Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-10

Lose ISLAND RAIL ROAD ConPANY.--For many
days past and also at this moment, there has been
great excitement among the stockholde Of the Long
Island kall Road Company. This sensation has been
caused by the general Encouragement of its con-
cerns-the vast expenditures made fer equivoca pur-
poses-the peculiar influence by which it has been
regulated-and particularly the result of an election
just terminated II appears that an application is
about to be made TO the Supreme Court or Court of
Chancery, for authority to set aside the election,
which is alleged to have been conducted contrary 10
law By the statute the approach of an election is
directed to be publicly announced in the newspapers.
This was not done-ths, therefore, becomes one
ground of application.
But the principal cause of the difficulty is the gene
raj Encouragement of its concerns, and the unjust
and partial exactons of the old board of directors to-
wards certain stockholders, in requiring the install
ments on their stock. Among the Long Island stock
holders great complaints exist as to the profase ex
pendtsre Of money, and the unjust influence in laying
out the line. 1t appears that the line of travel was
selected for the purpose of passing through certain
lands Of a stakeholder, and by this means avoiding
the best, easiest, cheapest and most popuous route
through Hampstead. 1t is stated that $75O,OOO have
been thrown away in cutting through deep hills, mere
y to subserve the private purposes of directors and
stockholders.
Another complaint is that the whole body of the
present directors, owning only 1000 shares out of
10000 manage the concerns for other purposes than
the advantage of the whole body of Stockholders
Previous to the election, which is to be contested
several high handed measures were resorted to by
the present officers in order to prevent the stockhold-
ers from reaching knowledge of the condition of
their own property. John Delafeld, of the Phenix
Bank, is retained as bookkeeper Of the Company, at
salary OF $500, to pay for wine and segars He is
closely connected with that clique by whose acts the
money OF the Company has been wasted and the in
terests ofa the stockholders devoted to the advan-
tage of few. On the application Of stakeholder,
Mr.. Delafied refused to exhibit the books, though
penalty is inflicted for the act by the statute. AT the
election also it foxnd that the old Board succeed
ed by admitting the votes Of the stockholders who
had not paid up their insaments while Others on the
other side were uncerimonousy rejected.
On the whole, the Long Island Rail Road Company
one of the notwithstanding of corporate
that we have heard of for many
day. 1t is perfect study. AT our leisure we shall
give full history of its rise and progress-how the
few have deceived the many-how a charter is made
ajuggle-how interpretations are only mode for one
man 10 step to fortune over the neck of his neighbor
how the possession of power makes men insolent
-andhow the most respectable men in the commu-
nifty WILL under the wing of legislative charter lie
cheat, deceive, swinde, and play "all manner of
FRANKS before high heaven
- ID L