Page:Vincent F. Seyfried - The Long Island Rail Road A Comprehensive History - Vol. 2 (1963).pdf/36

 20 down and refused to interrupt the service. He personally inspected the engines and cars and walked the length of the road, assigning experienced employees to make repairs wherever needed. He also restored the original timetable of 1854 with its popular 1 P.M. train, which had been sorely missed of late.

During the summer months of 1857 several hearings were held by the court on claims, counter-claims and proposals of all sorts advanced by various bondholders and stockholders. Finally, in January 1858, the Supreme Court issued an order for the sale of the road on April 6, 1858. The prospect of better days for the railroad had a settling effect on real estate sales, and everyone hoped that the new owners would be persons of sufficient means and resources to carry the road.

The sale was held as scheduled in the Hunter's Point depot and resulted in the real estate being knocked down to a syndicate headed by Peter Cooper of New York, Conklin Brush, president of the Mechanics' Bank in Williamsburgh, and Walter Bowne of Flushing, acting as a committee of the bondholders, for $75,000. The rolling stock was sold separately and passed to Abraham S. Hewitt, the business partner of Peter Cooper, for $10,000. The sales were for cash, payable on April 21, and title passed to the new owners as of May 1, 1858.

Mr. Smith, as receiver of the property, made his accounting to the court, and to everyone's surprise, turned in over $7,000 in net profits, after paying all expenses. In May the stockholders and bondholders again met and prepared to organize a new company. Over the summer and fall conflicting rumors arose as to the disposition of the Flushing R.R., for it was well known that Peter Cooper was financially interested in the Long Island R.R. and that there was strong likelihood that the Flushing R.R. would be assigned to that company. The rumor of L.I.R.R. ownership grew stronger over the winter months, until a public announcement of February 26, 1859 cleared up all doubts as to the disposition of the road. Abraham S. Hewitt took over financial management of the road for Messrs. Cooper, Brush and Bowne, and arranged for the appointment of Oliver Charlick as president of the road. Charlick was manager of the Eighth Avenue R.R. Co. in New York (a horse car line) and a man of wealth and formidable business acumen. It is possible that Hewitt may have offered some financial inducement to Charlick