The Portland daily press., 1894-01-11
A SMALL tARmY OF LAWYERS.
Many Interests Represented at the Hear
ing on the New England Receivership.

Many Interests Represented at the Hear
ing on the New England Receivership.
2. New York, January 10-Judge Wallace,
sitting in the United States Circuit
court heard the application this after
noon for the appointment of perma-
nent receiver for the New York ana New
England railroad. A big concourse of
lawyers was present. James Armstrong,
representing the defendant corporation,
stated that at the meeting of the board
of trustees he was authorized to appear
and consent to the appointment of a per-
manent receiver, and ask the appoint
ment of one receiver, Thomas G. Platt.
MIR. Solomon Lincoln of Boston, repre-
senting the trustees OF the first mortgage
bondholders, said he was authorized to
appear and ask for the appointment of
mangage the property wisely and in the
interest of the company. Elihu Root,
representing the holders of second
mortgage bonds, opposed the appoint
ment of Mr.. Platt. He said: The
holders of the second mortgage bonds
are parties who have the most risk in
point in the proceedings. The gross man
dSCluClU VI buC IUdll3 dS III oIiS
application for the receiver, has practi-
caliy wiped out all the interests except
those represented by the first and second
mortgage bonds. So far as any security
exists, the continuance of the misman-
agement will affect the second mortgage
bonds next and my clients will suffer. We
come here TO ask for the appointment of
a receiver in the interest of the second
mortgage bondholders, not for the con-
tinuance of the temporary receiver. We
object to the appointment of Mr.. Platt as
receiver because his appointment would
he a virtual recognition of the point
made by the management of the road.
Mr.. Platt is at present director, and his
appointment is asked for by the plaintiff,
who is treasurer of the United States
Express company, of which he is presi-
dent. The express company has con-
tract with the road and it would be to
the injury of the bondholders to make
Mr.. Platt receiver"
Mr.. Root suggested the appointment of
Mr.. VIM. 7. Hart of Boston, a former
president of the road, as receiver instead
of Mr.. Platt.
Matthew Hale of Boston representing
holders OF terminal bonds objected to the
appointment of any one named by the
trustees and to Thomas G. Platt stating
that he would not command the conf
dence of the public and the creditors OF
the road
Henry D HYDE of Boston, representing
certain Boston banks which held bonds
in the road, urged the appointment of
Mr.. III art.
J.Stoddard of New Haven, said he
represented the University of Yale and
some second mortgage bondholders.
He asked that no man be appointed who
bad any connection with the present
management as the latter did not respect
the RIGHTS nf his CHANTS nf second
mortgage bondholders.
John r. Dos Passos opposed the APP
poiutment of Mr.. Platt, whoEs he accused
of having intimate relations with Mr..
Mcleod. Mr.. Dos Passos said he repre-
sented 1000 shares of common stock.
General Wagner Swayne. representing
%, 900 shares of common stock, opposed
the appointment Of MIR. Platt. He OBJ
jected to the statement of Mr.. Root that
the common stock was without value
and its owners should therefore not be
considered in the appointment of the re-
ceiver He said that even to an insolvent
debtor is due some consideration. He
objected to placing the interests of the
stockholders in the hands of gentleman
who makes an affidavit lin advance that
the property is hopelessly insolvent. He
objected also ON the ground that Mr..
Platt was identified with the present
management, and suggested the name OF
Charles Parsons as receiver. The names
of George Woodruff. chairman of the
Massachusetts board of railroad commits
sioners, and Mr.. Perry. one of the tempo
rary receivers in Connecticut, were also
presented. Frank Platt, of Tracy,
Broadman and Platt, and son of Thos.
G. Platt, denied that his father had any
interests which would interfere If his
performing the duties of recei yer justly
and to the best advantage of the road.
He presented petitions from Russell Sage,
w. .Starbuck, Moore and Sohley. and
Others i'll favor of the appointment of
L. c. Platt. Gen. Benjamin E. Tracy also
argued in favor of the appoin tn1ent of
Mr.. Platt. Judge Wallace took the papers.
A decision is expected tomorrow.
New England and Canadian Railroads.
Boston, January 10.-At the annual
meeting of the Boston Merchants Asso-
citation today, the delegation to the an
nual meeting of the National Board of
Trade was instructed to oppose any
action hostile to the transportation in
terests of this country. This action was
taken in view of the adoption by the
Cincinnati Chamber of Commerce of q
resolution favoring such an amendment
to the interstate commerce act as shall
protect American railways against the
competition of the transportation lines
not now subject to the provisions of the
act, which the Boston association under
stands to be designed to deprive New
England of advantages afforded by
Canadian railroads.
ITS FRIENDS AFRAID OF 1T.