Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-12-27
PRESIDENT McLEOD's STATEMENT.
What He Said mt the Meeting of Rail-
road StOckholders.

NEW YORK, Dec. 2a.-President Mcleod
| submitted today at the meeting OF the n
Y. and n. f. stockholders a resolution in
favor Of their ratification of the proposed
lease of the New York, New England and
Northern railroad.
He says that when he was elected pres.
ident, In March last, he found the com.
pany's treasury empty. with a large mum.
her of creditors pressing their claims for
payment. On the very next day an at.
tachment was placed on some of the com.
pany's rolling stock, by a creditor who had
been treated with special consideration by
the previous management, but he CMr.
Mcleod, and several members Of the board
advanced funds to meet the most pressins
claims and did much to establish the com.
pany's credit. Service of the system was
improved and net earnings began to in
crease. so that these advances of funds
were practically all paid of at an early
day.
The July interest was paid from fund,
obtained by the president, and this has sine.
neen repaid to him out of his earnings
These resources obtained in the face of uni
versal depression and of the active hostil,t,
of competitor, who had previously affordef
trafi1c to the road, gave reasonable assur
ance that the New England road could bs
made able to sustain itself. Ever since h,
had held the presidency he had labored tc
improve the company's credit the physica
condition Of the road and its future pros
poets, but he was led to conclude that tn,
stockholders could not reasonably expect :
return upon their investment unless theil
line was extended into the city of New
York.
The proposed lease of the New York, New
England and Northern road was the EN-
bodirnent of their theory.
In conclusion he states emphatically tha
he has never interested himself In the Sc
curities OF the company. in any way, excep
with the expectation Of enhancing their in
trinsic value. and thus indirectly the credit
of the company.
President Mcleod said OF the appoint
ment OF receiver for the New York and
New England road: II had no more tdes
than the man in the moon that application
was to be made for the appointment of 8
receiver. There was no need for such 6
step. The company required only 500. 90,
or S3oO.OOO. and 1 could have raised thai
| amount 1 pulled the company through be
| fore and could have done IL this time
had not begun to try. Other people hav,
their say now; shall have mine later Tn,
end Is not reached by any means The re
ceivership for the New England does no,
| prevent its leasing the New York, New
England and Northern. The stock voted or
this lease is by holders of record Decembe,
81. There may be interferences with the
lease, but its legality stands 1 vote oyer
! 100000 shares in favor of the lease which
shows that majority of the stock is in my
hands,
In referring tothe appointment of a TEN.
porary receiver, Judge Wallace said: THE
papers in the case have been taken to New
/ York city by Mr.. Boardman, where they
/ will be filed today with the clerk of the
United States circuit court. The order ap.
| pointing a temporary receiver was granted
I pending application for a permanent re-
ceive-, and to save the property and prevent
disfntegration as result of attachments
upon the rolling stock and other property OF
the road. My order is returnable before me
in New York city on January 10, when the
question of the appointment of a permanen,
\ receiver will be argued. The bondholde-s
shareholders and creditors Of the company
! can be present at that time, and will be
heard"