New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-22
NEU-ENGLAND DIRECTORS.
4 NEW BOARD CHOSEN AT THE AN
NTAI MEETING.
OMISSION OF ALL MLEoD fNTEREsTs-THE PRE-
IIMIHARY PLAN OF REoR"NNl"Nii'N
TIE COMPANY NEEDS NEARLY
s. 80 90 ~ CASH.

THE COMPANY NEEDS NEARLY
$4,000 IL CASH
pos,on March 2l-The annual meeting OF the
-yorl and New. England Railroad was called to
order by Vice President Ode Mt ll:11 a. m Inc
,ououinp directors were present: Messrs. Arm
strong Vaughan. Plume. Plat ana Perry III"
Messrs Waterbury and Coolidge Of the h'orsanl-
cation Committee The following directors "e'e
elected. .
cor,o, Ahho,,. Charles F. Adams 81; a.
piyelov Francis C. Lowell. 4. c. Tower , NJ
VOID Iohn Kean IT, John g. Moore. 7. {. flatt
Samuel Thomas benjamin +. Tracy Johh W.
poane. Spencer Erwin Joseph f. Snnott' Arthur
Brock NJ j. Perry H. f. Vaughan D. :. fluhe
and Arthur Scwall
ticket.
The Investigation Committee appointed at the last
stockholders meeting preferred stock Noon-
socket Railroad and Terminal Railroad asked Tor
further time, which was granted. with PERMISSION
to report print. such report TO be sent 'hrouS"
the mail.
or the new board the first six are well-known
Hoston names Gordon Abbott IL ce-presdent OF
the ola Colony Trust Company and a. e. rover
IL Junior member OF the banking ilrm OF lo"er'
Gildlngs a. Co. The next five names are OF Ne" 70
York men Mr. Doane Is from Chicago. ana ~
one, OF the Union Pacific receivers. Messrs ErNih
Sinnott and Brock from Philadelphia; MessrS
Perry and Vaughan from Providence; MI rune
from Waterbury, Conn, and Arthur Sewall the
nineteenth director Is from Bath. Me He Is prom
inent Boston and Maine Railroad director
It Is not yet decided as TO how long
the hoard chosen to-day Will remain IN
office but the only question Will be the
reduction OF rs number from nineteen 10 thlr-
tecn The perma nent board will be made mp. how
ever OF those chosen to-day II the number OF MEM
bers Is reduced.
The board is spoken OF a a business mems board
I'm the interest OF the city OF Boston The new Bos
ton names are mostly OF young men, The only
names that can be Identified with the New-( ork
New-Haven and Hartford are possibly those OF
A. G. Tower OF Boston. and John q. Moore oil
New York. but II Is understood that Mr.. Hart
trustee OF the second mortgage bonds who also
represents 1900 shares Of stock. and who Is said 10
be identified with the New-York. New-iiaven ana
Hartford interests. was denied representation on
the board
The directors met this afternoon. and adjourned
until next Tuesday. at II o'clock "A. m. when they
will organize.
After the adjournment. Mr. Waterbury read mem
oranda OF the plan Of reorganization The fxed
charges he said. must be reduced 10 come WITHIN
the company's net earnings. The experts report
shows there needed 20 pay accrued interest. notes
payable and all floating debt Liabilities. @5f2s 1856
There are assets OF s2Ooo0W against this Inc Iudins
which should be left In the treasury of the com
pany or for use for Improvements in That sec
No account Is taken OF the Richardson's Wharf
note OF $4,000 The general Managers requirem snts
ara S.o 900 Including 1850 steel rails and 5000
Goo for new equipment Repairs OF bridges VIII
cal for 10000 and reduction OF grade crossings
for sii.24 without considering Boston grade cross
ngs Necessary improvements cal for N,S12 49,.
making a total OF G7i6.Sl5 81.
Th"se dglres are subject to revision by the COM
mIttee Cash Ia not at once needed for all these
irnnrovemerts but me- earnings cannot be depended
unon I'm the light OF past experience and cash or
securities must be furnished for the future
THE committee IL now considering the value Of
the leased lines and exact reorganization plan
can be formulated until this has been determined.
4 promlnent director asked 10 day: what
will be the effect upon the present management OF
the changes in the board
The receivers and the reorganization committee are
I'm nerfect accord and OF course. Mr. Plat WEI
not be opposed in any way Vice President Odell
and Traffic Manager Randolph VIII be retained