New-York tribune., 1877-10-27
IN A RECEIVERS HANDS.
THE LONG ISLAND RAILROADS. FATE.
PRESIDENT SHARP MADE RECEIvER-HIsroRY OF
THE coMPANYs TROUBLES.

OF Long Island Railroad mas Dcen h"'N
finally resulted the appointment of receiver OF the
company The order was filed in tue County Clerks Of
fee OF Kings County yesterday morning
Judgment was obtained against the company nv
James Mury and Samuel r. Smith ON October 23' 1874
for S561O0 rs This reduced 10y the General
Term OF the Supreme Court IN 1876 10 Soo'-
ola 80, which was subsequently affirmed by
the Court OF Appeals The judgment remained
however unsatished and Nury and Smith assigned 1T
for SOS 61O ~ last July to Paul Lehenstein who IN
turn assigned IT, October 49, to James Wood Wright, OF
the firm OF Drexe Morgan Co., for soc, 62l So The
Judgment was placed bv Mr. Wright at once in the hands
of sheriff of Queens County, who returned it with the
Endorsement that the company had no property in
Queens County from which he could satisfy the ex"cu-
ton An application was therefore made October IL TO
Judge Gilbert, Of the Supreme Court of Kings County,
praying order sequesrate tue property of the
company and TO appoint a receiver judge Gibfn
granted the request the plaintiff appointed Colonel
Thomas Sharp the recently elected president receiver
of the road. Colonel Sharp gave bond in S1OO,OOO'
William B. nsmore and John Hoey of the Adams Ex-
press Company, becoming his sureties.
Colonel Sharp was elected president Of the Long Island
Railroad October 3, 1877, Immediately after the Tesig
nat.oo Of Adoiphe Poppennusen. Colonel Sharp came
city and assumed the duties OF his new
Office October 6. at salary of $4,000 year Up 10
that time he had filed the position OF Master OF Trans
portation the Baltimore and OHIO Railroad fester-
day the bills etterheads etc. Of the Long Island Rail-
road Company contained the name OF Thomas X Sharp
receiver
D. H. Omstead. Of the firm OF Tracy, Olmstead &
Tracy counsel for the plaintiff IN tine aforementioned
action stated to TRIBUNE reporter last evening that
the claim OF Mr. Wright had nothing to do with the claim
Of Drcxel, Morgan 4 Co. against the company,
the being entirely separate. These were not
the only judgments remaining unsatished against
the company, and it was finally concluded
that the only safe plan 10 the claim to adopt
the course that had been taken The business of the road
would not be interrupted by the change. MI sharp
would continue in charge the only change being hat he
would act as receiver instead of president OF the con-
pauy The application for receiver had been made IN
the usual way by notice to the defendants
CO1rad POppeuhusen, the father Of the former preS
dent OF the company, recently came from Germany ana
obtained judgments October 7, in Long Island City.
against the Southern Railroad o. Long Island for S37i-
3O7 4S, aud the Flushing, North Shore aud Cen
tral Company for $4,000 46, in both cases for
money loaned, with interest. Some years ago the
members of the Poppenhusen family secured large
amount OF the stock of the Long Island Railroad ana,
after the deat1 OF liver ChaTck and Mayor Have
meyer, most Of their interest in the railroads Of Long
Island passed into the bands of the POppenhusens
Last year they succeeded in obtaining control
Of the entire railroad system Of the isiaud
The Long Island Railroad was chartered April &C.
1854 only TWO years after tie charter Of hr Erie Rail
Long Island CITY 10 GrecmOnt ten years lat T.
Among the other lines tha, are ctASr SNngH
port and the Rockaway ches. and he Flush ng
Eorth lorr ANA C,ia tle -ul,t0wn aud Port Jcn,i-
SON New-Yor6 ANA Roc6away. ana me Southern RaL J.
roads. 1ne smithtown aud Pit Jefferson y, w-Nur6
and ROc6aw1y, wtowu aud Fu'uihS, ana BicoG fh
and Jamaica Railroads We're constructed uuter sepalaie
organic atoms. and were leased the Long island hu.-
considered as branches oi thc mana ne. Ile
the Southern Railroad OF Lou5 Island, Vita ia II
leis lines, were leased Nav /, l7lG. The i ush-
ing Moth saorg ana Genital Ran 9'd w:s "Feani]e5
Ni N"sISs : - - !. l Iy'l A, 2 5., ibr Csi
limo, ll ii T fsfiA tup
b"TIl lS7D rib bore ami For. Waslin-ton an Ro-
ly d Hutu-t.n Ral.oat CJmp3m s.. Tia South
H. road oi l. H. ie nd NJ oiEuil d ur ,.c -ou'n
siIe Rii- All COMPANY Mascb 25 1850, uut lho
roai was not c,u. le Ell until ee tcnDcr 20
1876. A. vas sod uudDr ole.losur. i't u. 10, and
re,rsauzed uudni It~ present 'ltc lh. dio of te or
Raniz atom %. tr smtLtowu and Port Jefferson %aroW
was J.ue ., 1870, nd ihr igi was ht' ia 1915 II
leased. cuu,pe i.n. G. IN. I,l i.nd h 'il
road Comoiy ne orrung - ir Ok ANA j. icA@
Organized June o. 1870. I,e limo extend, ON iDclt-
t. ilr Llns Island Is1lr.ai ~ Soon '.s COMPLETED
T4r last iuau, statement OF Toe Lns isard Rail
eCt ~ 10000 G5ti1e 1T. sl55sSo g.
The floating bt has ma o. increase ,Oi nunhcr
yeas. IL Was ltICItto .ot l1CfGS 90 he 10000
III. company oecrto a oc, DIV dcud OF 10 0p rent in
1873 It aiS1 md dividend, OF > or ,eAt f,r ls7O-7l
amounting 60 1920, and ucr 'en. ior ls7i-72. and
1879, anoull,,u- t. s2iOOOO. The annu. CHARGES
foI ineitsl md rental. Oi lrs nes have "ocn as i'
lows; ls6.-19. interest, S55,3j1; l-6950 interest,
ss9l4i; lsI.-1l interest ~ lo'C9i I~'l-l- inject,
sl,o sO5 1878, iuteits, lIt -Jj req -, 01950Oo;
1904, interest, Sllj,453; rentals. TlVfOu;
1975 7G interest, and rentals. s.76,332. TDo
rolling s'och, az gwen lh iAe iast statement. con
sse' oi 5s ocono'c-, l'7 u.ssrI-e c'rs' 20 a-ssf'
mai and Xpress cars, ana 5oj lrosat o. 3. TIE num-
Der of pas eugcts earned i-t year 2,-3J1S7 rom
wtOIn the receipts We're SIG flj J3.
THE POPPENHUsEN MANAGEMENT REVIEWED
"The Long Island Railroad has always been
paylug o." said and resident stock
holder, until April last, when the POgpcnluseIs
assumed the manag, nltnt Tncy s3jG,d il with tne
debt # all its former rival roads, winch agcrega'ci
S11,OOOOOO, or an average of nearly 100000 d mile
Tnis, added TO he original debt Of The Long Island Rail
road OF II 100000. increased its bonded burden to
nearly 125OOOOO Since Apul, extryagancc and rccs-
lessiess of management have b On the ami there
must now DC added heavy 0Oatmg debt ~ 800 COO
have pledged the Lon- Island Road. The 81 venture
of th POppcnLu-eus in railway management was the
soon exte dtd their grasp the Contra Road running TO
GARDEN City aud tue Central extension To- Babylon.
after an uusuccess nj attempt To pooling OF
earnings to come iuS poius, and r,sut aud passenger
placed so that ruin to result. The
Southern Read next sought after aud secured by
these bold but tOally inexperienced and grasping
operators, thd lh bNV .Oi 'u,.i ~ u VNtIN cohitt
ing line. 4 local nus they cut rttes low that the
Long Island IL ad could not declare div dends.
Tne Puldcnhuse's lOu.o," continued tins gentleman
that rIvare, wnc 10 was beneficial 10 Che patrons OF
the srectiye roads. brought financial disaster to the
Long Island Line. B. securing that they would
have a huge mo.O ioy. They made proposals to Prcs
dent HcnIy Hvcmeyer and succeeded IN Obt dining tIe
Charlck, at price above the market value IL is
serted that tue Puppeuhuseus pad S75 share
by hem with DrcAel, Morgan a Co., altuUugh
il was sad to have been purchased lrlm the
became known, IL created great excilem along the
line OF the road. and resulted In suit by some OF the
some delay The count, verdict FOR $4,000 gwen
IN iayo OF te Palntine' ~ IL I'tI ga lh'l the ludg