New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-11-09

h,
ous and which was Renuine, sas compelled - lay
down A principle TO guide him in his lnv.-ugstion'
That prii ciple sa- that where individual <H the
po.ser.or o. both genuine AID spurious stack ne vas
i,re,nmed 10 sell biz good stock first fd-nf OF me-
owning 100 shares Of good stock deposited it solu.
eral in BaJk Another man. ornsIk 100 -hsce- OF
The sou;ious deposited hi- alsO as collateral In the
same Bank H. rodes med his stock pr"r "a the hft-
named gentleman, and. in acc"r lance With t1e DEF
ION Of The Boston accountant received 100 shares OF
GOOD stock A. the Bank owner Of 100 shares OF
Good and 100 Of bad stock, and the hunirei irst
tr.psfrrred was The good stock There could be
DO, determination between the spurloa. stocs-he-
wen that for which honest equivalent wa paid,
and tina, for which nothing was given
motion to adjourn sas made, and, after consid-
era bl. remOnstrsbce Withdrawn
Mr. Brewster believed tha, il was matter Of ex-
nediepcy Indeed il involved a QUESTION Of right,
ana then one of expediency. He believed thar il a
compromise 'ud be- m-de and the ROAD kept ruu-
mig that the increase Of the population Of the City
OF New. York and the con-equeut increase If travel
on the road woulc warrant the conclusion that every
man put his shoulder the wheel the whole O. 900 900
of stock would come up 10 par in a few years. Lt-
gallon wss ruD"us.
Mr. Buckley repeated bis former objections.
Mr.. Brewster would give more confidence to the
gentleIoans views il he practic a man Bat De
was q clergyuan and Mr.. Brewster was astonlsbed
that be should lose sight Of the moral aspect OF the
question. He had done business to the amount oil
millions Of dollars, and never paid the Ia <y-e.
hundred dollars for advice. de got along by CON-
promise. He was in favor OF appointing committee
Of the holders Of original stock TO confer ~th gentle
men holding spurious stock, and ascertain on what
terms they could settle.
Mr. Moves said that BY the over-issue, their char.
ter violated. Judges upon the bench were the
only persOns 20 decide upon legal lisbillty. There
YVES provision in the States Of NewYork and NJ IS
sacbuseis and be believed the State If Connect.
cut that where parties could agree upon state OF
facts they could submit it in writing to the Supre ne
= IL A.Er2 tha %
net make csse, and submit il TO the Court
After considerable speaking b, sevela gentlemea
amid cries OF question, question,
Mr. Kimberly gained the attention of tue meeting.
He explained be position at considerable length. He
feared that if we attempted compromise, more spd-
rious stock would be brought III. And be would like
TO see the Board Of Directors who dare pay out
money in purchase Of any compromise. IL was all
illegal. Litigation was the surest REMEDY for htisa
ton There was fear that the bogus stockho!ders
would aob the rolling stock Of the road that woi
be cutting their own throats. II there had BEEN
movement in this matter two months ago, the Sl-
preme Court of Connecticut would have passed upon
the matter before that time.
Mr.. Dewey very glad to hear the remarks OF
the gentleman. He vas resdy 10 meet the proposal
Ano, now the gentleman behind him, Mr.. Buckley
minister Of the go-p-l-he respected him the more
for ,ha-he hoped tina, he would manifest the spirit
of minister Of the gospel not only 10 the pulpit but
AFRO In railroad meeting.
Mr.. Buckley thought perhsps, that he might I'M
CeftthbO the Outlts Oi n ClttgFuan bs ven rs
GENT, man who had misrepresened his statement. IL
not, be would take lessons of the gentleman from
Wan-st
Mr.. Dewy rejoined and urged the necessity of sp-
pointing comEittee Of OLD stockholders u treat
with bogus stockholders. He deprecated litigation
and its delays.
The ChsIman stated that the Board hsd taken into
confederation all the means by whch the Operations
Of the road could be stopped add had sddresed a
circular TO the fourteen judges in the City of New.
York, who could arrest their operations. He could
not estimate the loss to the road of 100 DAYS stoPp
at lei than $780, Ooo The earnings of the road were
$4,000 pr Gay.
After considerable cross firing between q number
Of gentlemen, Mr.. Geo w. Blunt moved thai the re-
solutions be laid upon the t,be. smart debate en-
sued between Mtssrs Dewey, PheniI, aud NOyes;
and q stock vote called II resulted in 900
affirmative sbsres and {, 1876 negative shares
So the resolutions were not laid upon the table.
The preamble Of the resolutions, on account OF
some reflections upon the Directors ree ted viva
voice. and the first resolution was passed by stock
vote Of ,635 10 1881
The meeting then adjourned sine die. after session
OF more than hours. More than 200 stockholders
were present