New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-28
THE NEWS IN WALL STREET,
NO ONE GREATLY SURPRISED AT The
ACTION.
Mr. MLEoD TELLS ABOUT HIS EFFORTS TO BUILD
Up THE PROPEETY-HE VOTES LARGE MA
JoR1rY OF THE sTocK-THE LEASE
NOT YET RATlFIED-MR.
pIATT's STATEMENT


u.. .,.,.,r,e,, Of n receiver for the New-Yorx
-, ~. .rrpl,nd Railroad did not come In the
- y, sirprise 10 those interested IN the
-, -, the company or to those who have Kept
= watch upon 1t in the last few months Durihs '"'
last two weeks the stock of the road mas oee'
selling at extremely low rates. ana reports vi "'
rrnhob,o annointment of receiver at an early
dav have been In circulation for some u'he' i"'
determination the part OF those VINO ha'e oA
,,,sa1 % the control of A. \. Mcleod. the presi-
dent Of the company. to ask for the appointment Vi
= recever was reached several days ago. odt the
uapers in the were not finally PUT INTO s"ap'
until a late hour on Tuesday night
The men responsible for the application are eN-
Senator Thomas G. Platt. who holds large amount
~ tho stock Of the road and who was made the
receivar + II Prince. of Boston. who represented
what are called tho Boston interests; Jonn IS Sch'ey.
Of the stock brokerage firm OF Moore schIey' ana
A T.. Board,nan and Frank H. Patt OF the law
firm of Tracy Boariman e. Platt Mr.. Boardmah
carried with him to Albany attdavits maze oy
Thomas c. P!att and Messrs. Prince and Armstrong;
directors OF the road and members OF the STOCK
holders Committee appointed to raise SSo"V' the
amount of the interest due on outstanding ponuS
on January l. These men declared that II was
found 10 be impossible TO secure the necessary
funds TO pay the January interest and asked that
in the interest of the stockholders. bondholders I'D
creditors of the road receiver be appointed.
Tine news that a receiver had been named IN
Albany and that the Court had appointed lhomas
C. Platt 10 the position reached Mr. McLeod ana
the other stockholders of the road just at the OPEN
ing of the special meeting which had been called for
Yesterday in Mr. McLeods office in the Equitable
Building This special meeting was held Tor the
purpose of allowing the stockholders 10 vote on the
proposition to lease the projected New-fork' New
England and Northern Railroad. and thus secure
an entrance into this city. When the announcement
OF the receivershp proceedings was made. many
significant glances exchanged between stock
holders and for few minutes there WAS hVeiy
conversation the subject 1t was checked by
Mr. Mcleod who addressed the stockholders present
follows:
MR. MLEoD REVIEWS THE SITUATION.
..Gentlemen: You have been called here to-day
other 10 ratify or disapprove the lease to this
company of the railroad OF the New-iork, New
England and Northern Railroad Company cor
poration organized and promoted in the interests
OF the New-York and England Railroad Conn
many copy OF this lease has been mailed TO
zach stockholder and spare copies are on
Tho secretary's desk for further examination. II
desired on the 18th OF March last l was elected
TO the presidency of yoir company FOUND an
ernpty treasury, very many overdue ana unpaid
vouchers and a large number OF creditors several
OF whom were urgently pressing their claims for
settlement.
..rhe very next day after my election attach
ment was placed, much to my astonshment, on a
large portion OF your rolling stock. 1t was made,
too by one OF the creditors who. might almost
say had been treated preferred creditor by
the previous manager. by paying him large amounts
lust before the change Several members OF the
board and myself promptly came to the relief Of the
company the attachments were released. and suffi-
cient funds advanced provide for pressing claims
This established to great extent the credit OF the
company and confidence in the public mind.
THE management then sought to place the prop
cry in better condition physically. and to establish
such discipline among the employees would in
sure safety and economy in the conduct OF your
business. For several months during the normal
condition Of business the net gains each month
were very satisfactory and enabled your manage