The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1894-01-12
RAILROADS IN TROUBLE.
English Capitalists Downed by Col
lapse of American Securities.

lapse of American Securities.
LONDON, Dec. 2S.-Tho English
press il severe on what it calls the
misleading statements OF President
Reinhart OF the Atchison railway
system as to the position OF that
company as cabled to London. 1t is
claimed that these alleged mislead-
ing statements were made while all
the arrangements for fling the bill
of the receivers were already COM
pleted, and it is asserted the affair
destroys the last vestiges of conf
dence which English investors might
have had in American railroads.
The Daily News says: The Atchi-
son developments have made men
distrustful Of the very best American
lines managed by the very best aud
solid men in America.
The Standard doubts IL q % per-
cent assessment on the shares would
yield enough to put the line on its
legs again.
The Financial News says the
Atchison deception in some respects
is the worst Of all receptions with
which investors on this side have
been taken in, and pronounces the
opinion that the whole business is
discreditable to the last degree.
The Chronicle says the losses to
British investors in American rail.
ways are due to bad administration
and the market operations Of the
railway magnates are Of character
which would not be tolerated in this
country. The Chronicle adds the
payment Of interest is often depen-
dent, not upon the solvency of the
company, but upon the interests of
those in control, judged from the
market point Of view.
Broker Phillips, dealer in Ameri-
can securities, has failed. He was
long on 1000 shares of Louisville
and Nashville, and $500 Atchison,
and short f5i,OOO in Brighton A
stock. His failure brought down
Grant, dealers in Brighton A.
BosToN, Dec. &.-JudUe Nelson OF
the United States Circuit Court has
appointed Reinhart, McCook and
and Wilson Atchison receivers for
Massachusetts.
New YORK, Dec. 2s.-The paper,
on which temporary. receiver wa,
granted for the New York and Now
England road sct forth that the
road is hopelessly insolvent; that Il
has been operated at an increasing
loss every year; that the actual de.
| G,iapny Ia pn,, ,,,nr. tk,, - EOn nOn
that the road is in poor condition
physically; that il is unsafe; that the
directors managed il in entire dis.
regard OF the interests OF stock
holders, and for the furtherance oil
the private interest Of certain direc
tors, instancing q number OF tran
sactions in the way Of leasing lines
the breaking OF agreements, etc.
Receiver Pratt has not yet tsksr
possession OF the New York anG
New England road, though entitled
to do so under the courts orders
President Mcleod expects he vii
be able this afternoon to get enough
proxies to ratify the lease Of tn,
New York, New England and Mort
arm to the New England. Tho vot,
OF stockholders this afternoon OF
the lease Of the New York, New
England aud Northern showed
clear majority in favor Of tho pro
position.
Plat has qualified as receiver il
Sl,lOO,OO0 bonds. His bondsmel
were II. o. Armour and Calvin 5
frice.
Boston, Dec. 2S.--Counsel for tn,
New York and New England roat
sought TO apply for receiver in tn,
United States Circuit Court here
but Judge Coll is i'll, and Judg,
Nelson of the District Court re
fused to act. The applicants thel
left for Providence to apply I,
Judge Carpenter.
PaGScorr, Ariz., Dec. y. -Arthu
Dudley Ninton, attorney for tn,
Prescott and Arizona Central Rail
road, to-day fled a petition for tn,
appointment Of u receiver for tn
Atlantic and Pacific Railroad. Tn
petition is very voluminous, and con
sists mostly Of q recital Of the hume
rous suits which no has instituted
against the Atlantic and Paciii
Company on behalf OF the road b.
represents, and which quit bushes
three months ago. The petitione
Incorporates his disapproval OF tn
appointment OF Reinhart and Nc
Cook as receivers OF the Atchisol
company. Beyond fling, no actor
was taken on the petition.
MILWAUKEE, Dec. 2.-The petition
in behalf Of the Northern Pacifi
road for the removal OF tho presen
receivers was filed in tho Fedora
Court here by General Counse
Petit OF that road this afternoon.
Receiver Henry c. Payne of tn
Northern Pacific said, in regard /
the petition Of the stockholders @
the road seeking the appointment
OF new receivers, that ne and hi
colleagues have faithfully and dill
gently undertaken to a,lminister tn
trust placed in their charge, havin
in view only the preservation an
|, management in such way as in tn
quickest time to place the compan
- on its feet. The management la
not in the least degree tried to il
fuence the action OF the receiver
and he cited the stand taken col
corning the Wisconsin Central leas
as illustrative of this.
The insinuation the receivers al