New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-28
TIE LEAsE NOT YETNATlrIED.

Desides.
TIE LEASE NOT y ET' RATIFIED.
As there are 257.coo shares of stock % the New
York and New-iingland it required. the affirm
alive vote Of at least 1890 shares 10 ratfy The
lease. Mr. Mcleod. at the close Of his speech.
voted $3.50 shares Of stock in favor Of the lease
ana then he and his friends began 10 scurry around
Wall Stree; to additional stock to make up
the required majority. The polls were kept open
until 4 y. m. and at that hour the Mcleod Inter
.ests had poled 1eS150 shares while the interests
opposed to him had voted only G,eS shares. When
the result had been announced Nj. Mcleod slld
His idea for doing THIS see If il is not pos y
bic by clock this afternoon. when the polls again
will be open, TO get tne addton2I wv" SH'"tS
Mr. Plat the receiver did not have much to say
taken to place tie road IN The HAMS OF Il TtGeiNrI;
always had been of the most courteous character
and in far as he personally was concerned ne had
sided with neither what are termed the Mcleod or
the Prince factions.
uoo My only Sus AIM me Bas s6a to
do this If The recCvership - made permanent:
sided with neither the one faciion nor the other in
regard 10 placing the road in lhe hands Of re-
ceiver /, was common talk in Wall stree, yester-
day that the application was the outcome Of Mr.
McLeod's attitude toward NJ Patt ana CIh ir, ~
a number OF the largest holders agreed 10 hang
according to the report being among the number
From some source other a large block OF New
England was dumped the market few days
ago, and word came from numerous directions that
Mr. Mcleod responsible for it, M. Patt and
some of the other members OF the pool were re-
ported as having been taken by surprise, ana II IS
bssysd to have 'Ps[ ins wS 5 or FUN e no
orally was current Yesterday none of those inter-
eading wG broker in Wa street declared That there
would have been no trouble If the 500 or 1000
shares sold week ago had not been placed
on the market.
TAKEN ABSOLUTELY BY SURPRISE. -
Mr. Mcleod when asked about the recciyeiship
proceedings said:
Il had no more idea this morning that a
ceiver would be appointed than the man in the
moon. There was no occasion for 1t. The company
Is perfectly solvent. Other people are having their
way now and shall have mine later. The end
IS not reached yet. by any means. The company
required only 2vOccO or $509jWO to cover Its Janu,
pulled the company through once before, and
cen DO it again Thomas G. Plat H. ana r. H. ,d pIn nee
receivership than ! can. have voted over ivEoo9
have majority OF the stock OF me company. The
vote cast in favor Of the Ne%-ioTk' \ew-i.IsIah1
and Northern represents holdings OF record 81
December -. so that the lease If made. VIII
stand. There may be interference with the lease
The stock Of the Ncw-York and New England
the brokers on the stock Exchange as many people
expected that il would. II opened at l43. and drop
SsS d r,ST m he da nd os FL
total sales of the day amounted TO $3.50 shares
HISTORY Oh THE ROAD.
This is the third time practically in its exist
England Railroad has been in the hands Of re-
ceiver The present company succeeded the Boston.
Hartford and Erie Company. which had become
insolvent. The road was in receivers hands from
1884 1856. In October. 1892 capitalists interested
In Philadelphia ana Reading and the Boston and
Maine acquired control. The company was author
ized by the Connecticut Iesslature to purchase the
,thiriyyear bonds in paymsn5 therefor Leases
and Springfield. and March 10, 1891 Of the Won
socket and Pascoaeo Railroad companies. Inc
leased October J. 1892 for ninety nine years.
The New England owns 360.jC miles OF road. has
road Altogether rhc company owns the transfer
slesmer William ia Hart ara floats which Ply bee
has trackage rights over the New London and North
London The company also controls through its
lease Of the Norwich and Dorchsser , Railroad The
lire OF steamers between Norwich, New-London
and New-York
NOT AN INVESTMENT STOCK.
The stock Of the road never has been looked upon
with great favor by those who looking for in
vestment securities. but the other hand has been
held largely by spectators who bought 1t merely
IN the anticipation that it might some day pay 4
large return the purchase price. The hope that
the NeS,York MswiMaven and Hartford cSmpq1ny
great deal TO do with this. The highest point which
AFTER the road last was in the hands Of receiver
During the efforts of Charles Parsons year or 50
up 10 So Mr. Parsons thought that he could put the
road In a paying condition. but he failed Then Mr.
Mcleod came IN with his scheme to open up the
New. England country for the Reading road ana
bought largely Of the stock After The failure OF the
Reading plan Mr. Mcleod thought to get hold Of
the New-York and New-England and gel into New
Yori, IN that way. and failine IN this devsed the
plan TO secure entrance into this clty over new
road TO be constructe, from Brewster's 10 a point
within the city limits.
Mr. Mcleod said last night that he expected OBJ
tain to-day enough additional votes close the
What is Drudp,erVP