The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-29
THE n. Y. 4 y. e. REcErvERsHIP.
Mr.. Plat Qualities, with Armour and
Brice ms Surefics.

NEW YORK, Dec. 2s-Ex- Senator T. G.
Plat to-day qualified as receiver of the
New York * New England Railroad Com
pany. II. o. Armour and Calvin s. Brice
signed the bond. which was for 100000
The papers on which Judge Wallace APP
pointed Mr.. Platt temporary receiver were
filed to-day i'm the office of the Circuit
Court Of the United States for the Southern
district of New York. The bill of com
plant makes Theodore F. Wood complain
ant and the New York & New England
road defendant The complainant saws he
believes the reports as 10 the available as
sets is untrue; that a large part of the
assets are worthless. and the actual de-
hciency is more than 81, 100000. For more
than three years past the company has
operated its railroad at a loss. increasing
every year. The company has not kept the
road IN proper condition. IL paid a $4,000
dividend or its preferred stock in 1891 when
II had not earned the money. The rcadbcd
has become unsafe. The board of directors
mas managed the cotnpany's affairs in en-
tire disregard of the interests of the COM
pany, and certain OF it's directors. indi-
Nldudly and collectively have used their
position and official relation to the COM
pany TO further their private interests at
rs expense. The violation OF the traffic
Company and the New England Termif.aI
company agreement, the lease Of the Prov
-
the lease or the WCOnsOcket q Pascoag
railroad and the lease OF the Neriden,
tM'assroury q Connecticut River Railroad
otII.lpS,hy are cited as Instances II is also
alleged that the company has improperly
Pa9 dividends New York creditors are
stid 10 De pressing the company for pay
inent, and attachment suits are impend-
ms Large amounts of money will soon
1all due There IS no money for the lam
airy interest. The cash i'm hand is less than
SlEleo0- The bill. therefore, asks that n re-
celVer be appointed TO prevent the disin-
n ha nj
interests of its stockholders and bondhoId-
ers- the affidavits We're all made on Dec
q, Win the exception of Woods Grant y
Schley. or which he is a member holds
III ~ teen e thousand shares Of common stock
4. =. fiaJt says the company Is hopelessly
inSolVent and must default on the January
interest. He says the United States Elk
press Company owns more than eight thou
sand shares of common stock
At the adjourned meeting of the New
York & New England stockholders which
convened at o'clock to-day voting was
Resumed on the ratification or disapproyaI
or OF me lease of the New York, New Eng
& New England. One hundred and thirty
TOUR Thousand shares were voted in favor
on the Lease, although $4,000 would have
Deeh suinclent. The anti-McLeod people
thought that the necessary 1900 Shares
would not be forthcoming in favor Of the
tease, ana were not a little surprised al
the result Mr.. Mcleod says that the re-
celVer Will have nothing 20 say regarding
. .ne lease, as IL was made before Mr. Platt
mr. Mart Wants TO BE Receiver
PROVIDENCE, II. L., Dec 2S-In the
United States Circuit Court this after
noon the two factions OF the New England
road came in close contact, and in the
deal which followed the Hart faction was
cieverly sidetracked. 1t was the desire of
the William t. Hart faction that the hear
Ing for the appointment OF receiver in
Rhode Island should be heard before Judge
Carpenter. To their surprise they found
Judge Colt awaiting them, and in accord
ance with his right, he could assume juris-
dictton in Rhode Island Application was
therefore made to Judge Colt for
the appointment of a receiver Both
factions came from Boston with
the express purpose OF forestaiiing the
other and obtaining action by the Judge
The judge listened 10 the arguments OF both
sides and then said that New York Judge
had appointed one receiver and a Connecti-
cut judge another, and now an application
had been made before him for a receiver
II was a ma liter OF comfy that the older ap-
polntInent should have prior claim and in
recognition of that custom. he should ap-
point as receiver NJ Plat. However, he
would hear the case further and adjourn
court TO 10 O'Clock Friday in Boston, when
the attorneys might conclude their argu-