New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-03
L. IRAILROAD MANAGEMENT.
THE PoPPENHUsEN FAMILY's CONTROL.

THE POPPENHUSEN FAMILY'S CONTROL
THE DIRECTORS TO MEET TO-DAY-LEAsED LINES
NOT EARNING THE INTEREST ON THE BONDS
HOW THE ROADS HAVE LOST GROUND.
Nothing new was obtained yesterday IN re-
gard to the failure pay the accrued interest on the
bonds Of the leased lines OF the Long Island Railroad
Company. II thought that meeting OF the Board
OF Directors would be held yesterday to decide
whether or not the interest would be paid on the
bonds OF the ROckaway branch OF the Southern Hail
road. No meeting held, but notices were served
on the Directors for meeting this morning at the once
of the company at Long Island City. An Informal meet
ing Of the Executive Committee, consisting OF AdOlph
and Herman Poppenhusen, d. ~ Ropes E. B. Hinsdale
and Mr. Funkey was held yesterday morning, but moth
ing was determined. Herman Poppenhusen stated TO
TRIBUNE reporter action they had takes in re-
gard the leased lines simply because the ROADS
had not earned the interest on the bonds In
regard to the Central Railroad OF Ions Island
no stated that the family owned seyeneigAths
OF the stock that their loss would he greater than
that of any stakeholder The Smthown and Port
jefferson Road was distinct line from tile other roads,
and the Poppenhusen family did not own any OF the
stock. In fact he did not exactly know who did own the
stock. 1t learned that S15G4 so was deposited IN
the ST. Nicholas Bank pay the interest which accrued
yesterday, on the construction bonds OF the Atlantic
Avenue branch Of the Long Island Railroad.
gentleman connected with the prosecution OF suits
against the present management or the Long lSlanu
Rliir "a
ture The Long Island Railroad Company he said, was
not in default on any OF its bonded Indebtedness the
deIinoueuey being chargeabe 70 the leased lines
The bonded debt Of the Long Island Road was less than
$4,000 per mile total Of Sl,3COOOO whereas the
North Shore and Flushing leased line was Donded LOT
100000 per mile. Under the management OF the lhte
Oliver Charlicl and subsequently when Mayor Have
never was Long Island Road was run cheap
w. 20 that dividends paid Since the Poppenhusens
Lao beeu i'm active CONTROL running expenses had az
vansed to 90 per cent OF the gross earnings and WINE
fault could bee found with passenger ana lrci-n. az
the road has been steadily losing ground.
For years." ADDS tins informant, the Pcppehhuseh3
IN opposition 10 the Long Island Road, which wa" always
"A paying enter rise. When Mr. baYemeler was tesl
Cgck estate al SO per share OF 800 and gained con
tr h The rival roads being parallel linesa anna gaslioh
not advisable, ana they arIahIeu q lc"so ~ oo
ing the l. M Island Dad and APP uenances 70 secure
a., payment OF the Liabilities o. the leased lines. 30
nancy was uaid direct by the PoppenluselS 10 Nj
nyen,ever bat IL was secured from Drexel, Morgan
mortgage bonds of The parallel and connecting lines and
81 600 shares ~ Long Island Railroad After While
md David Ropes, WHO was President, retired, ana
AdOpI POppennusen VINO had Altltr'O h9' tahei az
active part in Tie cement OF he road, was mace
President in Alrl last He endorsed tie paper OF tAo
road a large amount TO keep up the crei' ana e VIZ
M 0Ie time President, but subsequently retired.
lie ia a resident OF Hamburg, Germany and
IL is said Aas disposed OF all ms american
propery 10 lis sons. principally TO Adoph judgment
Of $40 900 was soe time 90 obtained against tae Long
Island road ON OF construction expenses on
br ne and persons who held 10 We're persude 10
assign II to the gnans for face value ana these
bankers row hold it first lien over the claims OF
DreXe, Morgan Co Inc Sl3 harpor Di-loH s',as va
tireiv free Of bonded debt when the Foppch-
lu.ens assumed control, eighteen months ago. b0lds
had been u ued Dut were mo- nr-o'i 80. 80
raj Puppeuhusen took them To Europe nut "hat
was done with them Is not vel known TIE heaviest pay
ment OF interest a.is due on NONeor "hSh t"c "s
OF the main line must be- met. and that VIII snow 10"
far tae present viii be able 10 prevent me "
pointn,ent Of Receiver Inc toth amouht oi P ho,s
ldeBtedn S. which has accumu atod sluce the foPpe
bgens took control about 81 100000 on large pro-
nnrtian OF which !. oIph POppcunuscn Is endOrsvr
FRANCIS Il. Wallace and john II. AelchIm DeSah IN
action some time against the Long lsiauu haNdy
Coppauv 10 restrain tue defendant from guaranteeing
tn pa IneAt tAe indebtedness OF the FLUSHING NOrh
shore and Central Railroad Company, or OF the
southern Railroad Company, or az the Interest on
tuc Indebtedness OF those companies lEe dcichdihi
dcmurred 10 Inc complaint upon the ground thai several
causes action has been improperly united Ihe de-
nurrer was .ed before Justice Pratt few DAYS age
Yae Court rendered It's decision Yesterday Sustaining
lc dedrrer. with leave to plaintiffs " amend On pay
ueut OF costs oil TIE motion.