Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-12-29
THE NEW ENGLAND Road.


The situation Up to Date-A Receiver
for tho Terminal Company-Whas
mr. Prince Says-What Mr.. Plat
Says-The Proposed Lease of the
Northern Road-Hovv the Vote stood
Tho Lease Ratified Yesterday-Mr.
Plat QualiAes-That 100000 At
tachment.
New York, Dec. 2S.-When the vote on
leasing the New York, New England and
Northern road by the New England closed
yesterday 1t stood 1Os,750 in favor and
6,953 against the proposition, lie, 900 votes
for it being required to effect the lease.
The polls opened again this afternoon and
when they closed the total vote was Ill.,
029. By this vote 134,046 were In favor
and 6,9S3 against tho proposition. This
ratified the lease.
United States Commissioner Shields
went to the Office of Mr.. Platt to-day and
qualified him as receiver of the New Eng
land in 100000. The bondsmen were q.
O. Armour and Calvin 8. Brioe.
THE NEW ENGLAND TERMINAL.
NEW York, Dec. 28.-Papers for re-
ceiver for the New England Terminal COM
pany were filed this afternoon. Affixed to
the bill of complaint were affidavits from
number of stockholders in the company,
all of whom declare that the company Ii
1nsolvsnt. Thomas F. Wood, the complain,
ant, holds in his bill of complaint that he
owns six first mortgage bonds and LOG
shares of common stock: He charges that
for EhrAA tho 1af>r1A-< 1nu ~kn1
the railroad at loss and that the earnings
show a large deficit over operating OK
penses. He says that the defendant com
pany claimed that in 1899 1t had earned
for twelve months So, 1872, 1874 applicable tc
the payment of dividends upon its pre-
ferred stock, bat that tho statement waf
false, the accounts having been deliber.
ately falsifed by fraudulently reducing
the amount dus connecting railroads. At
tached to the bill IL an affidavit from
Cram B. Sohley of the firm of Moore &
Sohley, which advocates the immediate ap
polntnent of receiver ''to prevent the
d!stntegration and destruction of the prop
erty." F. n. Prince of F. 81. Prince & Co
of Boston says that he owns Is, 900 shares
of the company's stock and that he believes
the company to be insolvent. Thomas G.
Platt of the United States Express com
P0Ay3 WIN oWAc1 C,OVO 6AoIcH VI gA0 6LOoA
swears that the company 10 hopelessly In.
solvent and must default in the payment
of its January interest. Theodore F.
Wood, the complainant, also affixed ar
affidavit setting forth in brief what is con
tanned in the bill of complaint. All of the
sf6davits were dated December 20.
POOR OLD NEW ENGLAND.
Yesterdays Springfield Republican says
For year or two now the New England
has barely been able to earn its fxeG
charges. Dividends on the preferred stool
stopped in May of 1899, and then the roae
showed deficit. Thus unable in goot
times to earn more than the charges, i
naturally succumbs in bad times, with al
credit exhausted, to the necessity of de
fault in interest.
The curse of New York and New Eng
land has been its speculative manage
ment. This became fastened upon it TO
keeps when the extension of the mail
line to the Hudson river developed the fac
that something more must be done t.
make the property richly paying one
Spectators and infationists of capital be
fore that had control when the road wa
known as tie Boston, Hartford and Erie
/ They got the state of Massachusetts int
/ the scheme of the reorganization in 1873
| and So, soc, 900 worth of good state bond
/ were sold to raise the money for this pur
pose. In 1882 Massachusetts WAS give
second mortgage bonds for it's stock hold
| ings-the exchange being made on tn
/ basis of 50 of stock for 81 of bonds. Eve
then the New England management hs
the face to apply for more money from th
state, and the Boston papers and goo
part of the legislature fell into the scheme
and it was narrowly defeated. These bond
held by the state, it will be re
called, were sold when Mr.. Robinson wa
governor in the latter part of 1885 at 9
cents on the dollar. Cyrus W. Field an
Russell Sage put in higher bid, whic
was rejected by the governor and counc
on the ground that they were schemiDg t
force the unsecured creditors of the roa
to sell out sacrifice. Field became yer
angry thereat and got up big legal den
onstration at the state house, which cam
to nothing in particular.
That closed the states sorry experiene
in New York and New England. Whel
We should be now had the request for mo,
money in 1878 been acceaed to may
guessed. As it has been, the successi1
gangs of speculative plunderers in contr,
of this property have had to be conteI
with milking the road alone. And the
have made very effective work of it."
| THAT s2OO. 600 ATrACHmE INT.