The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-11-21


10th Commissions charged by directors for accept.
Ing the company's drafts.
l7th Alleged purchasing of real estate by directors
And 18th. Paying the August dividend.
In conclusion, the committee feel called upon (by
the facts brought to their notice in this nvesgationJ
to bear testimony to their fidelity devotion and unre
uniting efforts OF the officers and directors In bring
ing to successful completion, when surrounded with
so many difficulties, this i'm portsnt enterprise.
In no case can the committee trace In the most re-
mote manner any personal interest on the mart Of the
officers or directors in any a. v
the construction, location management Of the road:
show that personal and pecunary sacrifices have been
made by them which rarely witnessed in the ma
nagenent Of works of this character:
And the committee cannot but believe tina. had tha
stockholders passed with them through this aborious
and searching investigation they would cordially unite
in awarding to the officers and directors the credit they
SO truly deserve.
By order of the Committee.
Whereupon, after full discussion and examination,
said report was unanimously accepted. -:
The following resolutions then offered and were
reports of the directors and of the committee,
Resolved, That the thanks Of the stockholders be,
and are hereby rendered to the Special Committee Of
Investigation, appointed at the last meeting for thsir
able thorough and satisfactory report
Resolved, That the stockholders have entire conf
dence IN the President and Board of Directors bsev-
Ing them to have executed the important trust com
mitted to them not only with zeal and fidelity, but
WIZ nigh intelligence.
The committee content themselves with merely emu
merating the items which they have investigated and
summing up the whole Of their ia5ors in the remark,
that the report Of the directors is every par
ticular and that there is foundation for the charges
made against the management In list Of eighteen
items presented for investigation not fact or figure
Is given evidence In favor of the correctness Of tho
directors report. The committees report was as APP
pears by the resolutions (Which 1t is stated were una
nimousy passed., accepted.
After these resolutions offered and passed ano-
Their set of resolutions presented by stakeholder
which were not even seconded showing the complexion
Of the meeting and the predomnating influence of the
directors For the purpose Of showing the character Of
the resolutions referred to- and comparing them with
those which were unanimously passed. we annex them
1t could hardly have been expected that meeting OF
stockholders disposed pass such resolutions as
are given at the close Of the report of the investigating
committee, would listen, for moment to resolutions
so searching in their operation and detrimental to
the interests Of the management, those given be-
low
Resolved That the managers Of this company be- and
they hereby respectfully requested organise
The President Of the company shall be so separated
from the interests Of other railroad companies, that
mote exclusively the interest Of this company
Second That the servants Of the company, from the
superintendent down TO the porers be with
strict reference to the qualifications Of each individual
to fiji in the best manner fsr the interests thu
pany. the place he occupies
Third, That there be made up monthly statements
OF the business Of the company, showing follows
lst The whole amount Of the earnings Of the CON-
I'd, The expense of operating the road including in
terest on the debt.
Sd, The several amounts paid under the various con-
tracts or agreements existing between this company
and the Harlem, Naugatuck, lanai and Hartford and
New Haven Railroad companies; also, under the con-
tract with George L. Schuyler Esq and his steamboats,
specifying the amount paid under each OF the several
contracts This to be furnished as early ar
the 10th day of each month embracing the business Of
the preceding month; and placed In the Office Of the
company for the inspection Of any shareholder who
Fourth. That the board prepare full and detailed
account OF the business Of the company, to be sub
mtted to the stockholders at their annual meetings,
held for eecng the managers and that said accoust
be accompanied by tabular statement, showing the
ed in its service specifying their names occupation,
residence time they entered service and amount OF
annual salaries, fees or perquisites.
Fifth, That all free tickets outstanding be au-
nued and that hereafter free tickets or passes be
of the company and that it be distinctly updertood
that no individual shall be suffered to pass the road
free except the officers and managers, and then only
during the period they shall be In the service Of the
company excepting also stockholders attending tho
annual and other meetings Of the company, regularly
called.
Sixth, That the Office Of the company be removed
rom It's present location In Hanover street to the de-
pot Of the company on Broadway or Canal street.
There Is not the first requirement in these reso-
lutions which fair and honorable board OF manage
ment could should or would object to. There is not
the first Item Of information called for which the
stockholders are not entitled TO, and should regularly
receive without passing special resolutions bring 1t
out And yet these resolutions not even seconded
at the last meeting Of stockholders II the efforts Of
stockholders to get insight into the financial affairs
and operations Of railroad companies smothersd
in this way, the public will know anything about
the actual condition Of any company and investments
In them will all be made blindy and in the dark Nc
one will know whether the stock of railroad Is worth
par or good tor nothing-uhether the company is
solvent or insoventan the good will be injured by
the bad The public will be suspicious Of ALL and all
will be condemned Any attempt to exclude the press
from stockholders meetings attempt prevent
publicity being given to the Affairs and operations Of
railroad companies every attempt to put down stock
holder because he may ask questions which the policy
fthe management requires kept secret only gives tho
public idea that all Is not gold that glittsrs and
that there is something rotten In the management