The evening times., 1896-10-14
THEY FEAR A FREEZE-OUT
Minority Stockholders of lexington
Line TO Meet.
Those OF the Belt Line to Join With
Them-IsSue of Receivers Certifi-
Gates Their Only Salvation.

The minority stockholders, as well as the
bondhoiIers, OF the lexington and BelG
! Line Railways will hold a meeting. prob
/ ably on Thursday evening and prot ably in
J union, to consider as to Il course OF action
! with reference To the proposed application
Tor a co receiver and also upon the propo-
| sitinn made hy Receiver Schoepf to float
/ receivers certificates as a means Of meet.
| Ing the expense Of cquipp.ng the roads
with rapid transit facilities
The bondhoideTS have already had one
| meeting, at which the sentiment is under
| stood to have been strongly opposed to
! the certificate idea. II is expected that
they will continue to oppose IL.
ltls advanced upon the part of several OF
| lhc minority stockholders, lowe yer, that
| tie issue of such certificates is really the
| oniJ salvation OF the TWO lines, and there
| VIII be strong arguments presented in sup
| port or the proposition when the Owners
ortheSnall shares assemble Thursday even
| ing. The argument is that if those who
| control ma ioTity Of the stock shall choose
| To do so, the roads can be forced to "A sale
at once and that in such "A contingency Tn.
| small shareholders will lose what they
have invested
IL Is believed firmly by some that in the
event OF IA sale for debt or other cause the
majority VIII buy the franchise aud pres
ent equipment at auction, and that. with
Tie minority thus frozen out, the money viii
De Forthcoming with which to equip with the
new motive power. They say this can be-
done then at a profit.
The stockholder who advanced this idea
SAID today that the holders of small shares
have but little ground upon which 10 stand,
and that the larger fish, know 1T. He
thinks Receiver Schocpf should be given
permission 10 place the certificates on the
market as speedily as possiblc-the soone.
the better, ilc says.
Speaking of the proposed motive power,
he admitted that it is in its Infancy as a
propeller, and yet, he added it is in sue
cessful operation in Rome, N Y, and why
shouldn't 1T work well here? 1t is economi
cal, he says, for tile reason that there are
no condnits required. 1t is n surface power,
each motor carrying its own propeller. and
the cost is very much less than either the
cable or electric conduit.
H. said he, there is q conspiracy
10 get The road into the hands Of any syn
dicate, what will contribute most to that
end? Why, the opposition of any Consid-
cradle rumber of stockholders to the only
feasible plan for improving the facilities
or the company would be a splendid pre-
text.
The roads could be forced TO the wall
without delay, and the conspirators. if
any exist, would be quick to proclaim that
the only plan for relief was rejected by the
stockholders, and there was no alternative
except to sell out.
The franchise is valuabl le." he said. in
conclusion mot so much for present profit
as Tor future operation when there will be
a large patronage sale of the whole
outfit will not inJure the bondholders but
the small shareholders would be forced
out of the partnership, and the purchasers
would reap the future rewards