New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-27
LONG ACRE BOND SALE
Charles F. Murphy Executor OF
Chief Holders Will.

The late William H. he'S' O
civil Justice In this city OF whose VIII
charles F. Murphy, leader OF IanliiianS
1Iau uas one of the executors. was
originally the owner, it has developed
of a large part Of the 100000 nrSt
mortgage defaulted bonds or the Lohs
Acre Electric Light and Power COM
many which. as said In The Tribune
Yesterday, have just gone INTO the
bonds Of a purchaser friendly TO the
interests of the New York Edison COM
many. of which the Long Acre COM
pany would be an active rival If 1t were
70 continue to a successful finish the
pending litigation with the Edison COM
pany
Justice Kelly. who was the largest
single holder Of the Long Acre hrst
mortgage bonds, Of which 500 (s5oo'Voo
mar yalue) are outstanding, bequeatheu
a total of 1873 bonds 10 various persons
and institutions and left the residue OF
his estate to the Roman Catholic Arch-
bishop who should at his death be resi-
dent in this borough. This prelate Is
the present Cardinal Farley. as justice
Kelly died early in 1910.
The testator also directed his eN-
ecutors TO cooperate with John g
Sheehan, who has been active III the
MANAGEMENT of the Long Acre COM
many. and the law firm Of Dittenhoefer
Gerber & James. Mr.. Sheehan mas
owned one-third of five hundred of the
bonds. or 1856 % bonds. and the Dit
tenhoefer firm has held one-tifth OF
two-thirds of five hundred bonds, or
66 2-3 and it is understood that these
two blocks. with all of the bonds de-
vised by Justice Kelly, have passed
into the hands Of the interest friendly
TO the New York Edison Company, the
total holdings constituting well over
majority. on which an action could be
brought for foreclosure. with The Edi-
son interests as possible buyers at the
foreclosure sale.
Among the legatees receiving Long
Acre bonds under the Kelly will are the
Church Of st. Paul (Paulist Fathers
ten bonds; Church of the Immaculate
Conception, twenty-five: Little Sisters
of the Poor five: Society of st. Vim
cent de Paul twenty-five; the Right
Rev John Edwards, rector Of ST. Jo-
seph's Roman Catholic Church; the AS
sociation for Befriending Children and
Young Girls. ten. and. in trust, what
ever Incorporated society might exist
for "the uplift and defence Of the good
name of the city of New York against
aspersions and slanderous statements
etc.
\ president OF The New York
Edison Company and officer of the
Consolidated Gas Company issued a
statement yesterday. in which he said
that neither corportion has bought or
authorized the purchase Of the Long
we're company, and called attention to
the fact that the. litigation vas still
pending. adding
The Edison company claims that the
Long Acre franchise Is invalid by reason
OF non-uSe or aDandOnment ana that lLId'
company cannot lawfully transact busi-
ness as public service corporation In the
city Of New York.
A Il. Leach. Of the banking firm Of
\. e. Leach & Co., said yesterday, III
speaking Of the transaction through
which the Long Acre bonds we're sold
10 an interest close to the New York
Edison company:
The sale was cOnsummated several days
ago ] knew about II ana considered that
Il did not conflict with the plans OF A. +.
Leach & Co. and Harvey Fisk & Sons 10
finance new company 10 take over the
ntlo. ADra cnLnnanN