The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-12-29
NEW ENCLAND'S WOES.
Managers of the Road Charged
with Fraudulent Practices.
LOOKED FOR PERSONAL INTERESTS.
And In SO Doing. II Is Alleged, They Dis
regarded the Best Interests of the Com
pany-Ths Road Said to bo Hopslcssly
Insolyent.

-
regarded the Best Interests of the Com
pany-Ths Road Said to Bo Hopelossiy
InsoIyent.
NEW York, Dec e9-The papers on
which Judge Wallace appointed Thomas
O. Platt temporary receiver of the New
York and New England company were
filed in the Office of the clerk Of the cir
cult court of the United States for the
southern district of New York Tho bill
OF complaint makes Theodore f. Wood
complainant. 1t was sworn to by Mr.
Wood on Decs28
In the bill of complaint general charges
are made against the directors of fraud in
connection with the management of the
road. Ii is alleged that while the de-
fendants claim that during 1891 it had
earned ssi ,s2l.3l applicable to the pay
ment of dividends upon its Ieferrcd
stock, the annual report shows that the
statement Of the alleged surplus OF earn
ings is false, the accounts having been
spent in the operation of its road and
property chargeable to its operating ex-
penses.
The company had not kept the rond in
proper condition. 1t paid S2lO,O0J divi-
dend on its preferreCastock in 1891, when
1t had not earned tho money. The roud-
bed has become unsafe. The board Of di-
rectors has managed the compnny's af
fairs in entire disregard of the interests of
.ne eohiPIhS' anu certhiii OIL Its directors,
~ .nu,' iu'',ii' "hu ooiiectiFeiy, nave used
she't posit'or anu oil"lai relation 10 the
company to further their private interests
at it's expense.
me colhplalhhht says ne believes the
report as 20 the aVallaple assets Is untrue
snu 'haV iarse Part Oh the assets are, IN
iaot' Worthie'S, anu that Tue actual dell
c,ehcy Is more 'hah sl'"Voovo. For more
.hnn three years past the company mad
opoia'eu i'S r"iirouu at ioSs' increasing
Nery year,
~ p,il 'aeroAoro asked that receiver
pe aPpolhteu 10 prevent the dlsintegrntion
% 2, 'he ROAD ana TO protect the interests OF
enc stoekholders ana tins oondhoiders.
l., T. fiatt says the company IL hope
iessly ihsoiVeht ana must dciault on the
january interest lie says the United
S,uIcS Express coihpahy owns more than
o,vpo snares o. common STOCK
Judge Nhllace IN ms ofder appointing
Inomas T. flatt receiver likes Jan 10
as inc aay ior the question as to II per
maheht receiver TO come up lie requires
che tenlporaty receiver 10 furnish SlOJoOO
oohas withih hVe days'
IN boston yesterday dcputy sherH
Visitea the ne" orA ana New England
oinoes WIN wills representing II. ~
MORSE, 1r. ne served the treasurer with
notice directinS that oHleial TO turn
over 70 nun an property IN MS hands
other 'hah iolllnB Stock III actual use, An
atIaenmeht OF tne rolilhs STOCK was also
serEeu on Nica freslueht PecR ana ten
eral manager oaell' me shcrlit declined
70 assume the risk, and went away with
Out completing the attachment.
An attachinent oil stoO'ooo was placed on
the rolling stock OF the New York and
New England road In East Hartford on
wednesday evening shortly before the
appointment OF W L. Hart, OF Boston, rs
receiver Tor the road IN Connecticut. The
papers We're served before the receiver hud
oeen appointed IN New ilaven, ana we're
made olndihR 1t Is piacch to cover
money loaned ny thc Phlladelphla and
headinS road, ana the New York and
NeW hhBiRhu' "A hunher OF freight