The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-08-25

Workers would settle here build their own homes,
and the company would bring money into It's Golfers
at a rate that 1t has never yet experienced Why,
1t Is reproach that great city like New York lies
so close to US and is cramped for accommodation,
and withal il embarrassed by this ferry monopoly
that they cannot avail themselves OF this island az
Indignation meetings about It, and have sent in re-
monstrances, but you might as well send In petit
| ton to
smoAL OF NORTH SEA SEALS
as to these directors They take It cody and blow
at you and that's the end OF It, They can stand It,,
they are not Interested cents worth. why, sir,
| this company has done more to check the growth
| bIned.n
The reporter addressed o gentleman, whose
name Is, for obvious reasons which follow, not
given, and asked him whether he thought the sale
was intended to embarrass the chances Of the
Westfeld victims recovering their remuneration
"Wei, ;" he replied, al don't know anything about
think that is one OF the objects OF the SALE That s
the way everybody talks about here, and have
actually heard hint or two to that erect drop
rom the attaches OF the company. ! only know
that the company is a kind OF one-horse concern,
and think it might do better with advantage alike
to itself and to the public"
IN THE COURSE OF HIS RAMBLEs
over the delectable island which one fanciful but
probably afiicted visitor calls the Gland Of the mos
quito, and which the Indians three hundred years
versed with all classes OF people, physicians, local
officers, boatmen; business men, summer bOarders,
e
ing was one Of dissatisfaction at the man
neT in which the company to
these views, together with their full scope OF
reasoning and deduction. are fairly illustrated in
the foregoing Conversations as well as the prevail
ing opinion that the company Is great greedy
monopoly souIless corporation, making money
{" hand over fist for its stockholders and utterly
neartless toward its patrons This OF course is not
to BE wondered at considering that
even outside Of Staten Island strong preja,
Xicf incf
coupled with the invariable belief that
they are making money on scale so rapid as al
grumbling, tyrant-bestraddled Indignation meet
1ng-loving degeneration OF individuals which
styles itself "the public"
THE OTHER SIDE OF THE STORY
was subsequently Cleaned by the reporter from in
dividuals who are oflcialy well posted in the ac-
tual status OF this ast-expring association Of
S tns5s wnS called upon was Mr.
under the order Of the Supreme Court. MI. Meyer
was found busily engaged at his office, and ex-
knew Of in relation to his trust that would sDs to
unravel the question which so befogs all who
to Staten Island asas in this @
was q bona tde proceeding forced upon the COM
pany by Its creditors, the mortgages, who were
they had invested. The action is brought by
Ockershausen Kreischer, as holders OF first
of the eS2gs against the
George Law is special mortgage Of the company
to the extent of about alty thousand dollars, and
for the benefit Of the plaintiffs whatever
assets may remain out q the property on which
u He Sh tecnca
and not an actual defendant. There have been two
classes Of bonds issued on first and second mort
cages, and these cover very nearly perhaps the en-
tire value OF the company's assets.
rim ns6kiPTs or rug goNrANY ..
to ois Z; errg a
the upper quarantine landing and Vanderbilt land
ing; fifteen miles OF single track railroad, with
small amount of rolling stock, comprising four loco
boats.-the westdeld, Middletown, Nortndeld and
tS ssamSoss Of PERTH Ss
tween Tettenvle, the terminus Of the railroad
and Perth Amboy, n j., together with the neces-
sary piers, bulkheads, docks and slips, and q four
years. lease Of the Whitehall slip ferry and con-
siderable real estate IN the vicinity Of all the land
railroad are as well equipped as they should be,
and the gross sum distributed in dividends annu,
Mr. Meyer states that If the stockholders were to
insure their stock they would not receive cent in
dividends. Last year the railroad was in such q
line, and as consequence, il " train rain
until the south bound train had reached
Its destination This year, by dint Of exertion, the
the middle OF the length Of the route, and now
trains may pass at that point.
sale would realize ST. 600 for the entire property
OF the concern and its frapchises Mr.. Meyer said
he thought that not more than
SIX HUNDRED THOUSAND DOLLARS
and perhaps not that, could be obtained for 1t. He |
knew there was great deal OF talk about the enor-
profits Of this line but 1t was IN easy matter
no
name, residing on Staten Island to subscribe half
million or even million Of dollars to experiment
WITH and they will have fair opportunity to COM
pete at the sale Tuesday next Let them do So and
they can run the road and ferry to better advantage
pront they talk so freely about they VIII be doing
good thing for themselves and for the community |
likewise. He found, In his present capacity, that
he was sometimes little Strengthened to find ways
Of paying the running debts and working expenses
out OF the receipts. The Westneld disaster alone,
outside OF the liability for personal damages
incurred, cost the company 700 in cash. Since
he has had charge as receiver he has directed and
had everything put in good and safe condition, and
was well assured that there is no gold mine In the
operation OF the concern.
Mr.. Meyer is himself a resident Of Staten Island
and cOnfesses to having felt the
INCONvENIENCEs OF THE FERRY SERVICE,
as at present maintained, and was well aware of
the amount OF dissatisfaction regarding it. Said
he :-"Only few days ago was talking with a
friend on board one OF the boats, and he told he
knew OF man who said the stock was worth fifty |
cents on the dollar. Now 1t happens that |
being resident Of the island, and de-
string to see things prosper about it,
and have got 1t yet, and II there is any man about
who Is going fifty cents on the dollar | am seller |
at once. The fact is the bondholders Of this road
have been waiting long enough for their money,
and, as 1t Is not forthcoming, they want to get out
OF it. Some OF these bonds are held In Europe and
finding nothing accruing people are very naturally
becoming anxious to get clear Of them; and this sale
Is the result.
Mr. Ruggles, the referee in the action, expressed
substantially the same opinion did other gentle
men connected with the proceeding, and there Is
very little reason TO suppose that the sale IL any
other than perfectly legitimate and necessary
remedy for the creditors OF the company The
CLAIMS OF THE wEsrFIELD SUFFERERS
will be In wise affected by this sale, as in any
event the mortgage b0ndhoders have legally the
prior claim TO decentralization, resting upon the
priority of date OF their contract with the company.
The victims OF the explosion only entered upon the
contract which makes the company liable for
compensation for their injuries at the time
when they paid the proper fare and