The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-12-28
IN A RECEIVERS HANDS
Financial Troubles of the New
York and New England Road.
EX-SENATOR THOMAS O. PLATT
phosen by the Court m Temporary Re-
oeiver Of tho Company-Prssident Mo-
Lood Intimates That tho RECOVER VIII
Not Continue in Control.


oeiver of tho Company-Prssident No.
Lcod IntImates That tho RECOVER VIII
Not Continue in Control.
New York, Dec. 2S.-The New Eng
land railroad, after very troublesome
bareer, has passed into the hands of re-
eeiver. The application was made to
Judge Wallace In tho United States court
at Albany. The court appointed ex-Sen-
ator Thomas G. Platt as temporary re-
selver. Mr. Platt is one of the directors
Of the company.
The appointment caused virtually no
surprise, as II was we'll known that defin-
te steps looking to such result had Just
been taken. 1t is said that a conference
WINS had at the Filth Avenue hotel Tues
day night, and that at late hour the
determination was reached to ask for a
receiver. The conferees, 1t is claimed,
were Thomas G. Platt and T. II. Prince,
directors OF the New England company;
A. b. Boardman and Frank II. Platt, of
the law firm Of Tracey, Platt & Board
man, and some capitalists interested in
the securities of the company.
Thorn as G. Platt, when questioned about
this report, referred theinquirer to the of
ncers of the New England company for all
Information. MIR Plntt admitted how
ever, that there was some truth in the
story referred to.
One of the capitalists who attended the
conference at the Fifth Avenue hotel was
more frank than Mr.. Platt He said that
as matter Of fact the alleged conference
was really a little meeting OF the commit
Bee appointed some time ago to raise the
money required by the company to pay
ha MT lpa In g
s20O, 900 was required for that purpose,
and the committee had been unable to
secure it. The responses to the applica-
ton of the committee had been very slow.
Under the circumstances, therefore, ID
was necessary that an application should
be made for receiver for the road. II
did not follow, however, that the applica-
zion would be inimical to the interests
represented by Mr.. Mcleod, although it
was not believed that Mr.. Mcleod now
held any more stock than was necessary
Co qualify him as a director and president
Of the company.
A meeting OF the stockholders of the
New England company was held yester-
day afternoon to vote on the question of
ratifying the lease to the New England
Railroad company of the New York,
New England and Northern railroad.
President Mcleod was present and made
. statement, explaining what had been
done since his connection with the road
as its president. The voting on the ques.
zion of the lease will be continued this
afternoon, when 1t is expected that suf-
hcient votes will be received to ratify.
II was while the voting was going on
that the announcement was made that
Mr., Platt had been appointed receiver.
n tp11r ftaa . -.
Fsceiver good humoredly, apparently.
When told that representative of the
petitioners for receiver had said that no
allegations had been made against his
management, but that the appointment
had been asked for solely on the ground
that the road was insolyent, Mr. Mcleod
said
Then 1t Is very strange that the petit
honers did not notify me OF what they
We're going to do You can put IL down
that the application for a receiver was in
imcal to me. We shall see, however,
whether the road will continue in the pos
NRession of q receiver"
On the Stock Exchange the crowd of
brokers around New England was the
largest in the room. The transactions in
the al oek early in the day were enormous
and the excitement intense, as no ono
knew anything definite concerning the
rsceivership. The stock declined several
points.
The New York and New England Rail-
road company owns $50 miles OF rond and
leases Ito miles. The indebtedness
amounts TO sl6, 731, ,3i2 80, including bonds,
mortgage notes and contract liabilities.
There is also floating debt of ss50,OOO.
There is about s2O,O10,o00 of com mun
stock The New England has some val.
uRble property, especially in the way Of
terminals. Through its lease of the NJ :
witch and Worcester it controls the NJ
wich and New York Transportation com
pany's line of steamboats,.