The evening times., 1896-11-11

Two expert bookkeepers from New York
| are working ON the Looks OF the EckinS-
| ton and Belt Line Companies.
| tits stated Dy stockholders that Receiver
| Schuepf resisted as long as he could grant
| ing permission for them to make the lnvcs-
| igation, but finally gave III under the
| threats of the opposition.
The purpuse or their work is practically
| to learn what has become OF the money
| earned by the two roads and to discover
| the true value OF the properties.
| II is suspected by certain of the bond
| holders that money has been foolishly, eX-
| travagantly, or worse, expended, contrary
| To sound business Judgment.
| 1t is also feared that an organized cr-
| fort has been made TO depreciate the
value Of the two conttrns and the bond
| holders believe that their condition Will
be found to be much better than has been
| reported by the receivers.
sCHoEPF's PURPOSE.
To put il another way, it is stated that
Mr.. Schuepf has bound himself To advance
the interests of certain air motor Tor
peCuniary reasons and also 10 bind and de-
liver the two nnc> into the nanus oi lnc
Widener- EIkins Dolan syndicate, embrac-
ing, in addition, the Catonsvilie Construc-
tion Company and the Washington and
Baltimore Boulevard Line.
li.c uIsaII Iu,IurII, urt"-Sii the stockiioiu-
crs came about in this way:
When Col Trucs,lell unloadcd his stock at
$50 Il share-a big price-to Hon. ID. NJ.
Newbold, he let in some others OF the stock
holders, who shared in the golden harvest
The rest We're kept out in the wet, unable
to sell at advanced figures, ana therefore
became much disgruntled.
This, so The Times is Informed, led To
the division, which has been growing wider
and wider.
The ma iority, or Truesdel- Widener Ell
kin -Dolan-Newbolditcs, wanted a receiver
and an issue of his certificates to secure
funds for extension. improvements and new
motive power.
The minority, having perpetual grievance
against the Others, are opposed to thisscheme
and want the unpaid capital, amounting,
on many shares, TO 81 q share paid in, and
then money borrowed on the property to
secure new equipment, etc. They also de-
sire the underground electric system put
into operation on both the lexington and
Belt lines.
THE OBJECTIONS.
on the otter hand, certain bondholders
are making great objections To the issue
of receivers certificates, as by law they
take precedence of the bonds, and there
fore holders of the latter would be crowded
TO the wall on the wind-up.
Either way YOU look, according TO the
various sides OF the fight, Schoepf Co.
stand to win i'll any event The only
question is, who shall get the first whIck
at despoiling the mangled remains OF the
roads?
1t is tocularly stated by some to be an
aggravated case of car or train robbery,
and the lone Western bandit who holds up
seven or eight cars is small figure be-
side the Eastern bighwaynen who get
away y with Two entire lines, with eighty
cars ana contents.
Even the most sanguine of investors
does not expect to get back the money
paid for shares Here is the way one gen.
tleman puts it:
Two hundred dollars in the thousand is
about all that l expect out OF IL. The
road has been crookedly managed for the
benefit OF those in control.
II know it, because the report of fares
received has always been shorter than
the actual figures. Then, too, alleged cx-
penditures and losses upon live stock We're
falsely charged. A conductor told me two
years ago that something was wrong.
1t Is easily possible, because the man hold
ing the majority of stock could and did
appoint his men to all the subordinate
office positions, where be completely domi-
mated them.
Another thing, this receivership is the
result Of a scheme batched by Schocpf and
Newbold To depreciate the property and
scare OIL lut stidll stOthUbHleIS why.
few weeks before 1T was done / was ap-
preached by a man who wanted to buy
my shares in the Belt Line for S15 each.
ONE MANS VIEW.
~ said No. because they had cost $50
each, and in view of all that has happened
I'll throw them ava before letting Schocpf
and his pirate crew get them.
Rapid transit will save both roads, bet
not a compressed air scheme. scho-pf is
interestedin the Ha rde Company and wants
to spend our money expcrime enting with an
Internal gas machine that has never been
used for anything but mining and hoisting
work.
Il am fighting for m rights and for fair
play. The worst that can be said OF
schoepf is breach Of trust and there is no
legal punishment for that.
''Truesdeifs sale to Newbdd was really
intended to bring about the Introduction of
the trollcy into the city, but The Times de-
feated that project. and / believe, it has
been abandoned, at least, for awhile"
A prominent figure in the opposition put
it another way. when he said:
"Those experts are good accountants, but
they don't know the railroad business.
Besides, don't think they willrcport what
they actually find, and Will juggle the fig
ures TO suit the gang Washington is a
little old to experience railroad wrecking.
but IL has come, and must grin and bear
1t or fight. i am constitutonally for the
latter.
The onl v trouble is that some of us are
willing TO pay the $40 due on our shares,
others are not. still others want receivers
certificates, and again some think that
with new mana agement we can borrow on
the property enough money to give rapid
transit.
when the Fourteenth and Ninth street
lines ran horse cars. the Eleventh street
road carried its sh are of the business, and
it would do so now if il was on fair
cometitive basis.
During the summer the Belt Line car
ried hundreds around town only for the
ride. and with rapid transit it would inter
cept and absorb lets OF travel that now
goes to the other roads"
Gold Democrats Ruled Out.
Frankfort, KY. Nov. 11--ThesilverD Demo-
Gratis of this county having control of the
party organization, have taken steps to
rule" sound money men out of the party,
and in their call for a county convention
will recognize as Democrats only free coin
age men.
FAITH CURE A GOOD THING
In Some Diseases, But 1t Is a
Failure in Stomach Troubles.