New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-19
RAILROAD EMBARRASSMEETS.
RECEIVER APPOINTED FOR THE NETWORK AND
oswEdO MIDLAND RAILROAD.


In the United States Circuit Court yester.
day, Abram 8. Hewitt OF Passac. n. j. filed, through
Alexander s. Green. his attorneys, bill IN equity
against the New-York and Oswego Midland Railroad
Company. Deos DE Wolf. trustee; Abel A Low. Georges
Opdyke and Delos De Wolf trustees, James H. Wilson.
and the Mercantile Trust Company, trustee The bill al
eges that the Company indebted in 100000. as inter
est on coupon bonds due May l. 1873 IL prays that
receiver may appointed and that injunction may
be issued restraining the defendants from selling %
otherwise dsposing Of any OF the property Of tho New
York and Oswego Railroad Company, pending further
proceedings.
Judge Blatchford appointed Mr. Hewitt az receiver.
and granted the Injunction. Mr Hewitt gave bonds In
s2OoOoO Chas. c. Perkins and Julius W. Temann becom'
ing his suretes The bill also alleges that the Company
has sold about 100000 worth OF it's bonds to perssb
whose names unknown 10 Mr.. Hewitt
President Opdyke said that 1t was deemed desirable to
have receiver appointed inssmuch as 1t would prevens
embarrassing malignant litigation AS soon a. pres
ent troubles overcome, the Midland Railroad
would be restored to its proper position. and faoiities
be afforded for its completion to Buffalo The directors
had programme which they puposed to carry out but
would not mpart it at present
msMANAGEMENT OF THE SOUTH SIDE RAILROAD
HINrED Ar-THE PRESENT DIRECTORS DEFENB
THEMSELVES AND CRTICIsE THEIR PREDECEs-
sORs.
During the past day or two rumOrs in regard
10 the South Side Railroad Company OF Long Island
have been IN circulation. 1t has been stated thai
through the mismanagement OF those who have been 10
charge until recently debts have been incurred By
which the Company has been seriously embarrassed.
while the coupon interest about due. will aggrs-
yate the trouble. TRIBUNE reporter called yesterday
upon the officers OF the Company and solicited informa
ton Although the exact condition OF affairs WAS noe
made known. real embarrassment was in part denied
President George Carman stated that everything con-
corning the road working favoraby could be
anticipated. As 10 the credit OF the Company, an
acknowledgment was shown OF an order for several
hundred OF railroad in which it was expressly
stipulated cash payment not TO be made Such.
ne said, was the feeling among the majority OF their
creditors. note of $4,000 had been protested isss
week. but this allowed by the Company for spe-
cihc purpose, and funds to meet IL were not wanting
The coupon interest all paid up TO date ana toa
required to meet that due on Nov was already
in the bank In regard TO tho shepherd directory Mr.
Carman declined TO say anything, could he make
any concerning the affairs OF the road as the
financial transactions between the two manganese
had not yet been concluded, but probably would Do In
few days. when tho exact state OF things would %
known That the floating dobt had been greatly ia
dur ng tho Shepherd management no could nos
deny but he excused himself from expressing any
opinion 10 regard 10 their work
BENJAMIN r. Tracy. one of the directors aud The at
torney for tho Company, knew little OF tho financial
affair, OF tho Company and remarked that no couls
know anything uutil present transactions with tao
old management were concluded. without u doubt. Q
heavy uosting debt had been incurred which might
nroye heavy burden but could In no wise. with
directory OF such ample means, ever seriously emosr-
ra.s thu COMPANY his knowledge tho credit OF thu
COMPANY asd never booa questioned sni tho ComoAnT