New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-04-07
RAILROAD MATTERS.

To The Editor Of The ~ y. TTibaS.
SIR: You are in error in the remarks in your money
articles of the Sd and 4h inst to the action OF the
Cleveland, Columbus and Cincinnati Railroad Com
pany in regard to the bonds Of the Columbus, Piqua
and Indiana Railroad The Cleveland, Columbus and
Cincinnati Railroad Company has taken voluntary
action in the premises 1t is true that suit has been
commenced to restrain the payment of the interest on
bonds Of the Columbus, Piqua and Indiana Company
guaranteed by the Cleveland, Columbus and Cincn.
matt Railrcad but that suit has not been commenced
by the latter company, nor by any of its managers nor
were any steps taken by them 10 postpone the payment
of the interest falling due until an injunction had been
served on them. The bill in this case has been filed
by an individual stakeholder Of the company IN his
own name and for bis own account, and not by the
company. Believing he does thai the President and
Directors Of the Cleveland, Columbus and CINCINNATI
Railroad Company who are his servants, APP
pointed TO protect his interests, and not to squan-
der Lis money in manner not permitted by the
charter have transcribed their powers io making
the Endorsement, be has appealed to the courts
TO protect bis interests If he right in his views the
Enforcement VIII be declared null and void If be is
wrong, then the Company is right aud the bonds Will
be paid. The sentiment of the street" may be OF
importance to stockholders and people Of that class
but OF no weight with bona de stockholders. Neither
perhaps If the shock TO confidence in Railroad Sc
cuties which you seem to fear 80 much to be depre-
Gated. II there had been less confidence hereto
fore there would have been less loss TO stockholders
and the wall of the widow and the orphan, VITO have
los their all in companies managed by Presidents and
Directors Of reputed character, and who, when the
bubbles burst which they had skillfuy inflated fort heir
own sinister ends found to two or three
shares a piece would have been less often heard.
10 the present case repeat, the suit is not brought
by the Cleveland, Columbus and Cincinnati Railroad
Company, but against them. If it should have the
effect of inducing greater caution for the future on
the part Of Directors of railroads and other companies,
and Of reminding them that hey always liable 10
be called on by any stakeholder to give account of
their stewardship it is believed that public service
will be rendered by the course that has been taken.
The writer, as you know Sir, is no " fnauoer;" and
he is not TO be deferred by the elamor of all the money
changers of the city put together from vindcang his
rights. He has commenced his suit, and intends TO
carry it on and when he has leisure he proposes TO
wait upon your other "mOde' Company Heaven
save the mark y with a few Inquiries.
He he's the misfortune to be stakeholder in that
Company also-havng owned stock in some of the
separate lines Of which it is composed, prior to
the ion. And he has yet been able to under
stand how il i that the dividends of the consolidated
road have fallen far short Of the average dividend
paid by the separate roads before the consolidation.
He proposes to do himself the honor shortly TO wait
upon the distinguished President of the Company,
"wbo serves withou. salary" to explain ii to him.
In the meantime, being decidedly of opinion that
the value of his property will be increased if removed
from the of streetg smbing, il will give him
great pleasure TO hear that the Board Of Brokers has
stricken the Cleveland, Columbus and Cincinnati
Railroad from their list AN OLD CONTRIBUTOR.
NsE- York, Friday, April 4, 1885,