The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-10
A REsUsCITATED RAILROAD.
RECEIVER soUTHwoRrH's PROGRESS IN REDEEM

RECEIVER soUTHwoRrH's PROGRESS IN REDEEM
ING THE coMPANYs FINANCES.
The complicated AFFAIRS of the Blocker Street Rail-
road still occupy the attention OF the public not only
those who hold stock otherwise pecuniarily in
teresed but also all those who have this line as
convenient mode Of travel from tho the west
side Of the lower part of the city Mr. Alvan
S. Southworth, the receiver appointed by Judge
Noah Davis, and his assistants, Messrs.
Charles b lockwood and Frederick Ponto,
are doing their best unravel the affairs OF the com
pany for the benefit OF the genuine stockholders In
the order issued by the Supreme Court Mr. Southworth
was commanded rescue tho property from all evil
disposed persons and preserve the franchise, as since
he has been appointed great number OF suits have
been commenced by different people TO embarrass him
in his position, intending eventually TO throw
this valuable franchise into the hands OF
few INSCRIPTIONS political magnates who have never
put dollar into the road An action on the part of
of the bondholders comes up to-day before
Judge Donohue to toreclose. IL is entitled Harlow
The Blocker Street Railroad Mr. Southworth,
as receiver is not party to that SUIT and considers
Mr.. John NJ Scribner, Jr, TO appear for
the stockholders 1t is stated, however,
that 1t is the intention of Mr. Scrbner
who should protect the rights Of the stockholders TO
act with those parties bringing the suit The great
point OF dispute now Is whether the road shall go INTO
the hands OF the Twenty third street line which
Mr.. Jacob Sharpe holds the controlling power or be
run in the interest those who have invested their
money in IT, Part Of the linc between Fourteenth
street and the Twenty-third street ferry, has not
been operated at all within eighteen months,
and 1--WE directors of the Twenty third line are
also directors OF the Beeckor Street Railroad the in
ference that the latter road has been Systematically
worked in the interest Of the former. Meetings of the
boudholders and stockholders frequently held es-
pecialy bondholdcrs At OF these meetings a com
munication received from the Twenty third street
line proposing pay $3.50, 600 and half per cent
stock and seven per cent bonds, with right to
lease for ninety nine years
The stockholders, however, do not to feel the
requisite confidence IN the guarantee considering that
men who WILL as they say, deliberately ruin road
to benefit another not TO be trusted Further IL is
thought that II the road Is worth much TO Mr. Jacob
Sharpe and those acting with him. II Is worth rescung
Tor the people whose money is sunk in It, An effort
will be made to sell II out foreclosure, and the
people who ruined i will buy 1t for themselves
Many Of the stockholders and bOndholders have called
Mr. southworth IN regard to the matter and he ad-
vlsed them all to have fears about the ultimate
suit but to await developments. The old ring continue
their threats upset the recovershp with the evident
repetition OF the old Eric business on somewhat
smaller scale. The order, however, appointing Mr.
Southworth is almost sweeping that which made
Mr.. Jcwctt receiver of the Erie road
Last week Ar. Southworth appealed to the Supreme
Court concerning the second mortgage bonds and II
decided that they should be delivered to him. Mr..
Thurlow Weed called Mr. SouthwOrth last week and
seemed to have clear appreciation OF the fact that the
road had been mismaDaged Tor some time past
count Of want Of harmony among the directors M
merous applications from most reputable
citizens have been received asking for posi-
ions as conductors for people wanting employment,
and Mr. Southworth states that he is wiling 20 APP
point a man, properly recommended, whose honesty
be vouched for and who willing work for So rs
a day and wants no more. Mfr. Southworh Is In daily
receipt OF letters from employees conductors and other
persons interested in the road, showing the combina-
ton between conductors drivers, starters time spot
and others who escd In the ring that have
so long controlled this road