The evening world., 1893-12-27
LAST EDITION.
PLATT IS RECEIVER.
Appointed to Take Charge Of New
England's Affairs.
Named by Judge Wallace, Of the
United States Court, at Albany.
President Mcleod Says II Was On
Unfriendly Move.

The New York and New England road
IL In the hands OF q receiver.
Thomas C.. Plat was appointed this
morning to this Office by Judge Wallace.
Of the United States Circuit Court, sit.
ting at Albany.
The application was made by A. b,
l~ioardman, OF the law firm Of Tracy,
l~3oardman & Plat, who left the city last
night after the necessary afidavits mad
been signed at the meeting held In Mr..
Platt's rooms at the Fifth Avenue Hotel
1t was made without the knowledgs
Of President Mcleod, who was presiding
at a meeting OF the stockholders of the
Company at his ONCE In the Equitable
Building his afternoon, when the news
vas received In this city.
Although Mr.. Mcleod did not seem 70
be very much disturbed by the inforina-
ton, he declared that 1t was an un-
friendly move on the part OF the Platt
faction.
The fact that they concealed their In
tentions from me- he said, shows that
they were hostile to he. II they had
was to he made, or II 1t had been made
In this city, l could have had my lawyers
on hand to oppose the motion. and no re-
81 do not know anything more about
the matter, and do not even know who
Is the plaintiff In the case"
the matter early this afternoon. but his
son. Frank Platt, the law partner OF
Nj; Boardman, stated to a reporter OF
ton was based upon afidavits showing
tina the Company was In In an insoivent
condition.
The fact that It is unable to- meet
which Is due Jan. 1. Is suficient to JUS
my such an applica ton" said he,
This Interest amounts to $4,000. and
for raising the money has failed to do
so, and nothing remained but to ask the
courts TO step in.
possession, and / canonly say that they
give a detailed history Of the road. shows
Ing its insolvency; Although the applica-
President Mcleod, there was no uS-
friendly intent. and no attack Is made
upon him In the papers submitted to the
Court, nor Is any reflection cast upon his
management.
The mismanagement which brought
about, the present state of affairs oc-
CURED long. ago., before Mr.. Mcleod be-
came President. l do not think hat he
he vii be perfectly satisfied with the
action which has been TAKEN
MIR Plat Is appointed Temporary re-
ceiver. and an order to show cause why
the appointment should not be hade per-
manent is returnable before Judge Wall
| lutt III JAN. ~.
When Mr.; Mcleod was shown the
only remarked that he did not see how
the action could be regarded as a friend
ly one, as he had not been given any
opportunity to meet the charges hat
the road was insolvent.
Il deny that 1t IL insolvent and main
tain that the money could have been
raised to meet the January interest. 1t
Is q great surprise to me-
The meeting held this afternoon at hts
I - "a NaF.a Pr thA rnA1 Af
the lease of the New York. New Eng
land and Northern road, completed by
Mr.. Mcleod some time ago, by which
the New England expected to obtain an
entrance intJ New York City.
over 100, 600 shares, or a majority of the
stock. were voted at the meeting In favor
of sustaining the case, and Mr.. Mcleod
said that the receivership would not
AFFECT this action. n
In an address which he had prepared
and submitted at the meeting to-day.
Mr.. Mcleod said that when he was
elected President OF the New England
Company last March he had found the
treasury practically empty. He had
been obliged to raise money to meet the
July interest.
He asked for a ratification of the lease.
which he said was necessary to the fu-
ture prosperity of the road, and closed
fessed unbounded faith In the great value
Of the property.
The news OF the appointment of a re-
ceiver caused New England to be slaugh-
tered i'm the stock market, and the price
went down to the lowest point ever
reached. Sales were made at IL. The
closing price yesterday was 10 S-S.