The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-02
The New Haven Railroad Company-The
Overissue Of Stock.
MEETING OF THE STOCKHOLDERS.

held in the Chapel Of the University, Washington
square last evening pursuant to the following requsi-
tom
sTocxHoLprRs' Msrrrsc OF THE NV Yonx AND NEw
i,Sst Of hs New York and New Haven Company
being DESTROYS that the difficulties and
snssa goS pSs
6 an sns ss 's sn Ssss es
y NS 10 Il ss at hs
Haven tho 9Th Of Noyentsr by which an arrange
the sona NH claim; upca the ,osd $3.50
crinpeei, Mn,urn g.. Genn lockwood Brown, Bro
Tiers Co, Jacob Little Co., Henry GrinnslL
AT quarter to eight O'Clock there fifty sixty
gentlemen present.
GEORGE W. BLUNT, Rsq., was called to the chair, and
Mr.. JAMES H. SrEBRIss acted as Secretary.
The Secretary read the call Of the meeting given
above, with this addition
Provided the purpose of the meeting that the Railroad
Company assume the over issue Of stock:
bKowN, BRoTHERs 4 COMPANY.
Mr. yRMrLyE said: Mr.. Chairman-I have not much
say this OCCASION except what Is embraced in
ries of resolutions which will take the liberty Of read
ing the meeting The resolutions have been prepared
by several gentlemen and agreed to in the form in which
shall with your permission, read them.
Mr. VERNLyE then read the follow preamble and res0
buttons, and handed them to the chairman
Whereas, The Now York and Now Haven Railroad Com.
the issue fraudulent certificates Of stock BY its late trans
5 o sshays
clam. to sg y aSSns sa Sa s
ADOPTED to ndu Y mutual and .s,
without resort to litigation thereby securing the rights and
tersts Of all eoncerned and whereas it is both desirable
tho disputed stock should unite in amicable and equi
seauent upon said fraudulent issue. Therefore, It
Resolved That the holders Of the gndsputed stock
dent in New YORK ana i. Vicinity do TssoS%snd the
the city Of New Haven, on tSs St The saop.on Of
such nsa,pre as will promote final and equitable settle
the stock iraudusntiy issued ~ late transfer agent
iudaton and the revenues Of the
pan. the serious and consequent
Resolved bat wc further to the stockholders
into the sUhsSt Of Of the
claims that be made against the company for the fraud
ed to invite committee Of the holders Of said fraudulent is
nd nd s
their conference to the stockholders ut meeting to be call
Resolved" fhss s REo.rd Of be to
s Th SUCH If nS a to s ss Of
upon in order to the company from Ne rancSs losses
ON the holders
a
mand an as rsey Is possible BY sSomprs%ss
deposited stock That other win seriously i'm
Resolved That whatever may be the legal liability Of
feel that there is an equitable and moral aecountaSilty
which should be by the company and made
the subject of fair and honorable compromise.
That reputation Of the claims of the hold
Interests but excite disrust ssca
and sns rNy impair ps credit Of he ,n.a
by the officers thereof that the holders stock
monty called genuine requested to sign the same and a
held by them respectively.
Mr. yERMrLYE then moved that they be adopted which
was seconded by Mr.. Henry Grinnell.
m and first Init were Zen
the chair, when, on the question of adoption being
Judge ROOSEVELT said, that his impression was that
there yet remained great deal to be said both sides
of this question Much had already been said but it
was by perfectly clear to him that the meeting
should adopt all that well said without know
ing all the facts and looking at the consequences 1t
may be, as regards many holders Of the stock
fraudulently-perhaps feloniousy issued-that they
have ''stropg equitable claims on the company
whilst there may. be many more who have nei-
ther law equity in their claims The pos
session Of paper containing falsehood its face,
although it bears signature and, although that
paper be produced, does not render it absolutely
clear that the holder of that paper has equitable claim
against equitable stockholders Of a company. The
claims Of the truly equitable holders of this stock who
purchased FOR the full market value, have been fully
and ably put forward in the papers and by counsel but
stin the question is very difficult of solution There
enough at first to justify inquiry and not
matter TO assert by resolution that they should be
treated as bona tide stockholders There is another diff
hcuty in this CASE and do not know, sir, how 1t can
be got If all this stock be assumed by the
pany without judicial decision being had and II it should
that the assumption was not in with
law what remedy has the company in order TO obtain the
refunding million OF money so paidf Suppose Also
laid by four hundred thousand dollars for his family,
called and that that sum could be clearly traced and
was existing, we to abandon remedy against
would do IL that be so It has been said that If the
shares be not assumed by the company all confidence in
railroad enterprises will cease.
The Chairman here called the Judge to order.
His Honor said he perfectly in Order and appealed
to the meeting, which sustained him..
The Judge then continucd-I say sir, this class of
certificates be adopted in every few will invest
n railroads, for If loses all by fraudulent
ISSUE why is not bad the loss Of the many who
will fear to lose part in such concerns by compro
mise with fraud We have had board Of directors and
officers Have you inquired how these directors or off,
GERS may be responsible Are certain that they are
not Five years ago, in August, 1S49, there was
meeting of the stockholders. At that time there a
good deal Of outdoor talk about things that were then
thought strange The late President took the chair at
the meeting, and gentleman moved a resolution Of in
quiry In the course Of the proceedings resolution
passed which. IL II had been followed out would
have rendered this meeting unnecessary. The resou-
ton was to insure publicity of the affairs of the COM
pany by ordering the keeping Of list monthly correct
ed OF the of all the stockholders of the company
Has 1t been attended to No, sir, for our late
President has shown that even his own brother, as
stakeholder had to the transfer books Of the
company. Was the transfer agent all the board No.
other officers had their positions and gain and are they
Hrs HONOR then counselled camness, moderation and
aPrompt settlement of the affair by judicial decision or
otherwise.'
The resolutions then put from the CHAIR seratim
and, after observations from Mr. Greeley Mr. Colt
Mr.. Thomas Denny, and Mr. Vernilye, the fourth and
sixth we're withdrawn, when they we're adopted as
printed above.
The resolutions contain the whole sist Of the meeting
which are compelled to abridge our report
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City Intelligence.
COMMISSIONERS OF EMoRArIoS.-A meeting of this
Board held yesterday afternoon at their rooms, at