The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-05

REFORM IN RAILROAD MANAaEMENT.-We re-
publish the appeal of Mesrn AIsop, Stewart,
Ccmstock Olyphant to the stockholders Of the
Michigan Southern Railroad Company, in order
thai 80 important document shall have the
widest publicity
NEW YoRK, Sept. 3, 1887.
To THE STOCKHOLDERS The MICHIGAN SourHxas AND
NORTHERN INDIANA RAILROAD ConPAsY:-
The undersigned arc largely Interested, - owners aud
an ss.e.n ra,oaas, saa ises deep nseros IN
sy and the do ais OF ss management they but H.
tie but they do kno~ thai, osDg 70 lie commanding pod,
tiop the business and profits Of the road ah0ud equal
Of ether CT similar lcngtn IN the country credit
should be unmpaued and in profits regularly paid In d
v6snds
Tho sst Few months have the credit of the Rad
prsrased and the market price Of the socK deprecated
unen rome succc.afui effort be made to retrieve 10
fallen fortnnes there seems 70 DO for escape from
ter insolvency
Al the request Of many largely interested in this roAd
rosr the present board OF directors resigned
Called meeting OF the holders al Adrian. Mlc so
present directors dec election that IL o. vital ~
por'snSe 70 me that ale ard Harmonious
osro be chosen shoula such directors be chcscn ant
should Inc condition OF tho Company be representa-
hcre little doubt that the floating debt ali be unde1
that tie business OF tho rcaa, when enjoy goot credit
san o.k 10 lie time wen they .hs rcave an snc. ma
for their Investment
United psonp, ANA harmonious action e,sa-y 10
rro,uce cis result and II therefore requested Of
several stockholders that tney return the proxy
y executed BY one o, more stockholders, Joseph "
siscp, Esq No. az South street, TO boz No 832 SeH
York Pasl Odce, possible
should suaicen number Of proxies be sent In, the
All, have tho confidence Of the puno ana OF me s,ock
noioers and shcse names viii BE the guaranty that tho
'usineis of tho road vii nc conducted Ia por
narner
The cnmpsny needs honest, intelligent able and " ell
kno- directors The Office OF director viii be far from
ae-sb'e In elf; but II the s tho condition
md
iCn, and develope those ellen enis.
seph y. Abop, OF tho nrm Of Alsop & Chauaccy, No
i2 South reel.
Rohe-. ssswsr' Of the firm Of l. & A. sesart
NO 2sb Greenwich street.
A. inwa'i, No So South street.
Rouers oiys hsni, Of The arm CT oyphanvs Seas, No
~ South street
This liz the first sensible step that we have
seen taken toward reform in railway manage
nent. ard reorganization of one of the most
scundalousiy misused roads in the country.
AS these eminent merchants say, there il no
reason Why the Michigan Southern Company
should be 70 much worse Off than its neighbours
unless its finances have been grossly and shame.
fully mismanaged during a long period of time
The way to find out the true character
of the past and to secure the best guarantee for
the future is to elect entirely men to the di-
rction-nen who can afford to tell us the truth
about what was done before their time, and who
have character enough to hold out some guaran-
tee that frauds and trickeries will not be the or
der Of the day under their regime.
And the way to hide the past, and to doom the
concern to speedy and utter ruin and desolation,
is to elect the old managers, who have proved,
on the one hand, their incompetency to work the
road proftably, and, on the other, their unwil-
lingness to work il honestly
Stockholders may easily decide between the
two.