The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-07

pear true My reply Of January 90 1856 he neither
covered Of the extraordinary pursued by
the Secretary relation to the sword which President
Pierce said 81 would receive at an early day through the
JOHN c. WOOL, United States Army.
The Trouble I'm the New York Central Rnii-
road Company.
THE NEW YORK STOCKHOLDERS NOMINATE TICKET
THE DEMAND FOR ONE MORE DIRECTOR ABANDONED
HUMBLE REQUEST OF TnR BOARD OF DIRECTORS
BY THE OBSERVATION-DISCLOSURES CARRY THE ROAD
IN THRIR BREECHEs POCKETS ?-MORE HINTS AT I'M
PROPER ACKNOWLEDGEMENTS TO PASS A VOTE
OF THANKS TO THE PRESENT BOARD OF DIRECTORS
GRAND FLARE UP EXPECTED AT THE COMING ELEC-
TION OF A BOARD OF DIREcr0Rs-wHAT REFORMS
ARE wANTED-0UGHT SUPPLIES FOR THE COMPANY
BIZ PURCHASED OF DIRECTORS !-INTKRBsTING COR
REsPOkDENCE WITH MR.. CORNING.
An adjourned meeting of the New York stockholders Of
the New York Central Railroad Company was held at the
rooms Of the Continental Insurance Company Saturday,
at12M TO hear the report Of the committee appointed
in view Of the coming election of Board Of Directors
G. S. Trimble, ESQ.,, offciated Chairman and james
Galatin, Esq., as Secretary.
Mr.. THEODORE DEHos, chairman Of the committee pro-
ceeded upon the organization Of the meeting to read the
report OF the committee including the names Of
directors to be voted for at the ensuing election the 9th
Of December as follows stating that the views of the
committee might possibly be qualified as to one more
names John H. Cheddell, Auburn; Erastus Corning, Al
bany Joseph Field, Rochester, John p Moore New York.
Richmond Dean, Buffalo; j. L. schoolcraft Albany Rus
sci Sage, Troy; j. s. Seymour, Utica N Hager Boston,
Isaac Townsend, New York. Horace White, Syracuse
those Of Mr. j. Seymour Of Utica, old director,
and Mr. J. p Moore of New York in place of Mr.. Fale
They also recommended that suitable person be chosen
to take these recommendations to Albany on Tuesday,
with the proxies of those who were unable to 60 The re-
port then upon motion accepted and adopted
WHAT REFORMS DEMANDED
Mr. Joseph Batella then submitted the following as the
further result Of the committees abors and recommend
ed its adoption -
To 1ux PRESIDENT AND DIRECTORS OF New YORK CEs.
TRIAL RAILROAD COMPANY
At meeting of the stockholders in the city Of New
York it concluded to inform you of their views in
laon several points of interest TO all the stockholders,
That in any one year no debt exceeding $3.50 900 be
incurred contracted without the knowledge aud consent
of stockholders publicly convened.
2. That no subscription, endorsement or other mpca-
ton be made with account of any other company oe
individual.
8. That all purchases for the use of the company be
made by committee of directors or by agents duly aud
specially authorized 10y them.
That free tickets be discontinued except to the direc
|. oil this road.
8. That auditing committee pass upon all bills and
certify 10 their correctness before being presented the
Treasurer for payment, and WHO shall not pay any bill
without such previous certificate.
G. Ths, committee of i've stockholders mot direc-
or) shall annually at least twenty days before cleo
ton for director examine the accounts and may employ
the expense of the company, 10 aud them in said ex
animation, well qualified accountants, and the said
committee shall report meeting of stockholders to be
held in the city Of Albany at least ten days before the
proposed to be voted for directors shall be submitted
and approved by the said meeting.
Mr. ZABRsKK suggested that some Of these provisions
might be Incorporated in the charter and should be to
make them Of any legal benefit. II seemed TO him that
would be practicable to make division Of the vast re-
cepts Of these coupons ofencr than twice Here
than IS 900 900 year receiveda very large
amount indeed remaining in whose hands he could never
understand Probably they deposited in bank
nnder the supervision of Of the directors OF the
company II seemed to him that the division could be
made OF them, and he thought that quarterly iyeary
| pnym desirable.
Mr. ONION thought il would be better TO consult with
! the directors about that.
AFRAID or TIE LEGISLATURE
SrocIroIDER thought would be bad policy to go TO
the legislature for that body got hold OF this
pany there would be 10 knowing where would end ~
He satisfied that would be serious injury to the
company.
Tn
Another Sro1HopsR also disfavored the idea
4 OF going 10 the Legislature. The stockholders
could suggest to the directors the proprlety of
objects which they proposed by the resolutions These
were merely suggestion, and the directors could act
had to out the directors If they did not do their
duty
MIR SCHUYLER IvIsGsTos said that controlling, he did
large Of stock let them elect the ticket that had
been presented and he would ask to to the Lcgsa
ture The election Of that ticket would be better than
SrocxHoIDkR supposed was competent for the stock.
holders TO pass by turn for the government OF the Board
OF Directors.
Another would ask whether the charter Of
the company made provision for these alterations He
Board Of Directors whom they could have confidence.
II the Board would not do they desired let them turn
them out and elect others. He would like TO the
meeting express confidence in the Management
of the present Board IL confidence could be
expressed in IT, The opinion had gone forth that there had
been something not right IN the management OF the road
the impression in the minds Of the public and IL
ought TO be corrected by some expression Of confidence
THk MEETING EXPRESS CONFIDENCE IN THE PRESENT
MANAGEMENT.
Mr. DIXON observed that this meeting was called with
reference to election and general matters ID this kind
1sx,ar nrap rlx rnnan mn nj
SroCKnolDER suggested that one thing should be oh
served in the management Of the company and that was
the moat rigid economy He did not make this remark
especially with reference to the salaries OF the officers Of
the company
Another STOCKHOLDERS said that in this State all that the
stakeholder could do was TO simply express an opinion 10
the directors They entirely In the hands OF the
drectors who could do pretty much as they peased The
stakeholder could simply recommend REFORM and their
only remedy as he said before, vas N appoint men IN
whom they had confidence He thought Il would be very
proper 10 the resolutions rs embodyng the views Of
the stockholders. The directors coui go contrary TO
those views they chose but they would know that they
were opposing the opinions Of large majority Of the
stockholders. The resolutions would he probably
sidered by the meeting at Albany which he understood
was TO be very well attended There would DC great
der Of the day As 10 the management Of the company
nothing that this meeting could do could bind the d.
rcctors The directors might do all manner OF mischief,
all the stockholders could have would be the poor
remedy Of turning them out at the end ofs year
Mr.. Zabriskie's amendment was then put NJ follows
Resolved That II be submitted 10 the directors 10
slider the propy Of having the earnings Of the road d.
Ndc1 among the stOcknoWrs ny quarterly
pay ments OF the usual half yearly dividends.
The President inquired whether u was matter OF much
consequence when matter OF much doubt whether
they could get semi annual dvendr Qaughter)
Mr.. ZaBaiSK called attention 10 an able article IN the
Raircod Journal he thought, showing how the English
railroads managed by the stockholders
SroKHoIpFR suggested that the resolution real
"trennialy" payments instead OF "tri yearly"
Mr.. nxBE thought the former would suit the directors
most Uaughter)
sTocKHoiprR asked whether the charter did not fix
the time of paymentswhcthcr that not essential 10
incorporatont
Mr. Dsuos thought " II was would be sufficient rea
the directors paying oftener than legally
required There was however general concurrence
the subject expressed.
The resolutions addressed to the Dosrd OF Directors
expressing the needed reforms endorsed by the meeting
presented by Mr.. Batella, then adopted unan
mously
NO CONFIDENCE TIVE MANAGEMENT