The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-09


! statenen he had made, as quoted.
Mr. BUCKLEY snid that reasons were multiplying for
the election OF new board OF directors II actual
~ necessary in order 10 restore public confidence in the
road. and purge Of the bad odor around 1t.
the previous question.
The CHAIRMAN said there parliamentary rule 10
\ enforce the previous question.
The reang of the Treasurers report called for.
The CnAlR-l will read II.
TREAsugEa's STATEMENT.
\ ! have cash in hand in the American Exchange
JahH. $1,000
Farmers Bank, (ahout) Observation-Disclosures. 10 600
n H. County ACKNOWLEDGEMENTS. 1880
Total. .s43 500
lave to pay the lltl inst ................. $500
10. d.. 10th inst Observation-Disclosures. So 900
Ibis amount is due and payable in the month Of No.
venter On the first December, $4,000 is due FOR in
terest.
The CHAIR proceeded TO give history OF the attempts
to take Schuyler. A secret committee was appointed
and every attempt was made by this board Of directors
said lie had endorsed the action Of the board VI direction
in lsio.
Mr. BUCKLEY said he did not see why SCHUYLER should
be pursued Ike an honorary vagabond
The previous question was called for.
MIR. DENNY objected to the motion for the previous
question. The gentleman had made his speech aud then
attempted to cut of every body else.
The CHAIR said that the discussion might well pro-
coed. The committee have not finished the list.
MIR. MOVES said that the meeting would bind itself
to the adoption of the previous question lie hoped
questionable great question-wOud be freely fully
discussed. The fact that great fraud had been
committed. On whom That is what We desire to find
out
Mr.. BUCKLEY withdrew the motion for the previous
question.
Mr. DENNY said that the resolutions proposed new
board Of direction He could say from the best authori
ty that the directors ready to abdcate The great
business to-day was the settlement Of the question
what shall be done with the bad stocks propose that
taken its setlement-hat only holders of the recog
nzed stock shall vote and that they shall vote In pro-
portion to the stock holden. He interested in both
sides, and in favor of compromise and opposed to lt
cation. He felt certain that he could recover the
amount paid for the spurious stock but it would
quire three four years to do it. II go into ga
ton shah get out There is class of
holders in the bad stock who refuse to take anything but
the full their stock Then there Is another
party of old stockholders who refuse TO compromise
all Mr.. Denny hoped that this meeting would
so to neither Of these extremes. He hoped that
committee of old genuine stockholders might be
appointed TO investigate the matter and then confer
committee of the spurious stockholders to see il
would say that if such course adopted the char.
ter would be yioatedt has been already violated with
have been issued If it is desired that directors
should resign, they VIII do So He (Mr BENNY hoped
that the meeting would not adjourn without coming to
some settlement Of the matter.
Mr.. BREWSTER was in favor of the appointment Of
committee to confer with the holders Of spurious stock
MIR. CoLBuRN in favor of the resolutions He
thought it the only safe plan to be adopted
Mr. BUCKLEY said that the directors had two shares Of
bogus stock to one OF good The public has lost conf
The CHAIR said that the gentleman was mistaken.
Mr. BrcKIEY.-The President told me that the dircc-
tots held 200 shares of good stock and 400 bad
The CHArR-Mr. Phoenix owns 600 shares.
Mr.. BrcKLS.-Yes but he has recently been elected.
speak Of the board as 1t week ago. am glad
to that Mr. Phoenix is a member Of the board, and
hope he will long continue SO. But there arc persons
dence of the stockholders have, since this defaeaton
lost it. No serve two masters-no man can
Mr. BREWSTER was in favor Of a compromise.
MIR. MOVES asked whether bonds had been issued con-
trary to law.
papers, but it is the bonds referred to did not
within the meaning Of the law. They have, also,
rirh~not one has been issued for which We have not
had value received dollar for dollar learn from the
report of an investigating committee.
Mr.. NoYKs sat down.
Mr. BUCKLEY reiterated his former remarks insisting
upon q board of directors.
Mr.. KIMBERLY said he had understood that the drec
tors desired to be relieved from their POSITIONS and that
they had expressed wish to that effect Mr.. Kimberly
bogus stock as stock, because they were not
legally responsible for It, and consequently could
not assume anything beyond their legal liabili-
ponsible in damages for the action Of its agentY'
This was q most important question it might
directors had had opinion upon the subject Of the
fraudulent stock They had this opinion from eminent
counselwere satisfied with IL and intended to act upon
it, There had been many legal opinions, and Mr. X.
hoped that Of them would be used to the preju
dice Of the stockholders On the question Of compro
but positively dangerous How they going to com.
promiscr Pay damagess That would be well enough If
Il was legal claim Suppose You buy in this two mil
lions stock how do you know that more will not come
upf don't say it will, but ask what surety there is
about it, Besides, the old stockholders would all have
right to bring action against the company, and 1t
was right to pay out this money Mr. Kimberly was
in favor of presenting the matter to the action of the
Supreme Court.
Mr.. DENNY said that the question really whether
the claim OF the stockholders should go to commit
tee 10 a court at law. Mr. Denny said in relation to
Mr. Buckley. that he might exhibit much Christian
spirit in railroad meeting as In the pulpit.
Mr.. BUCKLEY said that he thought he knew as much
about ministerial duties any out OF the profession
When lie desired instruction, he might call upon the
gentleman from Wall street.
Mr DENNY hoped that the meeting would not be divert
ell from the issue The question is, whether shall
have a long law fight whether we shall appoint q
committee 70 consider the propriety OF a COMPROMISE
Mr. TRAIN objected 10 any compromise, and approved
az Mr.. Bralforti's resolutions.
The CHiR defended the Board Of Directors and said
they had done the best thing they could with the
intelligence given them. He thought that the claims
Of the stockholders ought 10 be settled by the Supreme
Court. lie was In favor II committee 10 ascertain
'"ther a compromise could be effected.
--cxnoIDsR inquired IL the holders Of spurious
attach the road as to prevent its run