New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-10-11
MEETING OF THE STOCKHOLDERS OF
THE N. Y. AND ERIE RAILROAD.

A very large and respectable meeting of the stock
holders Of the New-York and Erie Railroad was held
at the Cooper Institute last evening Dr. DUSs was
called to the chair, and Mr. THoS. EwBASS was ap-
pointed Secretary.
The CHArRMAS stated the object of the meeting to
be TO put in nomination gentlemen for the Director
ship OF the New-York ana Erie Railroad.
Mr. G. w. Bruce rose aud stated that the road
had been on the decline for the last three years, and,
unless some energetic measures were adopted, he
feared that the capital Invested by the stockholders
would be a total loss. He said
The Supreme Court. on the % OF August, ordered
the appointment of Receiver to take charge OF the
property and business of the New York aud Etle Kali
road Company, and constituted ex.Judge Mitchell
Referee, 10 carry out the order. These proceei ngs
were II ade known TO the Board of Directors on the
Ath They were Characterized rs friendly, having
been conducted by gentlemen who had been the coun-
sel Of the Board for many years and who were oot
opposed on this occasion by other counsel The Presi
aide mt had concuued. 90 the 9th the Secretary OF
the Company, Mr.. Nathaniel Marsh, was appointed
Receiver and the President resigned. The Receiver
required to pay from his first receipts over the ex-
penses the ROAD the arrearsges to the employees
the dues for materials rents, Ne, which he
estimates altogether at $500 These be ex-
poets will be paid oil by the lst of December.
The debt, it will be seen, is very srge, having in
creased - COO 600 since October 1857 when II was
confidently announced in the public meetings that the
earnings would pay the interest of $40 900 600. THIS
uuGyoiable turn IN the accounts OF the Company has
led some too careless Investigators to estimate the
property of the Company only sufficient to pay the
first, second aod third mortgages; but o.hers, with
bet er reason. think worth all il has cost and have
devised plans for preserving all the interests involved
in il. These plans generally call on the wellsecured
mortgages 10 surrender something for the benefit
of the less fotuI ate bondhoders, and require una
ninnity Of consent, which cannot be easily OBJ
tanned. To obvate this difficulty the following plan OF
compromise ard settlement is suggested, all the parties
10 be affected by il beng now before the Suprem
Court a. plaintiffs or deenCau aud subject 10 such
decree as the lights and interests Of parties may require
This plan throws the duty Of paying the debts OF the
Company the stockholders IN way that viii benefit
them while it will place the Company IN situation
requiring credit its purchases or iorbearance on
its payments Until some measure OF relief DO adopted
the unsecured bondholders must look sharply 70 their
interests for the suits Of the fourth and nth mort
gagees are pressed on quietly steadily faithfully and
al decree for the sale Of the road s looked for early
in November but council lately employed by the d.
reotors on the alert.
kr. G. w. Van SIAyoRES then rose and said that he
thought il would be for the interest Of the stockholders
If the officers of the road would call meeting yearly,
10 consult them in regard to their interests.
A GEsTLEMAN thous ht taGt those persons who had
bought stock lately, at cheap rate should not have
the same influence IN the election OF oicers as those
uho bought at higher rate.
F2The CHAIRNAS gave il as biz option that no man
should be chosen Director who was not Interested TO
the extent of 100 shares.
Tie following gentlemen nominated by differ
EFT persons and unanimously declared TO be the choice
Of the meeting for Directors:
Dasisl Drew, G. W. Van stsScren, H. Aburis, David
O.d.n Re-, w WOOD, Tbos Esbsuk John Luqueer, Her
mann 6elpoke L. j Brown Wa,nington Mills Alex. A.
Co,h-.l John Wsdsworth, NewYork; John ArDot Emirs
nunsy Goshen, N. u d. B. Gregory Jersey City D.
Ii. P Hal, Binghsu.ton .
After tsnsac ing come other business, the meeting
Adjourned.
TIE Directors Of the New York and Erie Railrosd
have pot in nomination the following ticket, which has
bee distributed it is said stockholders representing
capital to the extent Of $3.50 900:
70, Ii,sceors- leJ9-s0.
SAMUEL nAEsH, HERMAN 0ELpcKE
D.NtL DAEw GEogcE bKUCE,
AMBROSE MURRAY, ROBERT d BznDsLL,
d. A CUsBAAs, SAMUEL HALL
WILLIAM IS sKtpnosE EDwsxD X. ALBCRrls,
RALPH MEAD, GEORGE I. Coss
DUpLEY g. GEEcoRY, Usu.H J. SMITH,
EpylS J BROWN JOIN ARSoT,
WILLIAM EVANS Of LOndon, ErL