The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-04
The Trouble In the New York Central Rail-
road Company.

The Trouble In the New York Central Rail-
road Company.
ADJOURNED MEETING OF THE REw YORK STOCK
HOLDERS-THE COMMITTEE REPORT PROGRESS
Mr.. CORNING IS NOT AWARE OF ANY CUT AND
DRIED TICKET FOR THE ANNUAL ELECTIoE-THE
COMMITTEE RECOMMEND A PUBLICATION OF THE
PROPOSED TICKET, AND AN EXAMINATION OF THE
ACCOUNTS AT LEAST TWENTY DAYS BEFORE An
ELECrioN-HR. T. @. FAILE PERSISTS IN RESIGN
ING Az DlRECToR-sTARTLISG DEvELOPEAEkrs
PROMISED AS TO rHE MANAGEMENT OF THE CON-
PANY.
will be recoected by the rea iers Of the HERALD in
which paper the exclusively published, that
Saturday last there meeting of the New York stock
holders Of the New York Central Railroad Company,
take into consideration the coming election Of Board
Directors the 9th inst There very free discussion
in which concusvey shown that there gene
raj desire for change in the management of the
pany The hints against the management were, how
but darkly shadowed FORTH and finally, the consde
ration Of the whole subject referred 10 committee
which Mr. DahoDe chairman, 70 report at a subse
quent meeting Yesterday pursuant to adjournment,
two O'Clock P. NJ about 8fty Of the New York stock
holders assembled at the office Of the Continental Insu
Company No Is Wall street. hear the report Of
the committee which had also been instructed to request
once.
Mr. TRInBIE oficiated as Chairman and Mr. GA11AnS as
Mr. DaBorE chairman Of the committee then proceed
ed the organization Of the meeting, to read the
port Of the committee. letter had been addressed
the Hon ETastus Corning president Of the road at Al
bany, by the committee asking him TO transmit for
the information of the New York stockholders any nfor
nation he might possess to the ticket proposed be
voted for at the coming election. The letter had been
addressed 70 Mr. Corning at Albany, but owing to his
having left that city had to be forwarded 10 him New
York. and his reply delayed until Wednesday. He
stated in to the request of the committee that he
net aware of practice Of having ticket prepared
be voted for at the elections except the morning
the election or the night previous when in consultation
with the stockholders those holding proxies the ses.
tfrka vQg ad ha hp tn nefnt that
the elections had always been conducted with great
nmity The committee had replied to this that they
well that the of those 10 be voted had
heretofore been made public before the election and
that the very thing they wanted to alter. They
should be notified at least twenty days before
an election of the parties TO be run, as TO give
them opportunity to Judge of their capacity This reply
TO Mr. Corning letter had been forwarded early but Mr.
Corning had left for Washington and could therefore,
respond TO the committees desire for his assistance
wardipg their object. The committee expressed it
their opinion that hereafter examination of the
should be had previous to every election, and that the
Of the proposed directors should be published at
least twenty days before the election In consequence
the absence Of Mr.. Corning, the committee asked
to be continued until specified time, when they
be supported at the ensuing election With regard TO the
resignation of Mr. Fae the committee had addressed him
letter expressing the OF the meeting that he should
hold over; but Mr. Faile had personally declined 10 serve
longer
rambling discussion followed the reading of the
port On the one side was contended that the commit
had been asked nominate entire Board of D
rectors that ii would be folly to make such nomination.
the President held proxies enough TO carry any elec
ton that the committee only authorized to provide
for filling the vacancy in the resignation OF Mr. Fae that
the present plan of local directors all along the
ought not for the good OF the road be ntcrfered with
that the management OF the road good enough and
that instead OF needing larger representation in the
Board of Directors the New York stockholders would nd
difficult to get even one good man to take the place Of
Mr. Fae.
On the other side it urged that the committee had
been specially authorized 10 take into consideration all
matters pertaining to the election; that the New York
stockholders entitled 10 than two out Of hr
directors in the Board when at least five eghths Of
the stock the stock ledger registered for New
York that whether they could carry the election not
they ought To nominate a ticket and show their hands
that the stockholders in the habit Of giving their
proxies away allowing other people 10 think for them
1t none the less wrong that ticket was nominated
they should all try get many proxies sustain
possbe that there good men 10 he found 10 fill the
vacancy OF Mr. Fae and that mt least three directors
should be allowed TO New York that there no inen-
far 10 keep of the ticket any names not known to be
for the interest of the road that there design
revolution in the Board OF Directors such names
were known TO be good would be preserved.
The discussion was continued at some length and one
member Of the committee stated that facts Dcd b. made
hich ould clearly sho,o necessity Of cdnge
in the management. He would not state them pub
hcly, but would make them known IN the committee.
Another member Of the committee stated that u drec-
tors interested in real sdte along the route
tracts supplies 10 the road the stockholders ought
know IL. He would not nsinuate that such the case
but only put forward an argument why inquiry
should not be stifed
The report was accepted and adopted including the pro-
visions regarding the examination Of accounts and publ
cation OF names, and the committee continued
quested. After deciding upon call for the meeting
In which all alluson 10 the object was upon motion omit
ted, the meeting adjourned