The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-09-04
manage meat

ton into he operations Of tho bsard Of manage meat
bat yet We have response
The fris Railroad Compsny have never made To-
tailed report Of their sirs The d!rsctors have from
time to time, jast previous 10 issue Of bonds
the .vs Of dssnsisi operation PIT forth
address nilra it'll estimates but alludns very briefly
to the past TO the condition sost Of the ROAD
The harlem Company have male reports 10 ths Lsgis-
lsturs ~ required by law but they condensed
and the expenditures were lnmped into ons item so
that the stockholders could form idea Of The
saisrs Of the expenses, or the poition Of the
Affairs q the concern The Long leland CompAly
have been equally rsmiss in their reports, aud
for the hudson line, their affairs . sealed
bosf. According 10 Mr Flugg reports have been Md
several smss TO tie board Of director. pabsaioa;
still for reasons sst known to James Booru IN Esq,
The PRESIDENT Of the road, none Of them
reached the public eye This In tn, wa these
managed Everything Is wrapt in M terry, sad the
frst developments made we fear will be- in the shape
Of an explosion The only possible chance II the stock
holders obtaining true and correct Wedge OF the
positsn Of their affairs snd tho present aud prospes
tive vslse Of their property il by the appon Of
committee from among Themselves n iavestgste the
accounts Of each company and the road and all
its appursnsnses and make fair and detailed report
only for the benefit Of thoss At present intssssd
but for tb. guidance Of thoss who may b. hereafter
In connection with these remarks annex extracts
from series Of articles which have appeared in
the Bossn ITsrslsr relative railroad government
Let examine the position OF things in regard TO
stockholders cemDiitee ~ u general and sdvsasis
means Of all railroad government
First then-Tbe directors of a railroad have the n
tire custody, control AID management of the capital
and income Of the corporation within the limits Of
their authority they the sole absolute aud
trolsble power. eoDstuted such BY Law, during the
coniiu nance Of their Office.
In tls plut hay ure AM
Of the stockholders bound by the laws OF the hand re-
sustipe trusts aud ss-nces aud pcnsibe az thsend
tain degre-e for their .kl aud ability
Third The directors are trustees and agents OF the
ockhold.rs within the limits vi the authority, with
which they are invested; yet nevertheless for any
mistakes In the e1ereie II It. or an, excess seyondits
lrs,imste limits the corporation and of course, tho
stockholders individually BY the loss Of the sorporass
property may be made severely tn suffer
Fourth The directors owe to tho stock holders a full
pisip ineligible account Of their stewardship, AZ least
sice y'ar
Thee are the cardinal principles upon which
joint stock eom psnies are established 1t il obvious
that the stockholders, we'll the d sctors, have
their rights ard their duties and 10 as certain ~ the
nature Of mankind anu IL written in letters OF light in
the bisory ~ every bankrupt corporation that When
the Stockholders neglect their duties they will naby
lose their rights
Ire appointment OF stoehhod-rs' committee Is the
appropriate and only way in which the stockholders
ssn dscharx- their pscuiiar ltiss;
ard the point such committee At the gin
ming H the stesd Of the close the only mode VI
efficient action in the premises
pom esah OF thee propositions we propose 10 sub
nit ore or two remarks Let ia. however drst say
word in regard TO that respon iolity which tho la.
throws joint stock director What Is the value
of IL 10 his constituents Nothing absolutely moth
ing!
The corp oraton and its directors generally
hsike IN bottom, and they sink or swim together.
When hy uUfsitbfuness or Encouragement the cor
poI alton ashore aud the directors by good luck
Keep themselves anoat who put any value the
personal responsibility of these Individuals It lisa
mighty pretty sound to sry out trust the directors
give then your n6dence and hold them To their
rpon,birty Iou hold them only by n rope II 'Rnd.
or what TO the borrowing sufferers hr Bidtes
responsibility the money King among tbs btuEs
In the late panic about the Resdipg Bonds. Of what
value ~ the directors respons ibilityf Count up
you the long ard painful list OF broken down aud
crippled corporations. banking. manufacturing com
n.reis or speculative and mud one n he possible,
where the responsibility Of The agents after the failure,
worth q red cent to the proprietors Or 60 step
further svd ASCERTAIN whether there any and how
many IN The repository If thiDss lost upon earth
where ID. popretofs have nct neglected the imperi
ous outy Of supervision and trusted everything In
blind confidence to the gontiby OF the directors!
The hor.st aud abb. the directors the moro
easy the tsk Of examination and the readily aud
earnestly IT. 1t solicited when IL 10 opposed should
D. the more earnestly insisted on
The annexed statement exhibits the quantity Of dour
wheat and barley, left At tidesster during the
4th week in August, in the years ls<s and ls+s:-
Flour bbis. Wheat, bs. Csra. bs Barley bs
1913 ....... .oy ysy sGlj0 1880 900
lslg. ........ c27e6 lol, a5 46i t.t5o