The evening times., 1896-10-01

The minority stockholders of the Ecking-
ton and Soldiers Home and Belt Line Rail-
way Companies have suspicioned that all
is not right with these corporations. They
believe thatth pending proceedings IN the
courts, in which Mr.. W. Kesley Schoepf
appears as the receiver, appointed with the
consent, and, as they understand IL, by The
advice of the syndicate holders Of stock,
were from the beginning intended as the
means To get nd of those who have the
smaller holdings.
one of the minority said to Times re-
porter today that he had not the slightest
confidence that the humber class OF share
holders will be fairly dealt with and that,
whatever ma result, he for one will refuse
10 be frozen out, and proposes TO contest
every step to -pe taken under the receiver
unless he can be convinced tn this interests
are not to be sacrificed for the benefit OF
some other person or persons.
The Times was also informed today that
the minor shareholders have taken the
necessary steps TO oppose the granting by
the court of authority to Mir Schuepf to is
sue receivers certificates for any purpose
ana that unless they can be convinced that
il is To be square deal they will inter-
pose every obstacle to prevent the con
summation OF what they denoIninate Il
scehue TO absorb their stock
SMALL STOCKHOLDERS ACT.
These smaller investors in the capital
stock have employed Attorney Nathaniel
Wilson to represent them before the courts
and elsewhere, and Mr.. Wilson has taken
the necessary preliminary steps to obtain
legal notice of each successive move to be
hereafter made. This will include the fur
nishing to him OF copy OF Receiver
Schoepf's first statement, which was-Nue
IL,
ago. and no authority will be obtained
by Mr.. Schoepf to do anything until Mr..
Wilson can ne heard IN DcLalI or The MI
nority interest.
As soon as possible after the receipt of
Mr.. Schoepf's Statement there will be a
meeting OF Mr.. Wilson'S clients and then a
future course will be decided upon. 1t is
not probable that the decision will be in
line with tn. policy OF the receiver,
for there are ex explanations upon many points
which the minority will demand, and these
cannot be made offhand.
MIR. Schoepris likely to Dc asked why the
companies are So heavily III debt, one line
being accredited with having obligations
out for Sl20 900; the other $4,000; and
in case this is shown to lie legitimate in
debtedneSs, the minority querists will want
to know, it is said, now the issue of re-
ceivcrs' certificates, which is the crea-
ton OF additional debts, can benefit the
roads, unless there is a corresponding or
greater increase in the traffic.
There are those, also, who will ask to
have IL made clear TO them why the Belt
Line has not paid dividends OF late years
Prior to the removal of the company's Of
flee, which was several years ago, the
shares earned . per cent per 8nnum,
stoCkholder said, and he had not re-
ceiyed a cent since. There has been no
cash outlay since then for increasing fac-
tiles, so far as he knows.
SUSPICIOUS OF THE APPOINTMENT.
Al the meeting of the Wilson ciientage,
To be held socn. IL is possible that the verify
of The bookkeeping viii he challenged The
stOckholGer who discussed the matter with
Tie Times reporter did not hesitate to say
that he lacked faith in the statement tnat
the company had been running at o heavy
loss. and he thought IL to be singular if
such had been the case. that the salaries
had not been reduced.
When asked for information yesterday,
Attorney Wilson stated that he minor stock
holders had simply Instituted an inquiry not
an Investigation. They were waiting,
he said, for Receiver schoepf To file his re-
port, and whatever they should then believe
TO lie necessary for the protection of Their
interest would be done. Que thing hcunder-
stood they were resolved upon was TO apply
10 the court for the appointment of CO.
receiver. TO look especially after their in
terests
II is evident these shareholders are sus-
picious of The Schoepf appointment. They
say the judgments confessed We're singularly
small; that the application for receiver
followed swiftly upon the heels of the judg-
mcnt. and that Mr.. Schoepf seemingly stood
ready to receive the mantle refused by
President Newbold.
lie that as it may. the minority stock
holders do not approve of the choice any
more than they would have favored Mr..
Newbold. They believe that a man wholly
who had never been associated
with the management in any way. should
have been selected. and in naming their
choice such man VIII be presented.
EREPoRT TO CONGRESS.
In the report made to Congress under
cath by President Newbold and Secretary
Gray, under date of January IA, 1895, |
showing in detail the operati lions of the
lexington and Soldiers Home Railway
Company for the year s94, the total num-
Der Of ''reveuue' passengers carried dur
lug that year was stated to be 2,57 ,0O45.
There was another item, however, which
Included passengers carried ON employees
passes and transfers, which increased the |
aggregate to 4,254, 594.
The gross receipts of the company for that
period was S216 o32 II, and the balance
in the treasury, over and above expenses,
was $S,4l2.46, and among the disburse-
ments were, among other items, these:
Salaries, $5,OT3.13; per diem wages,
S7O.641 .55; provender, S21, ,O4s.s IS; inter- |
est on bonds, $11 1874; interest on notes, |
SS72; accumulator company, $4,000;
insurance. S2,G41.02.
The fixed charges of the road are not
c,, nIo To fat with
its affairs, but the minor stockholders be-
lieve that many items, as, for example,
the miscellaneous general expenses. special
relaying OF the tracks, refunds aud The like,
may be considered as fluctuating, and that,
with economy, much of this class OF eS-
pense may be eliminated. Inquiry is to lie |
made upon this point.
Another point upon which there is con-
discussion is the placing of shares
of stock. In the statement made to Con- |
gress, 100 of the 1874 stockholders are
shown to have less than ten shares each. |
Among these are President D. NJ. New
bold. with three shares to his credit, and |
W. K Schoepf, one share. At the same
time 10 ,625 shares are held in the name OF
the Central Trust Company of New York,
which Mr.. Wilson'S clients understood are
placed there as collateral security. and
it is part of their plan to have this
item fully explained.
The exposition which the minority will |
undertake to make will be complete. and
the developments at the coming conference
will. without doubt. be of interest.
OBSERVATION-DISCLOSURES
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