The Portland daily press., 1884-01-03

He disoaimed all connection with or kAowl-
edge of any schen.e--as per corr nj r-port-to
mt the New York q New EuRland road 1910
the New York, New Haven y Hartford, OF
nesdlasslv made great bugaooo" oY some
-rsople simply because he had previously boon
coDnecr-d with the road, and at the present
time was assooated with the Consolidated
only for the interest OF alfthe stock and bond
holders, and he belived that future develop
ments wopld fully demonstrates the wisdom OF
bis course.
Thomas Nckerson, director, was inter
viewed on tue receivership matter, and said:
.iSome of us directors have worked prslty
hard for the past few weeks, and the rectiver-
ship was tire only thing TO our MINDS tnas
could save the road. Three weeks ago, when
the new president, Mr.. CLARK, ana tne Doafo
examined the auditors report, there was
found to be several urgent and pressing liaoili-
ties which, unless immediately liquidated,
would involve the road In series OF attach-
ments. These would of course be serious
hindrance even II they did not cripple tne
road comp petely. There seemed Al that lime
TO be but two alternatives, either TO allow ine
attachments which we're every day becoming
more and more threateniogo or to put the aHsIs
of the road into the hands Of receiver. mr.
Clark, the new president advocated tnis ist
ter plan as being by far this best policy under
the circumstances, for BY this means the im-
pending danger could be temporarily averteo'
We were liable to attachment IN three STATES,
and the company was in position wnere one
or dozen of the locomotives, or even the pas
senger cars, were liable to have an Injunction
laid upon them at auy moment III receiver
were appointed this danger would be ayersed.
Some of u.s. particularly Jonas II. French, Mr.
Higginson and myself; were adverse TO this
course If it could possibly be averted. We be-
lieved in making an appeal to the stocknoioefs'
stating the urgent necessity OF more money,
and asking them to subscribe sunicient
amount to release the road temporarily from
its embarrassment. We thought that the
stockholders would see the feasibility OF this
course and come to the roads assistance. Ac-
cordipgly some two weeks ago, Mr.. HiRginson
and myself went on to New York and met Mr..
Sage, who is also director. and sought his CO..
operation. We visited several OF the wealthy
stockholders, and tried to induce them 10 90
something to help the road out OF its dthcuity,
but everybody was reluctant to DO anything. n
few DAYS after our return home Mr. H1gginsun
again visited New York, and called upon Mr..
Vanderbilt. That gentleman, 80 II bas oee1
intimated, owns something like $5OO,OOO In the
road bat he refused absolutely to do anything
fol its relief. But said MIR. Higginson, we
Boston men are all willing TO DO something, II
Yourself and some of the other heavily inter
ested parties will only cooperate, Mr.. Wander
bilt. l myself will subscribe $5OOOO MIR.
Vanderbilt said he would do nothing, for the
reason that it would be Of no avail. He had
seen attempts of This kind before, and ne was
! tenn pit any hing OF the kind, and he thougnt IL
better to let things take their course. To make
a long story snort. Mr.. Higginson's Interview
with Mr.. Vanderbilt was fiat failure.
Mr.. HiggiDson also called upon Mr.. Gould,
| but with the same lack OF success. don't be
| lieve he has dollar in the road. III he did
| have anything guess he foresaw the difficult
| lies soon enough tn sell out his interest. With
| no announcement from these parties. OF course
it was no uss for the interested parties in Bos-
| ton to do anything, and accordingly the road
| went into the hands OF a receiver, as the only
| safe thing that could be done. Some 500, 600
was needed to tide over the threatening dini-
| culties If that amount could have been raised
| the embarrassment would have been avertedi
| the assets ought to have been sufficient, II
| things were managed properly, to counterbsl-
| ance in measure those Liabilities, but It Is
| fact that these assets did not go to lquidating
| pressing liabilities AS an illustration, the
| Erie road ships goods by way OF the Now YORK
| & New England; we here have the bills OF la
| ding and collect the through freight; as soon as
l collected the Erie, OF course, draws upon the
/ New York & New England for the amount
| proportionately due them. These drafts have
| not been settled. The money collected by the
| New York s. New England and belonging to
| the Erie in part, was spent in some other de-
| partment, and they we're obliged to await pay
| tors. We are in three states, and were about
as safe in one as in the other. The outcome OF
1 all this cannot tell. The receiver Is appoint
cd, and that suffices for the time being.
Minor Notes.
The Railroad Commissioners gave hearing
at Strohg Tuesday evening on petition for
| the approval of the preliminary papers OF the
Franklin & Megantio Railroad Co. Deciai9n
withheld