The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-10
The Central Railroad Company.
ANNUAL ELECTION FOR DIRECTORs-AEGRY MEETING
OF STOCKHOLDERS

ANNUAL ELECTION FOR DIRECTORs-AEGRY MEETING
OF STOCKHOLDERS.
from the Albany Statesman, Dec OIL
number Of the stockholders Of the Csntra, RA1roal
III. gentlemen from New yosx and
the City Hail. 70 hear report from committee appointed
at recent meeting in New York, and 70 decide upon
ticket To be supported at the election of tho BOARD Of
rectors held this day The meeting organized by making
Mr. George r Frimbe, Of New York, cAairunan Messrs
James Sayre, Of Utica and Asa Spragae of Rochester,
Mr.. DEHos presented the following
Resolved by the soc&hods here assembled Of the New
ssss as1ss. s ss ry That
stock increase Of It's present debt the
cep,ed, unless me approval Of araajor, amount
nc. sns be first
gcpcy arise Whereby IT Is necessary to incur
before such approval Il stockholders can be secured
ana ss IA hs resolution d sns not be 70 pre-
in he needfu protection OF the property under such
Resolved That the construction of this
except 50 far as be completion of the double track 70
its actual and current expenditures sha be from its
Resolved Yha. nosubscrpon lease or other
implications shall be made for with any other corporation
Resolved That all purchases use of this corporation
holding appointment such committee though al he
ae s sna ha said
10 the tressurer without the certificate of such committee
Resolved That all free tickets be abolished only the
Resolved That committee of stockholders d
recors shall annually at least thirty days before the election
Tbs company and TIA. they employ swo wen
Of stockholders be held in The city Of Albany least
stockholders proposed voted for directors
w ia
stebbins, Cazenovia; A. H. Tracy, Buffalo; F. G. Clark
Resolved That the Presaen. and Directors hereby
s an p d % ns
cheek KEEP, up he socshoders and their Board
Directors the good and judgment of all is brought
poraon, and each sockhoe becomes amlrized with its
and thus inspired with ali reasonable and
confidence and does not exclusively rely upon paper re-
Resolved Tha. the of proxies and the PERM
directors should be Practically, it
0 sr ana s shon
and must necessarily be vested in president and directors
any other Corporate property an account of hese steward
ships should be rendered each and every year
Resolved That the policy Contra,
,eres, all Of the stockholders that Of
h hs 0 hss hns q
ton Of how much or how little q this policy may have been
rival interests feel and know that reduction of be-
low points mat give rsr Tor service perform
peOn Other properly should cs@pssen from amy
1
- be committee y investigate into the causes Of the
tors apply remedy; or in the Judgment Of such
mee be- eIpedient said committee may stock
holders They also enJoned to have watchful
solution.
| Mr. DEHoS stated that these resolutions had been
agreed by the committee appointed at the New York
meeting He spoke in favor of the resolutions, explain
ing the necessity that existed for their adoption be-
cause the integrity Of the present directors
ry doubted but in order that greater degree of CONT
dence might be impaired amongst stockholders and the
!
He indicated the policy OF placing certain restraining
powers in the hands of committee of stockholders aud
concluded by announcing that Mr. Seymour, of Utica
whose name had been proposed of the Board
of Directors at the New York meeting had refused to
cept the position He therefore desired 10 substitute the
name Of Charles A. Manu. of Utica, in his place
Mr. HrGH WHITE, of Syracuse, thought handful Of
stockholders had no right 20 dictate 10 Board Of Direct
although they might offer what recommendations they
saw it, If there were any leakages he thought com
deavorng TO find out what and where they He did
not see any reason why the name of Mr. L. Speaker
should be left of the Board of Directors proposed his
name in place Of that Of Mr.. Mann.
Mr. DAVID WAGER of Utica spoke warmly in favor Of
reform in the management of the road and urged the
cessity Of stockholders OF every railroad the United
States look after their interests He urged the
tenton of the name Of Mann, Utica the ticket but
dio hope of elccting him. unless the
pow behind throne should yield TO the
! requests Of the stockholders
/ Mr. DEHoS was willing 10 leave the matter open and
suffer stockholders 10 vote for Mr. SPEAKER Mr. Marn,
Mr. r. wnnr objected further to the resolutions on the
ground that they made charges by nsnuaon against the
| present Bard
Rev A. SKINNER, Of Utica, did not see that the resolu
tons attacked arg person attached blame 10 the pre-
directors Ie deemed them highly proper aud wise
a. indicating in the present troubled condition of the
finances Of the country that the stockholders pre-
pared TO look after then own interests He reviewed and
condemned the existing system Of suffering directors
vote on PROXIES and expressed the belief that no foreign
stock should be represented by proxies in the election Of
officers
HrcH j HASTINGS ASKED what the meeting was called
forf II charged by New Workers that swndlng
and kDayery existed the part Of the directors If this
was true was the duty Of honest 10 turn them out
II was chld's play 70 strike the back and then
o him down. stockholders should in this a they
would act in their private business and the directors
are dishonest men and thieves, the stockholders should
! turn them out,
Mr. IFaoS said that no nsinuaton made or intend.
ed against che directors by the New York stockholders.
On the contrary the resolutions and the proposed
oi tho meeting went Ia show their desire 10 put stop
the nsnuaons against the management Of tho road by
adopting certain reforms and re.eecng the majority Of
| the pressn Board.
Mr.. HAs1rsGs-That's just what complain Of If the
directors have not acted properly them II they
| have, what IL all this fuss about
Rev. A. ssIssKE-rbe horse may not yet be stolen,
but We propose 10 lock the stable door TO prevent the
| theft
Mr. HAsnsGs-Ycs; but II you suspect thief is about
| you don't want "a let him inside.
After further squabbng Mr. JoHS T. crAHK oferc the
| following
Whereas Experience has shown and the history
can railroad. has demSnsra,sd re fact ha. 6snsrapSy
result Of nearly all The railroad enterprise. Of the country
gers hnsncsrs .hsi be PERSISTED IN ~hich policy " by
e scrrc~ns money . show an Of gross 7.
without
oferpenses dividends BY de.
ldng the stock and BY adding the funded and floating debt
OF road thus stimulating the cupidy Of the money lender
sscug tbe rspscy Of the speculsor and
morality. prufigacy and IN the financial
well as the experimenting and working departments OF 4
4 road.
Ard whereas Ne opposite policy q msting dividends sole
y r,m the net earnings ~ road after paying all expenses
Connected herewith the and honest course 10 he
pursued " render equal justice 70 AL classes OF stockholders
and 70 The public barge erble them estimate with
degree 81 the true value u this species o property
Il 10.
Introduce general rsrenchneni careful ~aiehul
ness over al the disbursements secure raid Application of
labor W ell ~ various forms and "a fuse degree
Of moral rccude throughout the business transactions OF
l railroad corpuratuu-
We The stockholders of the New York Central Railroad
Company, general meeting assembled the gh DAY ~
December 1851 believing In the principles set forth 10 the
4 foregoing preamble. do
Resolve That after this the capital
the New York Central Company shall not be increased net
Their shall The funded debt q sad company bncreased