Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-01-07
tn E BELT RAILROAD
Bondholders Said to Be Dissatisfied With
Receivers Management.
Whateis Thought Will he the ONT
e come Of Mr. SchOeprs Petition
to the Court.

ihere VIII be meeting this afternoon of
the committee of the bondholders of the
i'eit railroad for the purpose of consider
ing Wnat action, ii any, should be taken in
We" OF the petition filed yesterday by Mr..
schoepf. the receiver OF the road. asking
INSTRUCTIONS from the court If he should
continue to operate the road 1t is stated
IN the petition that there seems 10 he no
prospect OF making the road earn expenses
under the most practical schedule. A hear
ing on the petition will be given by Judge
Cox tomorrow morning.
IL IS not known, Of course what action
VIII be taken by the bondhoiders. but IL is
stated that there is cons!dera BILE dissatis-
faction among them in regard to the man.
asement Of the road by the receiver. 1t is
poai.ed OUT IN this connection that when
tne receiver informed the court that the
expenditures of the road exceeded The re-
ceiptS. he said at that time there was some
two hundred horses in the stale which
We're lame and sick and could not be used
but that the expense of their maint ten ,nce
must be borne.
A Contrast Made.
1t was also pointed out that the road was
being run on an elaborate schedule which
required the use of a large number of cars.
and that they were being run over the en-
tire route. 1t was said then the road was
going behind at the rate Of $50 per day.
Now it is claimed that since the order of
The court granting relief by allowing the
SAFE OF the useless noTses and directing a
radical change in the service of the road
SO as to bring down The expenses, according
TO tne report of the receiver, ,he road is
running behind to the extent OF $50 per
day 1t is thought by the bondholders that
these figures show there IS some defect in
the management, and 1t is not at all unlike
at ion, Af H.. \
to the matter. and the result may be, it is
said, that another receiver for the road
may be appointed.
About the Receiver.
AS an appeal has been taken by certain
creditors of the road from the recent de-
cision cf the court. directing the sale of
the read, ard as that appeal is to be con-
sidered by the Court of Appeals OF the Dis
trict 1T is thought that there will be de-
lay in the proceedings for at least sixty
days, if not longer.
1t is not thought that the court tomorrow
will direct the suspension Of the operation
Of the road, but that il new receiver is
appointed, and if it is found necessary TO
make provision for current expenses under
an economical management, that authority
Will be given for the issue of receivers GER
tificates.
Although the Belt road is included with
the other railroad properties, which accord
ing 10 a bill recently introduced in Con-
gress, are to be consolidated with the Eek
ington and Soldiers Home railroad, II is
not thought that those in control Of these
properties intend to interfere for the pres
ent, at least in the affairs of the Belt road
SO as to put stop to the legal proceed
inss. 1t is. of course, possible at any time
that those owning a controlling interest in
the stock may step forward and pay the
accrued interest on the bonds and take
charge Of the road, but it is not believed
that their plans in regard to that road are
at present perfected.