Morning journal and courier., 1893-03-13
From ALI Quarters.
| new ENGLAND'S OUTLOOK
Friends of McL cod interests
Issue a Statement.
RIVERS SWOLLEN BY ICE GoRGEs'
At One Time Port Deposit
Was in Great Danger.
EXCITEMENT REIGNs ii PARIS.
Only Coed Luck Can Save
The RibOt Ministry.
EXCITEMENT RElGNs Ii PARIS.
NEW ENGLAND,s CONDITION.

NEW ENGLAND'S CONDITION.
| A Statement is Made that a Receiver.
eiates are Confident that His Con.
troll OF New England Will be for the
Interests OF Shareholders As Well N
for the Reading Company.
| BOSTON, March 12-In view of the pub.
Ished statement that midnight receiver.
ship might illustrate the plan of the
Mcleod interests to obtain control of the
New York and New England road at the
annual meeting on Tuesday, that both
sides are said to be prepared for receiv-
srship, and the additional assertion that
the Reading interests had the proxies to
control the election but not the cash to
hold the stock under the fire of q receiver
ship, the following statement of the oondi-
ton of the New England and the outlook
for 1t under Reading control Is made by
parties friendly to that management:
A gigantic effort Is still being made to
depress New England stock in order that
the control may pass from the hands of
the Readings friends, but the effort will
be unsuecessful The net floating debt on
December 81. 1892, was only 1878, 1854, as
against $438 1893 on December 81, 1891, the
reduction during the year having been
$59. e39 The Parsons management, which
quarter of 1872, was hampered In Its fnsn-
tumn of the majority of stock by the Nc.
Leod interest. A reduction in the amount
of floating debt, although small, was,
SharAfora yerv encourAo1nQ
The gross floating debt includes $470. $40
interest accrued to December 81, 1899.
Against the interest Is held $823, $50 cash,
$500 1876 due from agents and conductors
and 1928, sos due from companies and in
dividusls. These show that receivership
is impossible The money for interest is
in hand and the notes payable Of $442, 1926
are not nearly due.
The alliance with the Reading will be
most advantageous to the New England
In fact its net earnings increased $170, 600
to last quarter of 1892, and gross earnings
for January 1892 increased $40, 900. The
New England road consists of 800 miles
owned, 1855 miles leased and eleven miles
run under the traffic arrangements The
company owns or controls by lease direct
entrance into Boston, Providence, Hart.
ford, Springfield, Worcester and other
important points. Through the old lease
of the Norwich and Worcester road, the
New England controls the Norwich and
New York Transportation compsny's line
of steamers plying from New London to
New York city.
The purchase Of the New York and
Northern road by the New Haven interests
prevented the New England from obtaining
an all rail entrance into New York city on
the east side of the Hudson river, but the
Sound Line from New London to New
York IL in operation and will so continue.
The failure Of the Reading interests to ac
quire the New York and Northern even If
such deal was seriously thought of may
not be of particular moment, inasmuch as
the New York terminals would have besn
far away from the business center and the
cost WAS excessive.
:, Freight, via the. New England, destined
to New York city, which cannot be shipped
by the sound line, can 60 by rail on the
west bank of the Hudson. The Phila-
delphia and Reading leases the Phiiadel-
phIa, Reading and New England which Is
The reorganization and consolidation of
the Poughkeepsie Bridge and connecting
lines. It furnishes the shortest line be-
tween the Pennsylvania coal fields and
New England states and the importance of
the matter is that the New England
runs to Hopewe1l where connection
is made with the Poughkeepsie Bridge
system. The freight of the New England
could be moved from Hopewell to the
bridge, only twelve miles northwesterly,
GROSS the Hudson and make connection
with three lines on the west side of the
Hudson, thus reaching its New York des
tination. The Reading railroad controls
giving entrance into Hartford, and q
twenty-mile spur built to Springfield
would give eloee connection with the Bos-
ton and Maine If the New Haven plans
could be fully carried out, the New Eng
land states would have no railroad COM
petition. and the lass of several of the
states are such that no competing mileage
| could ever be built.
There Is no doubt that the net earnings
| of the roads embraced in the Mcleod com,
bination will be materially increased when
| the plans shall bs under way. The total
| capitaliz alton on which charges have to be
paid on the 626 miles of New England 1.
$22, G75, $50. The fixed interest capitalize
ton on the IA miles of the Peughkeepsie
bridge system Is 81, 7s3, 900. bringing tn.
total of $40 miles up to $29, 979, 900, Of
81, 900 per mile. A statement of the op
demonstrates that the increase In gros
receipts has been great and tn,
net earnings have kept pace will
the increased charges The surplu
earnings over fixed charges of tn
past eight years aggregate 81, 061 ,03s. o
$3S, 938 more than the dividends paid
New England would seem able to ear
fixed charges In almost the poorest kind O
year. and the effect of the coal, freigh
and passenger business over the Reading
Poughkeepsie Bridge system has yet to
tested.
Mr.. Mc'Leod's associates are oonfder
that his control of New England will b
for great interest of shareholders Of th
the company, as well as the Reading con
pany.