Morning journal and courier., 1894-01-11
WILL NO! BE ON TIE TARIFF BILL.

| O
 WILL NO! BE ON TIE TARIFF BILL It is Decided to Report the
 Income Tax Separately. OBJECTIONS TO PLATT. l Several Attorneys Do Not want Him as Permanent Receiver of the New York and New RDgIand Road- Judge Stoddard of This City Repre- scented Yale University and she Sec- ond MOrtgages-Judge Wallace Took tho Papers in the Case-Speech of w. ID. Bishop.
 NEW YORK. Jan. 1O.-Judge Wallace, in the United States court, fsard this after noon the application for g permanent re- ceiver for tho New York and New England road. There was big concourse of law yerR present. James ArmatrOug, repre- senting the defendant corporation, stated that at 8 meeting of the board of trustees he had been authorized to appear and to consent to the appointment of . perma nent receiver and to ask the appointment of one receiver, and that one Thomas 0. Platt
 Solomon Lincoln of Boston, representing the tru stess of the first mortgage bond holders, eatd that he was authorized to ap- pear and ask the appointment of man who could be depended upon to manage the property wisely and in the interest of the company. Elihu Root, representing bac coopn1 hoo ment of MT. PIatt. He said:
 "Fhe holders of the second mortgages are the parties who have the most risk in the present proceeding. The gross mis- management of the road as charged in the application for . receiver has practically wiped out all interests except those repre- sented by the first and second mortgage bonds, 30 far ss any security exists. The continuance of the mismanaRem ent will affect the second mortgages. We come here, therefore, to ask for the appointment mortgage bondholdsrs and not for a con- tinuance of the temporary receivership. We object to tho appointment of MT. Platt as receiver, not on any personal grounds, but because his appointment would be Q virtual recognition of the present manage ment. MT. Platt is a present director. His appointment is asked for by the plaintiff, who is the treasurer of the United States Express company. The express company has a contract with the road and 1t would be to tho injury of tho bondholders to make MT. PlAtt receiver"
 MT. Root suggested the appointment of W. T. Fart of Boston, former president of the road, as receiver, instead of MT. Platt.
 Matthew Hale of Albany, representing the holders of terminal bonde, objected to the appointment of anyone named by the trust ees and to T. o. Platt, stating that he would not command the confidence of the public and the creditors.
 Henry D. Hyde of Boston, representing certain Boston banks which hold bonds in the road, urged the appointment of MT. Hart.
 Judge Stoddard of New Haven said he represented Yale university and some of man be appointed who had any connection with the present management, as the lat ter had not respected the rights of his eli ents or of any of the second mortgage bonds.
 John R. Dos PAssos opposed tho ap- pointment of MT. Platt, whom he accused of having intimate relations with Ar. Mo Leod. MT. Dos Passes said he repi esented 22, 900 shares of common stock.
 General Wager Swayne, representing 25, 900 shares of common stock, opposed MT. Platt. He objected to the statsmsnt of MT. Root that tho common stock was without value and it's owners should not be considered. He said even to an insolv- ent debtor is due some consideration. He objected to placing the interests of the stockholders in tho hands of . gentleman who makes affidavit that the property is hopelessly insolvsnt. He objected also to on the ground that Ar. Platt is identified with the present management, and suggest ed the name of Charles Parsons as re- ceiver. The names of George M. Woodruff chairman of the Massachusetts board of railway commissioners, and of MT. Perry, ore of the temporary receivers in Connect icut, were also presented.
 Frank Platt of the firm of Tracy, Broad man & Platt, and son of Thomas 0. Platt, denied that his father had any interests which would interfere with his performing l the duties of receiver justly and to the best | advantage of the road. He presented psti- tions from Russell Sage, W. Fl. Starbuck, Moore & Schley and others in favor of the l appointment of Plstt. General Benjamin F. Tracy also argued in favor of the ap- pointment of MT. Platt.
 The Hon: W. D. Bishop appeared before Judge Wallace and said:
 "I am director of the New Haven road and formerly its president. am person ally large owner of tho second mortgage bonds and am also an owner of @ small amount of the preferred stock. The bond. which own I hold individually and af e1scutor of an estate. They were pur chased about ten years ago ss an invest ment without any relation to the New Hs ven Railroad company or to anybody else The preferred stock was purchased in th' same way. It has bsen charged that tn New Haven railroad owns controlling in this company. The facts are thsse:
 "When the New England Railroad com pany went into the hands of a receive ] about ten years ago that company was in debted to the New Haven Railroad com pany to the extent of about $100, 900, du for freight traffic balances. After muc persuasion the New Haven company con sented to tais the second mortgage bond of the New England road in the paymsn l of these traffic balances. In addition l that the New Haven company had ct ths time . sinking fund and in seeking invest
 ment for that fund purchased at one tim
 SIS, ,0O0 of the first mortgage bonds of th
 Nov England road. That is the only ir
 terest that the New Haven road has in th
 first or second mortgage bonds of the Ne
 England railroad.
 1t is true that there arc two or thrs
 directors of the New Haven road who te
 years ago individually purchased seeon
 mortgage bonds of the New England ros
 the same as did, ss . personal invest
 ment. Some of those directors are no
 dead, and those bonds are now in u
 hands of estates. But 50 far as the char
 Is made that the New Haven road Is inte
 ested directly or indirectly in any of Il
 securities of tho New England railroad
 yond $100, ,000 received in settlement
 trsmc balances and SIS, 900 in the sinkil
 fcnd. 1t is entirely without foundation.
 s'So far as I am Individually concerns
 speak for myself and not for the NJ
 Haven Tosd. have no desire, so far a
 am director of that read, that the N
 Haven road should ever have possession
 the New England road. But I am int,
 ested individually and as an executor
 receiving the interest upon the bonds, s
 much prefer to receive that interest tn
 to come into possession of the road q
 second mortgage bondholder, and that
 the case of every other person director
 the New Haven road who has any inter
 in those bonds.
 s'Now % far as the receivership Is ct
 cerned neither l nor those represent hs
 sny personal feeling as to who the m
 should be, but do think that in . prop
 ty of this kind that for tho last dfts
 years has bssn run by Walt ltstrset br'