New-York tribune., 1884-01-15
MR.. GREEN'S RECEIVERSHIP.
ASSETS OF THE NORTH RIVER COMPANY
SETTLING ACCOUNTS WITH THE WEST sHoRE-"iLL
TIE SECOND TRACK BE CoMPLErEDi

| SETTLING ACCOUNTS WITH WEI
| TIE SECOND TRACK BE CoMPLETED'
The assets of the North River CONSTRUCTION
Company have been placed in the custody OF the Chah
cellor OF NewJcrsey, who appointed receiver Oh 'ne
company late on Saturday night They consist OF
900 333 shares OF the capital stock OF the New-Iork
West Shore and Buffalo Railway Company ana
SO 900 OF second mortgage income bonds OF the
same company which were given 10 the construction
company in part payment Of its claims for building tne
road II is said that the construction company mas eA
pended on the work $50O0,OOO in excess OF 'ne
contract price but that the railroad company agreed 10
be responsible for any additional outlay which was maze
with its approval The settlement OF the accounts DC
tween the two companies which have been practically
under the same management Is likely to be the princpai
business OF tne receiver for some time
T certainly should not continue construction work at
this season of the year, exJudge Ashbe Green the re-
cevcr said yesterday afternoons "but fortunately the
road is already completed Some time In the spring
may possibly ask the court for instructions as TO the com
petng track west Of Syracuse but that Is
matter OF the future Just am In possession OF the
companys property and my business for some time VIII
be adjust the accounts or the railroad anu lnc eon
structiOn companies"
General Winsow president OF the North River Con
stcon Company said that the purpose Of the receiver
ship was 10 protect the companys control OF the west
Shore road We wanted own receiver" he adds,
and If our intention had been known before 1t had been
III,
who might have prevented its accomplishments We
wanted to preserve the rights Of stockholders, ana
there was i'm Judgment other way OF doing IT, Oi
course the building OF the road under the contract sus-
pended but the road Is virtually completed Ihere are
short gaps between Syracuse and Buffalo where the
double track has not been laid but the whole distance Is
seyentylyc miles. At the different stations the
second track and the sdng have been laid according 10
the original plans The road handle easily all the bs
ness IL is likely receive for long me and pr0inl-
ncnt engineer who recently inspected the road tod me
that he would advise the expenditure or S5OOOoo IN
the next five years. The line was more perfect ne sau
than any new line he had been Nice-Presl-
dent Thomson of the Pennsylvania Railroad, has ex-
pressed n similar opinion But absolutely To complete
the road ties enough along the line 10 pay the
cost We will do il spring II we are asked 10 40 IT,
The millions income hOndS which were given 10 tne
construction company Saturday night were pad on
account No price fixed on the bonds ana the
OF the railroad cOmpanys Indebtedness 10 the
building company has not been made public because IL
Yet knowu II question In wall street yes
teray whether the unpaid bills OF the construction COM
pany might he enforced against the railroad as me
chancs' liens and consequently precede the hrs mort
gage bonds The effect In the movement III the
price OF the bonds which, opening at js declined to 53s
and closed at 5j7s North River Construction stock.
yhf n is not listed at the Stock Exchange opened at
10. and after advancing TO 13lo closed at II.
Justice Barrett appointed Mr.. Green receiver OF the
property the construction company in this state This
action due the suit OF Charles f. WOcrisho1er,
stOckhOlder of the company.
The Albany and Rensselaer, Iron and Steel Company Sc
cured order Of attachment on the property IN TINS
OF the construction company from Justice Dono-
hue IN snt for S55, 900 for steel rails furnished