust Company, which brought
| foreclosure proceedings as trustee of the
general collateral trust mortgage. On
| March Is, 1909 Judge Lacombe signed the
original decree of foreclosure. An appeal
was taken and the date of sale was post
poned five times
The properties to be disposed of at the
sale to-day include all railways, real estate
buildings and equipment constructed prior
To and in operation on June IA, 1907. and
all the personal property of the Houston,
West Street & Pavonia Ferry Railroad
! Company, the Chambers Street & Grand
Street Ferry Railroad Company. the Broad
way Railway Company, the South Ferry
Railroad Company, the Metropolitan Cross
town Railway Company, the Lexington
| Avenue Railroad Company the Columbus
q MIMI avenue ftdIlIcdU tOIipdhy' anu
the Fort Lee Ferry extensions; all the
leasehold rights to the properties and fran
chises of the Broadway & Seventh Avenue
Railroad Company, the Eighth Avenue
Railroad Company, the Sixth Avenue Rail
read Company, the Ninth Avenue Railroad
Company, the Fourth & Madison Avenues
Railroad Company, the Forty-second Street
& Grand Street Ferry Railroad Company,
| the Twenty-third Street Railway Company
and the Blocker Street & Fulton Ferry
Railroad Company.
Everything Except Cash.
The list also includes about thirty-hve
pieces of real estate, with the buildings on
them; all the horses. cars, machinery and
equipment of the Metropolitan Street Rail
way Company, and all the personal proper
ty except cash in hand and books and doc
uments necessary for the use of the te-
ceiVerS.
Also there will be sold the franchises and
the following stocks and bonds: 1900
shares of stock of the Broadway & Sew
enth Avenue Railroad Company, 1000
shares Central Park & Grand Street Ferry
Railroad Company, 5000 shares Central
Park, North & East River Railroad Com
pany. $500 shares Thirty-fourth Street
CTOSStO"n halfway COMPANY, $pu',NV DoiibS
of the Houston Street. West Street & Pa
vonia Ferry Company. and $4,000 bond
and mortgage held by the Guaranty Trust
Company to secure certain land.
The purchaser of the property will have
one year from the confirmation Of the sale
in which to elect to adopt and continue in
force. or to refuse to adopt, any lease, traf-
fic. trackage or operating agreement which
l -NIry II
court has provided this means for the aban-
| donment of the operation of lines the de-
| mand for which by the public has practi-
cally ceased to exist and the franchises on
which may be revoked for non-usage.
Receivership Since 1907.
The Metropolitan Street Railway Com
pany has s52,0o0oo0 capital stock, of which
the Observation-Disclosures Company
| owns $40. 10000. There are also outstanding
s16,6o4.0OO refunding mortgage per cent
bonds and s12 10000 general collateral trust
8 per cent bonds, the latter constituting a
| Junior lien.
Efforts have been made by the commit
| tees representing, respectively, the holders
of the and 5 per cent bonds for agree
ment upon plan of reorganization, and d
| Joint reorganization committee. representa-
| tive of both bodies. appointed several
| months ago 1t has been suggested in the
past that an assessment be placed upon the
stock, of which the Electromagnetic
poitan is by far the heaviest holder.
The Metropolitan has been in the hands
| of Adrian H. Joline and Douglas Robin
| son. as receivers. since October l. 1907 Hold
| ers of the companys securities are said to
have expressed recently criticism of the
continuance of the payment of large sal
| airy to Mr. Robinson, who for many months
! has been absent on a tour which extended
| as far as India and who. at last accounts
| was in Japan.