The morning times., 1896-10-28
ARE MAKING HASTE S[OWtf
Hope Of Belt Line RAPID
Transit Deferred. {
BoNDHOLDERs ARE ON TOP
Receiver ScIOeEfs Certificate
Scheme Not Reulized-B Both Sides
Agree to Keep the Roads Alive.
widener-Elkins Syndicate Out In
the Cold.

- The action taken by the court yesterday
| in The matter ot the equipment "a the
Belt Line, and lexington and Soldiers
Home Line railroad wlVnin the CITY, Win
more rapid transit than aJ present, has
apparently not advanced the prospect or
the citizens using those ilnes tUf such
modern service.
Judge Cox has alloTe ed the receiver to
issue about $1,000 Worth Of receivers S
certificates by Which 10 raise funds for
the operating expenses OF the roads until
November 10. Whie the majority OF the
bondholders are opposed TO making new
liens hicn VIII -,ccrease the Naiuc or
the first mortgage " hich they hold, this
appears TO be case in W hich the vital
interest of all concerned secured harmony
OF action. Opposition To such an amount
Of such certificates for that specific rur-
pose was therefore not made by the local
bondholders.
OPPOSED TO SCHOEPF'S PLAN.
The local Donuholders for Whom the
| trustees are the American Security and
Trust Company, OF TINS city, have hdu their
way in this whole matter as against those
| " HON they term the allen hUndhOldcrs.'
The proposition OF Mr.. Schoepr, ilicn was
! actively resisted by the local bondhoIdcrs
Was the issuance OF receivers certificates
III such quantities as Would have impaired
the VaIuc III tiic bonds Mnicn are BASED on
the first mort gage.
Mr.. Schoepr's additional certificates, say
to the extent of $50 900, Were apparently
intended 10 have the same lien as the
first mortgage. This scheme was fought,
and up TO the present time has been killed,
Mr.. schoepf having received yesterday
permission TO issue the certificates men
toned above for actual operating expenses
only. On these certificates the American
Security and Trust Com pany has the
option for five days.
Another proceeding of the court was to
direct Mr.. SciIOcpf 10 ask for proposals for
experiments with an air motor as IL con
tenpiatcd by the act Of Congress of June
10, ana II such motor be desirable pro-
posals are also wanted as 10 within what
time the roads can he equipped with the
same. This is in few words the only
progress that has been made toward the
realization Of rapid transit on these lines.
NOT BLOCKING PROGRESS.
one of the bondholdcrs said last night
that the bondhulders, majority of them
Of tue Belt Line and the lexington and
Soldiers Home, were in no sense blocking
theprogress Of the road. Whatthey wanted
to see was some proposition showing that
the experiments to be had would likely
prove a success.
1t was undoubtedly to the interest of all
concerned. he said. that the values of all
the interests, stock as Well as bonds, should
appreciate, but the way 10 give them a
value and the public a good service was not
| To sink money in "A motive power which had
not been proved 10 he a success Money
sunk in SuCh enterprises would not only be a
| loss to the boRdhOldcr, but Ia the stock
| holder, for what affects one VIII in the end
affect the other.
one uf these stockholders said some time
| ago very gniiiclntiy, that there was Il way
| To- provide money for expensive and wildcat
experiments, 10 Wit, let the stockholders
who had not paihup contribute 10 that eX-
| perimental fund.
WHERE THE SYNDICATE COMES IN.
| The stock of the Belt Line and Of the
| lexington and Soldiers Home Railroad is
| now held largely by the owners OF the Balti-
! more and Catonsville Railroad, which is
Itself in the han Is or a receiver, and this last
| interest is said 10 be controlled by the
| delphia and Baltimore.
| The local bondholders are evidently not
| in the humor TO he forced into experiments
| materially, and which, in Their opinion,
| will not appreciate. stocks held under n
reCeivership, no matter who i the sufferer
In the meanwhile the public must wait
| FOR RAPID transit until all the conflicting
| interests are realized, Congress inter-
vencs, or the Roads change hands
The repeal of the charter of the read
| mas been mentioned as a remedy. but at
present the court appears TO think that the
| bondholders and receiver are doing what
| they can to carry out the command of the
| act providing FOR a Oh ange in the motive
power of the roads.