Morning journal and courier., 1892-11-22
THE NEW ENGLAND MEETING.
A Lively Dispute Between Director,
action on the Consolidated Bond
Question.

| A Lively Dispute Between Directors
Action on the Consolidated Bond
| Question.
Boston, Nov. 21.-The special meeting
of the New York and New England rail
road stockholders to day was called to Or
der at 10 a. m. Elk Governor Howard WAS
elected chairman on motion of President
Parsons. The election was objected to by
N. F. Goldsmith, who wanted President
Parsons chairman.
w. F. Brandeis, counsel for Colds NTH,
read the bylaws, which said that the pres
ident should preside at all meetings of
stockholders at which he is present, and
demanded that Mr.. Parsons preside. He
wished his protest entered on the records.
Mr.. Howard requested President Parsons
to take the chair and he did 80, explaining
that he was indisposed. The reading of
the record was dispensed with and the
third article of the call to authorize and
provide for the issue of consolidated mort
gage bonds under the provisions of the act
of the state of Rhode Island, was brought
up. Mr.. Brandeis moved that the resolu-
ton be laid on the table, but he was voted
down. He then asked to have it put on
record that he objected to this act.
1t was voted to reconsider 30 much of
the vote of the stockholders passed March
s as contemplated the possible exchange of
shares of the preferred stock for Consoli-
dated bonds. A motion was put to open
the polls, but Mr.. Brsndeis objected. Mr..
Braudeis then asked why the stockholders
were called now to ratify the lease of the
Providence and Springfield, which was
executed in October, 1890. No one an
swered this. He then asked if suit was
not in progress to set aside the lease, as it
was made largely for the benefit of the
directors and not for the benefit of the
company, and he wanted to know il there
were not $500, 900 of the Providence and
Springfield bonds over due and If the
mayor of Providence had not taken pos
session of the road Mr.. Lummis said the
first two questions could be answered in
the records of the court. Mr.. Parsons
said it was for the interest ct the New
York and New England to ratify this lease,
but Mr.. Brandeis said that did not answer
his question. President Parsons said Mr..
Brandeis was fooling away time. Mr..
Brsndeis read letter from Providence,
stating that default was made in the
Providence and Springfield bonds aud
that the default had continued for ninety
days, and that the mayor of Providence
demanded the sale of the road by auction.
G. A. Prince said that counsel for Mr..
Goldsmith was wasting time, and that his
whole course led to delay, as he was ask
ing questions when he had already had the
information; there had been a technical
default on the Providence and Springfield
bonds.
Mr.. Coolidge, representing Paine, Web
Der & Co., moved that a committee of
stockholders, mot employees of the New Eng
land road, be appointed to report before
January 1, 1898, on the circumstances of
the lease, which he declared were not for
the interests of the New York and New
England, but for Messrs. Bostwick, Prince
and Stsrbuck.
Mr.. Parsons said he would stake his rep
utation that it was a good lease for the
New York and New England. The earn
ings of the pact three years bad averaged
SS4, 900 year. 1t was not self sustaining,
because expenses were too heavy, it being
a short line. The freight the New York
and New England gets on the road repre-
sents So, 900 year. Mr.. Parsons further
said: 81 think some gentleman here rep
resents the Consolidated road and wants to
keep the road from the New England. 1t
earns $1,000 mile and is twenty-eight
miles long"
Mr.. Brandeis also objected to the lease.
He said "You withheld the New Eng
land report of the railroad comm issionesrs
Intentionally until after this meeting, as it
will make disastrous showing, and you
have earned deficit of SAG, 900 in a year.
When Mr.. Goldsmith issued his letter he
was blsckened by you, and now we ask
that this railroad be operated according to
law. 1t is not for the interest of the New
England road to have the president or di-
rectors, past or present, buy up roads and
sell them at OrO6t'
Mr.. Lummis, representing F. q. Prince,
said the Meriden, Waterbury and Connect
| cut railroad was bought in the interest of
| the New England and that people here were
trying to defeat the resolution to rstify
its lease in interest of the Consolidated
| road.
Mr.. Coolidges motion to postpone the
Meriden lease was voted down.
| Mr.. Coolidge doubted the decision and
| President Parsons said no truthful person
| would doubt it.
Mr.. Coolidge said it was the first time
| he had been called liar.
| The meeting then proceeded TO ballot on
| the approval of the leases of the Provi-
dence and Springfield and the Meriden,
Waterbury and Connecticut roads.
| There were 1887 shares voted, of
which 16S, 227 were in favor of the leases.
| President Parsons announced that the
affirm alive votes were more than two
| thirds the total number of shares existing
| and that the leases were ratified. 1t WAS
| then voted to adjourn.