The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-05-11

SnOwuR DkauCo u net eelDlngB J31 ,40I %
funded debt viz $l43s70 49, from the above there 70
mains s25s $751; being equal 70 nearly s cent the
burng the past year 954a passengers and 50 1856
tons of freight have been transported over the road
while ne trains have performed NJ less than 46S,oSo
In reference the fraudulent stock Of this company
the directors obeerve:-A period Of nearly SIX years
Scbuyer hen acting as president and transfer agent
These iIsuds amounted to the astounding sum OF two
has been engaged In ceaseloss litigation groEog out OF
said frauds Acting under the advice OF emInea, com.
for the illegal and ur authorized acts Of Rober. ssaaye9
was submitted 70 judicial test, snd By the UNANIMOUS
and the court Of last the corporation was declared
not to be liable shus fully sustaining written opinions
Of our learned counsel, and, at the same time trum-
phAnty vindicaung the course taken by tho Stockholders
In relation 70 the same, both in justice and equity.
All fair have been taken by the able counsel
IL r.s a0 oa, 0s 'aS s 70 bring the
but unexpected and energetic opposition TO these efforts
has been made by the claimants under the fraudulent
transfers and certificates VINO have exhibited dispoa
ton TO facilitate the final adjustment OF the conflicting
claims On the 10Th Of July 1882 the Directors declared
but before hsi date an ipuncon was ssryed apon tne
company restraining the payment OF the same and Ia
consequences no part OF that dividend declared has
been paid. All questions involved In the afoesa inunc
ton Incorporated In the 80 called Omnibus suit
and VIII be settled with the final adjudication of that case
After much delay, and the removal o, many Cd ,taces
that has been brought to trial before Judge Ingrs
ham, but the examination Of mary Witnesses and nu
merous books Of the company having relation 10 the mat
ter Ia litigation, necessarily causing GLOW progress, the
sll trial, and definite opalon can uoy be
given ss 10 the termination OF the same"
The Directors After expressing ihen conviction TIN the
difficulties and embsrrassmepts Q, the company have
been msnly overco ne, observe that with floating
Seos crs"r ana SS,s n, viz Us
and increasing business the service performed win earn
and pay dividends TO stockholders and 10 addition allow
tireencies.
The report having been accepted ard approved by the
meeting, IN reply TO numerous qu atoms touching the
pofIec OF seeing termination or ths n.igstlons IN
which the company Is involved legal expenses incurred
by the directors IN defending tie quits brought sgansI
then the separation OF the genuine an fraudulent
Of stock, &C. Mr. BuxfKr, Pref tent stated TIA. the last
claim brought By sufferers AZ tie Norwslk cstas.rophs
naI Jus. oeen oisposea o. me piAoaa oSA'nos verdict
damsfcs ct upwards OF $4,000 Ia the matter of the
fraudulent heues OF scsk the courts had decided thai the
company not liable for the over ssue, aud the only
question before the courts that subject IA the sepa
alton OF the genuine from the fraudulent ceTaasalex
The bad been closed the part Of the pailus aud
Il would be opened The part Of the road on the as
mat The law expenses had been Included Ia the trans
po,'Auon snpens,s, and paid up along With ,hsu.
for the future the directors reqared keep Distinct
account OF tho aw expenses and incisde the the
uA report and that the next report shalt embrace
account a the that have been pail Tor legal
expenses since the ssue OF frau glent stock aud the
Mr.. Dow offered resolution 10 the effect that the sup
plying Of Wood coal, oil, 40 be opered 10 competition.
Also resolution In favor OF requiring the directors 10
keep record of ell wood, coal. OIL &C purchssot; the
namte OF the parties from such articles may be par-
chased and the price paid aud that such record Of pur
chhssts be opened for INSPECTION OF s.ooktolIers on
specified days, ouce month. Both reso.siaoas were
laid on the table
Or MERRITT, OF New Haven, 10 favo- Of irsnso Jiipg
medical gentlemen expected 10 attend the approaching
meeting Of the American Medical Assoc alton, at Neg
Haven, over the road a. very reduced rs.e-say hall
price. Referred 10 the Board, with power.
After dsposirg Of few Aiters Of miuor import
TIE neog proceeded 10 ballot Tor ocs-s for the en-
sung year. OF io,o56 shares, each oC the prr scot
ncumbenn received a,od 500 and therefore daily
reelected iviz-JrstusR Bulkley, George n. Miller Abra
ham r. Van Nest. George IAJbsrt, Dennie Kimberly
Iohn Bradley John Leeds jonathan Godfrey, Ersstas
= Scranton.