The New York herald., 1849-11-14

gegcies. In October, asked the President IL there
any expense tolessen the profits then making He
said there not. asked what those profits, then,
lie said they were 76.l0ths per cent. But fur
therI put the question 20 the tion officer,
and he said the returns for the rs ten days In Octe
ber showed of $0O per day September
Now assuming that this company will go on like other
companies it seems you will be all well satisfied with
the profits Of your investment The engineer has also
given q certificate that the road well built, and
that ut to be received with reservation of some
few dollar. for completing little matters Nov,
stock is not sp' those who fami-
liar with stock and other operations in Wall
own part never burn my fingers with it except By in.
vestment. Let those who give information tell
why this stock is down to 95 when 1t might be above
par Yet there and the public WILL not believe
report. think ought to have the road now
paying per cent and shortly more; Another item Is
admitted to be bad bargain. That company receives
45 cents out Of every 100 the receipts from Bridge
port to New York and We take 55 cents and pay all
expenses. This item, in the sweeping report
did not approve OF.
voIcE-How long is that contract to last
Mr.. RosEvELT-I understand for another year. We
shall then be relieved from it; and that is some
laion for present loss Then the contract with the
Hartford Company is said to be good one. don't
know whether it is not but We pay large SUN for
it. In conclusion, have only to that II any gen.
tlemen wants information, for one will communicate
all know 1t is light all want. | think there
ought to be secrets aud that the shareholders
the public too you please should know every thing
about the line have no secrets and think ought
to have none here. lApplsuse)
Captain SPENCER stated that he did not agree
the report sign it; though at first, giving casual
look at 1t. be did not express dissent.
Mr.. PHELrs said he regretted that such report as
that made by the committee OF auditors for
though the gentlemen doubt pressed themse
with great caudor 1t would not satisfy the public At
a former meeting, he bad been told that the public
bad nothing to do with those matters. But he con-
tended they had everything to do with it, for IL
they that regulated the price Of stock He would be
if Il was rejected or ss idea wsoId be- tSa
1t not impartial Yet 1t ought not to be agreed
To-. What he proposed was that II should go back,
aud If unanimity could be secured in the committee
the public would have more confidence in it. IL was
now so exceedingly ene-sided that no faith would be
placed in it. He at thu last meeting but he
Learned that the for the init un sere
moniously and deliberately voted off, though according
TO al usSe the % m0ver r. always one Of
we're two gentlemen whom be could place the ut
be knew II was utterly impossible they could do q
wrong thing He moved in conclusion that the re-
port be not that the be discharged
and that new committee be appointed
MI YoUNc-I hope that the gentleman will so medify
the resolution that can second Suggest that would
he substitute for his proposition that IL laid on the
table No doubt, the gentlemen who keep the are
honorable men, but like other they liable to
mistakes Their policy is bad This is point that
ductye one and il we'll managed, would pay ten per
cent, and give the public low fare. What stands in
the way ;! The policy OF the company. Can any one
deem policy wise where the trustees of company en-
trusted with the disposal OF two and half miliens OF
dollars, let out that sum to brothers, fathersin-law
and friends! had hoped all this matter would come
out to day In the report But there has not been
word of It, The Board Of Directors let out the
contract to MIR. Bishop, associated with MIR Miller,
brot Flaw of director and an officer Of the COM
papy; Mr. George L. Schuyler is brother and business
partner of the President; but he was partner with
Mr. Bishop In the contract. ask whether it was like
y justce would done the stockholders under those
crc cumstances! Connected with that there is another
matter MI Twining was appointed the engineer OF
the Company. But these contractors declined to
proceed with the contract unless he was discharged
in building the housatonc Railroad was appoipted in
his stead ! do not say MIR. bishop gained Influence
over him that was Injurious to the company but he
was IN position to do So and may have done It, Mr.
Mason was appointed, and he was made the pirs
almost every at issue between aud
the company. IL was Mr. Mason made up all the esti-
mates and IL epjoined on him that he should alter
the road in obedience TO the contractors 1t appears
to me that he ordered 10 be obedient and sub
seryisnt to them. But at all events will say these
are relations which ought not have existed Others
ssyso too This pslicy Is wrona and might go for
hour enumerating the relations and rami dc atons
which prejudice the value Of ,bis stock. Again the
contract requires that the road Should be
the city OF New Haven. Ii rpt made and kree
or four thousand dollars expnded on that Then
the sites and right OF cost S3 ~ per annum more
all which the contractors bo,nd TO obtain them
selves had hoped that the coRtrcts with the steam
boats and the report Of August wld have been pub
ihed a. promised. He would move that the report be
MIR KNArP said the committee had investigated the
proofs fully and we're satisfied but ey only laid the
results before the meeting not the pr,ofs
MI DaKGE was procetdipg 10 speak when be wa, In.
terruped under the following circumsA nces-The re.
porter for the Herald inquired from theeereary what
the gentltmsn's name The secretary said he ex-
rectsd the reporter wsuld submit his rert to him aud
the President that they might It bei9e II was pub.
lshea. The reporter replied lie would do no such
thing. The Secretary said they would MT permit him
70 publish t. lie replied that he would p,bsh IL yhe-
th.r they permitted him or not. The Secretary then
said the reporter was not bhaGehOlder aud had no
zig ht to beyretent.
The ErroRrlN replied that II was a putie meeting,
called by advertisement al that the doom were open
Jhe SfcnEraRf thcn iDtimated TO the Chairman that
be observed gentleman pre.ent taking noss VINO was
not q sharohpde aud he had refused 10 .lbmit his
report before publication that be and tn, President
nght zee how much Of 1t would be usei al topublsh
ne RrroR1rn then said suppose the kn;lemau
sludes 20 me. nave come here n reporteifrom the
Jioah Office represent Mr.. Bennett, who lishes 10
give the public ana the absent shareholders apost of
what srnnspircs here; aud do intend TO publih'is
1he lElspENr then expressed his oppczitiont TO the
reporter presence f-sl -
tir D.nsr then said-l think the company Va con.
cede to The Herald az conservator Of All the rAAds OF
the nited States the privilege Of pusishsg thA pro.
ceedngs. s..asN ~
The matter then dropped, and
AR DARGE resumed lie said u was indi iTdusls ss-
ptrng about In all street that had reduced the nee
Ct their stock Those who 10 the =,
the directors, little knew when they saw s osth nj,
way, the difficulties the president aud directors nd
before they succeeded in establishing &C. Either II
the directors be turned out, let them be sustained
lie moved that the report be accepted.
The r,rslprSr then said be wished to make some ex
plstations before the report was put to the meeting
In the hrst place every attempt had failed to get up
line, TIL Alr Bshop was induced TO build IT, IL was
dead thing till then. IL 10 the hands of the gem
temen Of Connecticut for long time; they could net
get the right TO come into the State of New ora and
they were obliged TO stop at Port Chetter few gen
tlemen in New York, who took interest in IT, raised
seven or eight thousand dollars for preliminary ex.
penses; ttin nobody would undertake the work Mr.
Bishop and my brother at length consented Mr. Bis
hop thinking the matter hazardous. wished 70 get
an engineer be could rely on and MIR Mason was ap.
pointed. The contracts we're concluded w. made
contracts for two and a half millions OF dollars
The knovledge was almost universal that Miller
and schuyler and Bishop &e. we're the contract.
tors and subscribers took the stock with their eyes
open to the fact. Objections not ma Ie One
sentlems indeed maze the OBJ ection and said 60
him that he was at liberty TO take shares or not he
pleased stated to the directors that would rather
resign as president, than that my brother should lose
/ the contract. The snswtr was II you resign, we will
not make up the subscriptions. My brother then sd.
dressed letter TO the board, relins uishinx bis
contract and transferring It TO Bishop. The pa
Itrs we're made out aud after the transfer he neyer
took any further interest In the railroad As tc
making the line short Of Williams Bridge that wal
TO accommodate tae Harlem Company, who wished
| to get az lsrg q double track as possible They
| constructed ~, and pay nothing for its main