The New York herald., 1867-04-02

YtCAl CORRESPONDENCE VI lht hkkAlu.
The Greas Western Railrsad-James Me-
NEUTRALITY-SUSPICIOUS. AnaIrs. &c.
LosDoS, March q, 1857.
Knowing the interest you take in Mr. McHenrys ar
fairs and the Atlantic and Western Railroad send you
report lin the London Nescs) Of meeting OF parties in
erested IN that railway held here yesterday You may
understand the situation better If give you my own
views on the position Of the Atlantic and Great Western
Company.
The securities have been falling since May last caused
partly by the panic which affected all railways shares
SC, ON this Market and also by the failure OF Sir Nor
ton Peto and Others known to be concerned with the
financial affairs Of the company.
Toward the end Of the year the depression was ac-
celebrated by the action Of unprncplcd parties who
resored to every plan they could devise destroy the
confidence OF those who held bonds and 70 injure Mr.
McHenry series Of violent and scandaous attacks upon
his integrity and upon the condition Of the railway ap
peared in hiram Fuers paper the Cosmopolitan. They
were written by an unnatural foe, in spirit OF vindc
tiveness that made them utterly unfit for publication.
In all my knowledge Of newspapers in America and
England can recall such glarng abuse Of journalism
While these attacks going on here and McHenry
gauanty bearing up against his flcu tes his affairs
In America were all gong wrong The managers OF the
railway there were managing the work with an utter
disregard for any interests but their The Of
Vile TO believe that revolution would ensue here
ending In the deposition OF McHenry. At such crisis
done on the contrary thew have done mucb 10 crpps
and embarrass him and by starting rebellion OF their
own have precipitated events here They probably in
tended to combine with the dsatfected proprieors
here and obtain cntire control Of the property eayng
McHenry tout in the cod.n
The official report just issued dscloses the most
extraordinary mismanagement in Am erica during the
past year. The receipts are far below what
they should be, freights we're reduced when
wonderful fayoritism shown in certain branches of
the traffic. The expenditures enormous that it
taxes ones creduy 10 believe they could have been
honestly incurred.
What money remained, after paying the shameful
charges is kept in America, while the burthen OF pro-
vding money for interest the bonds here thrown
upon the shoulders Of Mr. McHenry Even this did not
satisfy them.
The President, Superintendent and Auditor make
charges against McHenry, which, but for his entire ab
ty to vndicate himself, must have seriously injured
him. As it is they must have increased his cares
Gently returned He joined the cabal in America, and
was probably charged with their negotiations with
McHenry's enemies on this SIDE
With the credit Of the company prostrated here, and
all the earnings Of the road withheld, Il was de-
cided 70 stop the payment Of the interest
in january. This sent them down 10 panic
prices and the conspiratofs had obtained an apparent
victory You can see that the difficulties were serious
enough 10 have appalled, ordinary man, but James
McHenry is not an ordinary man. His courage and
sources have risen with the occasion and given him
u
defeated, 'horse foot and Dragons" Ho will continue
to be the master and guiding spirit Of the railway and
relieved from the arduous cares Of fnancierng he can
now devote his rare abilities 10 the administration and
Development OF The great railway he has created.
The measures agreed to ut the meeting his. The
committee, men Of high character and position, will
work in perfect accord with him, well knowing that in
dong 30 they are but serving the interests nrusted to
them.
tempt 70 change McHenrys pro gramme was promptly
voted down, and every measure Of his was carried.
Last week felt much socituds for his position; 10
day feel none.
From the nete danger he has pucked the flower safety
Politics here are N very interesting and unsettled
stata Tho Derby MINISTRY will Be- tolerated g long as
them though would mot be surprised 70 hear At any
time that Lord Derby had resigned In disgust and des
pair Of satisfying at the same time his own party and
the opposition Tho reform bill disposed Of there
win doubt be change OF governments and reorgani
za.ion Of parties Tho detection Of Lord Cranbourne
give Lord Cranbouns the Leadership Of large section Of
the conservative party in the House.
ton The limited COMPANY bubble Is literally burst and
most OF tho promoters gone up with their schemes What
will turn up one knows and ow venture 70 pre-
America, ana arrange differences with England be-
fore the end OF this year. that the next European mania
Ss s.1s le,y r.
ihcl r' year 1 some Something mus. % done with The
here and on the Contipent The United States high
favor II We have serious mshap this will increase
The lavish expenditure Of Americans Paris and else
where backed a. is by unquestoned and
rapidly acquired wealth, Is making serious impression
upon Europeans
The restless craving for speculation and large gains
which has grown up the world In the last thirty
years, and which has brought out new order OF bus
the the old fashioned way way Of Inn money @ e getting
Something must be started, and our country may
be the promised land that will tax the energies Of pro-
moters and absorb the capital Of the victims Of the next
speculative epoch.
Atlantic and Great Western Railroad Meet.
ing In London.
from the London News, March 81
A meeting Of the debenture holders, bondholders and
other creditors Of the company was held yesterday in
crowded attendance.
On tho motion OF Mr.. c. Bailey seconded by Mr. Cave
NJ p, Sir W. Russell, NJ p voted 10 the chair.
Tho CHAIRMAN, in opening the proceedings said that
having been asked take the chair the present
son. he thought the best course he could adopt was TO
give short statement OF what bad been DONE and tIen
hear the wishes OF the various classes OF the compaDy
creditors who he hoped, represented al the meet
ing The reason which had first induced him 10 60
the committee Of investigation was that be held great
many OF The consolidated bonds Of the companyand he
held them now-and he was anxious 10 know tho real
paid He might observe that he was asked
by gentlemen largely interested in the under.
soIsy IS ne had ssd 10 see what the state Of il
waa he attended thsss four meetings Of The CON-
mttee VINO had presented 70 them the report Of the d.
Mr. Bird who had como directly thence, aud they had
his personal explanation on any points requiring infor
nation That gentleman gave them the fullest informa
tion they desrsd and they further had every facility
given them By Mr. McHeny In order TO test the accu.
facy Of The statements made. The committee then felt
that they had power Of acting. that no power had
been delegated 10 them, and that without power they
were perfectly useless therefore that they came
70 the unanimous decision that was necessary TO lay
before the shareholders the report tho comntce had
received and lot each shareholder form hs own opinion
on the evidence, and they requested Mr. Mcdenry 70
publish In the usual FORM with such explanations a.
he thought necessary. They then determined 70 call
meeting OF the bondholders, the debenture hold
ors and the unsecured creditors OF the CON-
pany for the purpose Of informing them that ~ far
the committee had been able 70 test the accounts they
appeared to be accurate but they felt their power quite
insufficient 10 deal with d1cult subject and they
begged resign whatever appointment they had into
the hands Of the present meeting and request them TO
appoint committee with power 70 look after the inter-
Of all parties He could only say that the result OF
the investigation. far his personal opinion went
and he did not undertake 70 speak In the name Of the
commtee-was that he had satisfied himself that they
had very fair property and very good line OF railway,
with very large traffic already which was daily In
thrns oh who