The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-02

We are not able, therefore, TO say, IN r,Sny install
Of this over issue Of $3.50 shsres, the larger portion
cannot be traced to the persons to whom II was
sold Yen or ] may hold II, for all We are aware.
After an investigation by two Of as competent BOOK
unable to gain the least information as TO the pos
ressors Of Ii. We were then left TO decide whether
We should 20 to the Legislature and have tne maj
ter settled by that body, or purchase preferred stoeK
eoual 10 the over issue said stock, and retire the
same. We then passed resolution referring 1t to
the stockholders TO say whether they would prefer
that ybe directors would buy in this ISSUE and reduce
it TO the original number me ssocsnoders nave ave
mortgage bond was made, an act was passed
giving Ne company the right to extend the
rock = over eight millions Of dollars, on condi-
act, which they did. They authorized at that
time an issue Of stock sufficient TO take up
the Albany extension certificates, amounting TO
10000. Therefore the stockholders have rgnt 70
say whether they viii authorize this ever issue 70 pc
added 10 the stock. Il does not belong to the Legis-
lstuYe to settle this question. You do 1t your
selves. Nov, the over issue IN old stock was mace
BY Mr.. Kyle, and 1t amounts TO Alb shares TINS
" added to our legal stock the only effect that over
issue can have upon any Of the stockholders is tnat
vhen dividends are being made dividend must be
declared upon that four thousand. Well, the drec-
over issue. It is for you, however, to say whether
Mis- snail be done. The only question that have TO
speak Of now IL in what way this stock shal be
purchased. ! would do i by issuing bonds
making it a permanent deb. Of the company. By
doing this, the preferred and the other stock
holders will be put upon an equal footing. have
heen asked in relation to the Indebtedness Of Mr..
10 very loose condition. 80 that it is possible to
make out from his accounts how he stands in re-
gard TO the company. His assignees have promised
in . day or two 70 give him his account with the
Harlem road. NJ. Schuyler told me that the Has
Tor disbursements an amount Of $300,0O and that
apayMent was made by him, on account OF this
company, Of 100000 which 10 IS much az the
company will lose through him, If 1t loses any
hing.
A the conclusion Of Mr.. Wetmores statement, q
motion vas made to adjourn 10 Tammany Hall,
= was impossible for all the stockholders to 90
pointed to inquire if the Hall could be obtained and
after brief absence, they reported favorably. The
stockholders then proceeded in body to the Hall,
where the business was resumed.
Mr. WETMOBE-E has been suggested to ma that
perhaps the meeting would devise some mode BY
which the loss caused by the over issue would be
made to fall upon the preferred stock and the stock
holders holding the preferred stock should decide
upon the question how it shall be settled with re-
gard to the different kinds Of stock which they
Mr.. HAMILTON offered resolution to the effect
. the preferred stock 3 retired BY issue Of
merely offered this. not for tn purpose Of express
ing any opinion views, but that the meeting might
have distinct proposition before them.
A. MEMBER desired to know whether any Of the
STOCK could be traced; when
Mr.. WETMoRE said thatMr. Kyle had issued about
three hundred shares Of the old stock, which he
pledged to different people, and had borrowed mo-
ney on. These, he added, are the shares that we
Law finger on.
A HnnnR.- the company pay dividend on
any Of this stock
H.. WETnoRE-No, sir. The investigation was
United States Trust Company. It is for the interest
Of the stockholders that the over issue shond be
stunned, because it will bear 80 lightly upon Us all.
Ny opinion that We had better suffer this loss than
70 have any litigation upon the subject. (Applause)
Mr.. D. VI. PARDEE-1fI understand the gentle
man correctly there 10 desire on the part Of some
10 adopt all that which Can and all that which can
not be traced. Now, say it is not in the legal
power of shis company to assume this stock. 1t 70
no more their right than it is the right Of the wife
10 introduce parcel Of children into her family that
are not her own. The only way this matter can be
settled s BY Judicial ln:ess9 Tor Il = IN the
and resist your proceedings. have 9 confding
faith that proper examination Of THESE books
WOULD put us In possession Of q great deal more
hight than wsAase y ptsssnE ! hslsss It y proper
books. (xpplause.) would like also to have the
opinion Of some competent lawyer in regard to It.
A MEMBxR said that he considered the directors
were morally responsible and should be tried by
jory Of their countrymen What little money
haze Invested In the road, ne continued, l have
raised by hoeing and ploughing. have very
ne az . thousand are to an0thsr.
A discussion here arose as to whether the stock
holders should vote by ballot, when Mr.. Hamilton
withdrew bis resolution.
My. PARpEE moved that a committee Of five be
appointed to investigate the books Of the company,
with an amendment Of Mr.. d. A. Wheeler, increasing
the number to thirteen and excluding the directors
from serving upon it,
The motion was adopted and the following gentle
men were appointed -
Mr.. d. j. Wheeler. Horace Brooks.
James e. Davis. Lancaster Underbill.
William 81. Nelson. >. f. Peasants.
William V. Brady. Edwin Haight.
Cuban G. yerplanck. Thomas Tabor.
Edwin Crosby, DE-. Albert Smith.
Selah Van Dsusen,
"A motion Of Mr.. Hart, giving the committee
power to I'll vacancies, was adopted.
Mr.. HUBBARD hoped the committee, in making
their report would present some plan by which this
difficulty might be settled.
Gen. SkspFoRp moved ttat the committee should
report on the 18th of this month at an adjourned
meeting, which should be advertised by the Pres-
dent.
The meeting then adjourded to the appointed
time.
Brooklyn intelligence.
The Court of General Sessions for Kings county sat
yesterday morning. Judge Moore and Justices Stilwel
and Striker presiding Tne important case which
during the day that Of John Malloy larg
ed with attempting TO kin Michael cGrath, in Jay street.
hillary the 25th of June last. The prisoner
shoemaker about thirty years of age, and OF gentee
appearance The Of the assault alteration
between McGrath and the wife Of TIE prisoner in which
she from the eviience TO have becn in fault The
wounds alleged have been inflicted BY the prisoner
In order protest bis wife from insult and injury Seve
raj witnesses examined for the prosecution whose
testimony is unfavoraelc 70 the prisoner.
The Board Of Supervisors sat yesterday, pursuant
adjournment from the previous day. Tne proceedings
not Of general interest but among the comnunica
sions read the returns Of the different and
cities Of to be raised for the coming year The fol-
lowing amounts p1oposedCity Of Brooklyn $508,
20 SO; town Of F1atlsnds, S144 81; town Of New
Utrecht, sl40 Is.