New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-01-06


.ecordsnce With the wish and deslrs OF Sherman
made q .peciL personal eI,miassea OF the eea+
fields of The Coopssy. and Of the land conveyed to
Sherman and Dess, and reported 70 that meeting
that they entirely satisfied With the ayr 'emen'
and deed, except two clauses in it-one bIsdisg
the Compsby TO construc. such branches and sidnss
to their railroad ~ misht be necessary or con
venept fos the mining and bosiness OF Sherman and
Dean; the other binding the Company for twenty
one years, under certain specified forfeisares, to
receive and transport Cat rates fIed BY the
contract simultaneous with the deed a the
coal that Sherman and Dean might offer.
In consequence Of these objections, and In cen
sideration that the Company had already built
branch and siding to the mine esdy opened 10 the
purchased land, Sherman and Dean executed 3
deed (of which no mention il made in the CON-
pl.inabt), releasing the Company from the Il st Of
the sbo aforementioned covenants, and also from any
forfeiture for the on..rsnsportasion OF freight,
when that non.traaspertataton W" caused BY
earthquakes, foods, public enemies or elements,
lover which the Company had no control, until
".uiiciest time for repain had elspsed." It also
sppsars in the affidavit, that this arrangement was
sanctioned by the stockholden-Mr. Seth Gros-
venor, protesting himself perfectly satisfied from
bis persopal examination both with the sale and
the coutract-and that the deed OF release was
accepted BY the Executive Committee OF the Di.
irectOrs.
Tie only Allusion In these sdavits to the alleged
unfsirne.s Of the transportation contract and that
instead of comforting benefit, it imposed burden
on the Company, is the allegation of Sherman and
Mebsfry, that, at 5 meeting of the Board oil
Directors in the latter part Of May, 1855,
and after Samuel J. Tilden and David Palmer,
two Of the present Board, had become Direct
ora, Sherman offered to the Board, allusion
being made to the inadequacy of the rates
of transportation, to correct and modify the terms
of transport "to such price a. should be deemed
reasonable and proper by tho B,srd," but that
no response was made to this offer.
No specific alluson il contained in these affida-
Wits to the allegations of the complain, that the
peymebts for the land were made $50 far as made
at ally in the money or obligation Of the Company
nor to the other allegations that Sherman en-
poye ed the CompaSy's mOIey 70 stock and work
the mines. Sherman does, however, positively
deny that he i. indebted 10 the Company, assert
Ing that bis accounts are settled in full and that he
holds the Company's acquittance-referr'ng, 1t
usy be supposed, to the settlement msde with him
b. MehafIey, but which the complaint repudates
a. collusive. He admits that for tao years he
took q very active part in the Affairs Of the Com
pany, bat AYERS that throughout he was actuated
solely BY desire to promote its best interests, and
that be gave to it his individual eIertons, respon-
sibIty and means to alarse extent, going much far-
ther in this respect and taking upon himself much
greater amount of personal responsibility tnan Nc
was bound to do 10 Director, gtviBg the Company
hi. entire time, to the neglect Of his owa bust
pe.s, for more than two years, thereby mourning
great expenses and great pecuniary sacrifices. AS
to the charge in the complaint that the abstraction
Of the Company money BY Sherman and Mehaiiey
for their individual use, and their expenditure Of
it to furnish without any equivalent, but with
a loss, means and facilities of transportation to
Sherman and Dean, were the direct and exclusive
causes of the Company's failure, Sherman replies
that the Company was in an embarrassed condition
~ long ago as January, 1856, when bonds 10 the
amount of $467 900 began to fall due, and that the
Company Wa, only saved from bankruptcy at that
time by his great efforts and assumption Of per-
.ona obligations to the amount Of 100000, there
by obtaining an extension Of those bonds for eight
years-at cost to the Company, as the complaint
sets out, Of $l0s, $50, including twelve thousand
dollars in bonds for bis own services. He also
quotes, as showing the true causes of the suspen-
sion Of the Company report made to the stock
holders May !, 1853, by Committee Of their num-
Der, of which Robert p. Getty, now President,
was Chairman, and several of the present Directors
members, which, without reference to any special
acts of Sherman, ascribes the difficulties of the
Company to injudicious expenditures, both
in Maryland and New-York, disprOportionate
to their business to the attempt TO en-
ploy the Baltimore and Ohio Railroad instead
of the Chesapeake Canal as their chief avenue to
market, and the allure Of the canal when they
began to use that by the breaking away Of two In
sufficient dams. Mr.. Dean on his part denies any
COLLISION with Sherman, any acquaintance with
him previously to the purchase of the lands or any
knowledge or suspicion Of anything fraudulent in
that purchase.
Such is the petition in which this remarkable
case s,ands at present. In order to come to a
satisfactory conclusion TO the justice or astice
of the charges contained in the complaint, some
further Developments would yet seem TO be ueces-
saV.
How many of our readers arc acquainted with