New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-11
MANY NAMES SUGGESTED.
PERMANENT RECEIVER FOR NEW
ENGLAND TO BE APPOINTED.

-,.ncr WALLACE HEARS PLEAS IL FAVOR or
rv.sryAToR rIATT. WILLIAM r. HART
CHARLES PARSONS AND OTHERS.
c,,rssl for various interests Of the New-iork
,s New England Railway Company overwheIneu
rrdce wallace in the United States Circuit Court
o.,erdav with suggestions TO a permanent re-
s,ver on December % the Judge appointed ex-
co,o,or Thomas c. Platt temporary rece'VH' nam
ing Yesterday as the date for argument on a motion
"a make him permanent receiver. number oil
LAWYERS were nj court. appearing LOT ui'e'S III
forests and urging different courses me "ls'
eoker was James Armstrong, representing the
surrav companv lie merely announced thAt on
January the directors had approved ih@ receiver
81, solomon Lincoln of Boston. in behalf Of hold
re of the first mortgage bonds and OF the Boston
SO. Deposit and Trust Company. asked that a
competent man be made permanent 'ce'v'H.
Mr.. ROOT SUGGESTS MR.. HART.
..,,bu Root. for the second MORTGAGE bondholders.
,r,,es,ed that Mr.. Plat should No; be continued
ss receiver because he director ana was
,oo closely Identified with the present management.
goinst which charges had been made. Further
nisnanagement would wipe out the value OF the
second mortgage bonds altogether Mr.. Pat
vas president OF the United states Express COM
ronv In the fall of 1892 there was a controversy
h.,ween that corporation and the American EX-
mess Company as to which should get the New
t,,rlands business The American was SUCCESSFUL
On March H. 1893. Messrs Platt and Mcleod We're
elected directors Of the road. and Mr. Mcleod au
once cancelled the American Express company ;
contract The business was turned over 20 the other
COMPANY which now owed the ROAD @'-'VVV MI
Root asked the appointment of William T. Hart
of Boston
THEY FAVOR MIR. HART.
The same name was suggested by ex-Judge Stod-
sard Of New Haven. counsel for Yale C"lese' anu
cher interests; by Matthew Hale. or Albany, at
,ornev for the terminal mortgage trustees ana the
American Loan and Trust Company OF l'oS'o"'
and by Henry II. HYDE, Of Boston
John r. DOS Passos appeared for holders OIL
,hou, Of 900 shares Of stock. He had no word OF
csnsure for Mr. Plat. but opposed his being con-
,Inue1 az receiver lie was unfortunate the lawyer
declared In being associated with Mcleod the
AIpha and Omega Of financial disaster IN lo"
General Wager Swayne for other holders OF STOCK
waned 70 have Charles Parsons. the eXpresident oil
the road named Another man, George NJ. Wood
ruff chairr IN Of the Massachusetts Board OF hai-
r,ad Commissioners was then suggested by Mr..
Lincoln. Of Boston
THE NEW YORK CENTRAL's COMPLAINT.
Ex-Ju1ee Ashbel Green as counsel for the New
York Central road complained that when the New
England road went into the hands OF the receiver
1, owed his client $4,000 traffic balances anu
that this sum had since been increased TO S'ov"'
By an unwr;;en law this preferred debt
STATEMENT or Mr.. BISHOP
Frank Plat said that Mr.. Root mistaken in
saying that the United States Express Company
owed the New England Company anything.
William D. Bishop. Of Bridgeport. Conn. said;
lam a director of the New-Haycn road, and was
formerly its president. ! am personally large
owner Of the second mortgage bonds ana am also
an owner of small amount Of The preferred s'och'
The bonds which own hold individually and as
has
ten years ago as an investment without any relation
10 the New-Haven Railroad Company or TO any
body else The preferred stock was purchased In
the same way. II has been charged that the New
Haven Railroad owns controlling interest in the
second mortgage bonds Of this company The facts
are these:
When the New England Railroad Company went
INTO the hands OF a receiver about ten years ago.
that company was indebted TO the New-Haven
Railroad Company the extent of about slVVVn Que
for freight traffic balances After much persuasion
the New-Haven Company consented to take the
second mortgage bonds Of the -Ensand ROAD
in the payment of these traffic balances In addi-
ton to that the New-Haven Company had at that
time sinking fund and in seeking investment for
that fund purchased at one time $1,000 OF the nrSt
mortgage bonds Of the New England road Ihat y
the only interest that the New-Haven road has IN
the first or second mortgage bonds OF the New
inree directors Of the New-Eiaven road who ten
years ago. individualy purchased second m9r'sase
y
personal investment. some Of these directors are
now dead. and those bonds now in the hands
of estates Bu. 50 far the charge - made tldt
the New-Haven rad is interested directly or in,
directly in any of the securities of the NewEngland
Railroad beyond the 100000 received In settlement
OF traffic balances and $1,000 invested in the sink
ing fund, Il is entirely without foundation
So far i am individually concerned a speak TOT
myself and not FOR the NewHaVen road, have no
desire so far as | a director OF that road. That
the New-Uaven road should have possession
OF the New-England road. But am interested in
upon tht. bonds and much prefer to receive that
interest than into possession OF the road as
a second mortgage bOndholder, and that Is the case
OF every other person, director in the NeW-HaVen
road who has any interest In those bonds
Now so far the receiverShip Is concerned,
neither ] those | represent have any personal
feeling as 70 who the should be- but DO
think that in a property OF this kind which for the
last fifteen years has been run by Wall street, by
brokers and Spectators putting the stock one day
up TO 60 on the idea that the New-Haven road was
going 70 lease II. and down the next day 10 3D. on
the ground that the lease could not be effected
one day exhibiting contracts executed by the New
Haven road for lease OF the New gland road that
were entirely fraudulent-the receiver should be a
practical railroad Of experience. who has no in
terest in he stock In the bonds or in any OF the
curites property Of the NewEngland Railroad
Interest in contracts with the company he
should be IN whom the general public VII!
have confidence and u VINO they believe Will
not attempt 20 retain the pace for the sake OF a
big salary hut VIII administer It in good faith and
with honesty and integrity, and for the best In
terests OF all parties concerned.
General Benjamin +. Tracy then argued for the
continuance OF Mr.. Plat receiver He said that
IN all the years the ex-senator had been before the