The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-03-13
AWAITING THE VERDICT.
Interest in the Coming New York
and New England Meeting.
MLEoD's FRIENDS IN THE LEAD.
The Financial Condition of the New York
and New England Makes Receiver
ship Highly Improbable, and Mcleod

and New England Makes u Receiver
ship Highly Improbable, and Mcleod
VIII Doubtless be Chosen President.
PHILADELPHIA, March 13-In financial
CIRCLES in this city much interest Is felt in
the outcome OF the New York and New
England Railroad company's annual meet
ing in Boston tomorrow. 1t is said Presi-
dent Mcleod has received the voluntary
tendor of number of proxies from share
holders in other cities, who agree with him
that the Readings scheme to interchange
traffic will benefit the New England road
IA well as the Reading
In speaking of the rumor that re-
ceivership might be applied for for the
New York and New England by the op-
ponents of the Reading interests, one OF
the largest holders of the stock in
this city gave the following explanation
of the financial condition of the New York
and New England:
"The net floating debt of the New Eng
land company on Dec. 81 last" he said,
s'was $780, 1853, as against $i3s, ,3.3 on Dec.
81, 1891, it having been reduced during the
year, notwithstanding the decentralization
incident of two changes in the manage
ment and the loss of the New York and
Northern railroad, over which it made an
entrance into New York city. A reduc-
tion of the floating debt under such cir
cumstances speaks well for the recupera-
tive power of the property. 1t should be
borne in mind that the net floating debt of
$3.50, ,353 included accrued interest against
which the company held s2s2, ,666 in cash,
besides having on Its books s662, ,s95 due
from agents and conductors and sS2S. .503
due from companies and individuals.
1.-The money for interest Is already In
hand, and the company's notes for Si42, ,S93
are not due. Under these circumstances it
is ridiculous to talk OF a receivership, es-
pecially in the face of the fact that the
company has earned a surplus over fixed
charges every year since 1885, with the ex-
ception of 1s92 when the deficit after pay
ing dividend of 8 per cent. on the pre-
ferred stock was only nominal, being but
f6i, 14t. Since 1895 the surplus after pay
ing the preferred stock dividend has aver
aged 500, 900 year, having been $3.50, ,3l6
in 1880
Sin the past eight years the surplus
earnings have aggregated Sl,l2,SlS, or
$500, 7l5 mere than the dividends paid, and
In that period the gross earnings have in
creased from q, ,2ss, ,9I6 to &c, 220, ,494, and
the net earnings from 81 ,0l0, ,702 to 81, ,sl3,-
ToI, while the fixed charges and rentals
have only increased from 81, 1876, l62 TO 81
674, 1879. For the month Of January last
the net earnings increased Sl70,000-an-
other circumstance which demonstrates
that the New England will be very val
uable to the Reading
''The alliance with the Reading will be
most advantageous to the New England.
In fact, it's net earnings increased $4,000
in the last quarter Of 1892 and gross earn
ings for January, 1893, increased $4,000.
There is every reason to believe that Mr..
Mcleod will be chosen president Of the
New England"