The Portland daily press., 1884-01-03
RAILWAY MATTERS.
The New Ysrk & New England.

There was great excitement Oh the streets Of
Boston over the announcement that the New
York & New England railroad had passed into
the hands of receiver, in the person of its
new president, Charles P. Clark. Although
anticipated to certain extent, on his election,
the step was finally taken in haste. The story
is, that at 2.30 p. m. Monday, the directors
were notified of a meeting in Hartford, at $50
p. m. AT 945 p. N. quorum was present, and
the Judge of the United States Circuit Court
was called up at 11.30. AT 2 a. M. the receiv-
ership was established. The object is said to
be t, protect outside creditors and prevent in-
reference by attachments until debts rapidly
maturing can be provided for.
The company's deficit is said to amount to
little over 100000, 100000 of which was con-
tracted last year, but does not appear 10 the
reports; this is from good authority. Coupons
due Monday were paid at the Bank of Com
merce, friends of the road having raised mon
ey for the purpose. The stock was nominally
quoted at IA bid and 16 asked, the closing sale
Monday having been at is IA; nothing was
said on the bonds, although opinions were ex-
pressed that tomorrow the rs would sell below
par, and the 6s considerably below 80.
President CLARK says that the application for
a receiver had been made because it had been
deemed wise by the directors to do so. He
said that back vouchers and large claims for
supplies and claims on other accounts, which
the company had not paid, were likely to be
pressed at an early date for settlement. As
the road has been, any one of the numerous
creditors could levy an attachment on any por-
ton of the road, in any county or State in
which the line is located, and thereby stop it's
continuous operation and do great injury to its
business. One attachment like this would, liz
all probability, be followed by many Others
and the result would be a complication of mat
ters far more injurious than the putting of the
road into the power of the court When ques-
toned as to the actual financial condition of
the corporation, he said emphaticaly that it
was perfectly solvent, and could and would in
due time pay every dollar of its indebtedness.
As to the continuance of the recevership, that
will depend. be sad, entirely upon the stock
holders. II am convinced that they must lift
this debt, and the sooner they come to this
conclusion the better it will be for them and
their interests. just as soon as they take some
action the future policy OF the management
can be defined I" When asked about the di-
rectors' meeting yesterday, he said that the
same was duly called in accordance with the
power vested ia him, aud that everything
thereat was perfectly regular. He was not,
however, disoosed to refer to the number of
gentlemen present, neither was he vii i1,o to
give the names of the same. The actusl float
ing Indebtedness. he said, was something over
81 100000. the assets given in the annual re-
port of the directors have dwindled upon close
examination, aud large amount OF the float
ing debt is now pressing for settlement. A
meeting of the directors has been called for
next Monday, at 10 80 a. M, at which time it
is very possible, he said, that a vote calling
special stockholders' meeting may be passed.