The New York herald., 1875-12-15
Application for a Receiver Of the Bleecker
Street Railroad Company.
Injunction Against Snow Ploughs
and Sweepers.
THE RIVAL COMMISSIONERS OF JURORS.
important Decision on the Payment Of
Commutation Money

Succeeding the Incorporation IN 1865 Of the Bleecker
Street Railroad Company the expense Of constructing
the road and equpping was met BY an issue Of nrst
mortgage bonds The amount OF these mortgage bonds
Was $500 600 and Mr. Benedict Lewis made trustee
under the mortgage He died some years ago, and no
having been appointed his place, recently upon
petition signed by majority Of the bondbolders, Mr.
John NJ Harlowe was appointed TO fill the vacancy
Meantime the company having failed pay the interest
the bonds and also being in arrears IN the payment
Of taxes and in tact, as alleged being in a bankrupt
condition. strong desire evinced on the part Of
some Of the bondholders to have a receiver OF
the road appointed The road has also is
sued second mortgage bond, the hold
crs Of which also necessarily interested in
matters pertaining to the road. Among those signing
the petition for the appointment Of Mr.. Harlowe
George A. Sistare Shortly following his appointment
rs trustee Mr.. Harlowe commenced an action against
the railroad company for foreclosure OF the FIRST mort
gage bonds for nonpayment OF the interest due last
July. on that action motion for receiver was made
before Judge Donohue at Special Term Of the Supreme
Court The Judge announced that pr John W. Ran
would be appointed receiver IN case II was decided
that receiver necessary These plaintiffs offered
To withdraw the motion for receiver when the COM
pany resisted, and that motion Is sti pending before
Judge Donohue Subsequently Mr Sistare, owner or
SIX bonds Of the first mortgage, commenced an action
on his own behalf and presses for foreclosure OF the
mortgage alleging that the trustee waa improperly and
the petition appoint him, and although conceding
that Mr. Harowe is proper person IN
every other respect Mr. sstare also claims
that the property Is improperly managed
and IS conducted ia the interest Of a com
bination Of bondholders of this and other companies
and not Of the company that $50 600 was Improp-
erly expended in legislation The company answers 10
the allegations that they have not been guilty
of any action by which foreclosure suit could be COM
menced. AS TO their payment Of taxes certain
property, that property, il was claimed not
cred by the mortgage and that the action OF Mr. Sis
tare is pending In Special Term.
There was lengthy argument yesterday in the mat
ter before Judge Davis, in Supreme Court Chambers,
in which the various parties in interest were repre-
sented by John 4. Develn and Messrs Scribner Har
Mr. Deyn stated that there 700 81 600 bonds
issued. The owners Of 4l0 Of these bonds, being
lory, favored the retention Of Mr. Harowe
On an application to Judge Donohue the latter ap-
pointed receiver OF the directors DR.. Ranney
Judge Davs-Did not the road want doctoringg
Mr.. Deyelin-Yes sir but not such a doctor. he
then to state the motion for receiver still
pending; they did not want receiver who averse
20 them and who would the road into debt. The
majority OF the bondholders approved OF Mr.. Harowe
trustee, and at all events they did wish him
moved from that position, any change would be
preudeal TO the bondholders and detrimental TO the
interests of the road II had been charged that $50 600
had been improperly used by the present managers;
the truth Of this charge he cmphat.caly denied The
railroad company claimed that the mortgage only COW
cred the rails whereas they contended that 1t en-
braced all the property OF the road Until this pre-
mary point settled receiver would know what
property TO take The plaintiff in the present suit rep
resented only six bonds, against 4l0 bonds.
MT scribner said he did not know how many second
mortgage bonds were out but there was not large
number OF them. The railroad company was the
owner Of particular franchise, and their second
mortgage bonds we're issued 10 enable the company
extend its road They denied the allegations Of es-
trangng the property OF the road any mafeasance
Mr. Harris stated tnat, finding their interests not
properly attended TO by the trustee they came into
court TO protect themselves. The parties he repre-
scented desired the road be taken Of its present
management and receiver appointed.
The argument, the whole, was about conflict
ing apparently the equities themselves One de-
ceedings the foreclosure OF the mortgages by Mr.
Harlowe another asks that the trustee be retained
the mortgages foreclosed another renuousy insists
accounting and neither particularly opposes tho
appointment or a receiver Judge Davis intimated
that he thought the litigation ought to be consolidated
in some way and that 1t evidently proper for
the appointment OF receiver Having given this in
tmaiion, rather foreshadowing his decision, he
he papers for examination.