The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-15
port IN t.rr Of ..,a BIN and recommend IT. passage with

To such recommendation we desire TO cali aten
"In PeSu"y after the presen, direction
Of Erie % On Of the road and
ssasa'ss 4 10 date q
81 sr, ,san &c n a1I
f X nsSs..sa over
nearly .5o5 ess Ss' added a : the debt
ision 70 direction up entire net income
Ss ss, sa.. esas ne SaSS whatever the
wnAr mas slooxf OF TINS MONEY
your
on ave asked the directors what there to show
added he debt q s.s
income road which at me time this direction took pos
ssss
ne demands Of your committee thus made no satsfac
; :s:
and .. ~ II 1ss';a and o .s1
sale together with tho 'I net income Of he ros .
os s:;s
money mus realised, further Than 70 To- s.y that
cser '; s.u hos. has Ssn. s:I used for
!. claimed y .hs dI.cors TIA. they have not realized
re-; sSs ssay:I:es y: es.o..;
hey sCid is1 d iss p.s!ca.r amount: actually
administration sars 81 TINS direction was increased
q
the When the director, thus flooded the and
9d: r. IN W.. s S
: eGH H ss Il n oss X
wanon waste Of IT. resources and it, ana is csnsable
The much for the pres.n. condi.on Of tho
moneys spent upon IT, and We nave looked vain for the
SAM. sam. in the Ssacsl report. Of the s COMPANY y
$47asi.sss charged 70 Or construction ss.,nst
Rsiyosd Company. sh: being the differences between
ss. Ss Il. the S &
fS % al al
@ u. ssSs
ton iha. these directors have balanced their accounts for
oss 10 correspondina amount CHARGED ssan.t shem 10
tbs matter Of the sale Of the stocks and But that
IN \ FORCED sALAso., IIcrIrIous AND ABSURD,
was out IN oadaon il asset. rsnsferr.S 70
the Erie Railway Company In 1885, that all its
~ the ssss charged i IN the
As next Importance the consideration Of the acts Of
s the S the
rued In Office az directors thereof we are Of the opinion
power in their Interest," BY certain conditions Of law
The directors were not authorized by law to issue stock
he p4vss e Ss 70
bonds into sioc. par Il was stated and alleged before
issue stated WAS
:ssa sss S ss fs' "s5s
v1S e.
s purpose vsse would S%s BE-
able to continue the director. = ocs such statement de
bssnS before the Stock and Certainly Of
intrinsic value than The stock Of the company. mpos:
= rnE THfosS g oelIus1or AND CONSPIRACY
I s ssss 81 ss III into
s sss at @ sepss e
Under ao existing law ANY hook, whose ssss
sn.s 70 vote upon ~ either IN psrsCn or BY prSSy a.
over he stock csriicas 70 purchaser Erie Railway
taking .dysnt.se e this condition Of the law "a
hrst issued and entered r. a. we believe. upon
he hs% whose
stands they becoming thus legal voters always ready
~ 10 a s
ss As
ss's e:
g. hs ss
..s: sss ssns 20 Z: sssv. '' II:
shortly .sf :s:y cam. into
e e. IN
S % 70
four would 90 GU. of Office In any one year.
of kind applied to the direction Of incorporated
NEED mot ooa or 5 Be co e rs
are good or bad; In the elassidcation Of the Erie
sss s''s chief m.nsss. y the company were
o the SnS Of vs s! the +
with tbs direction and desired change the
% Ss
:ssess p,.sss; =. either The nT:s Or :ss.nd
n SS 70
and would stand IA the unenvabe position Of apparent
they had ~ power prevent ,uds%sn
4. r c. has an % G PAD Il: Ca %
company should be REPEALED The fact may here be
n q @ % "a ' % s9cs
reeectnx them was gone through whereby their term,
commi.es Of the opinion that the repeal q
viii Be- Of little value to them accompanied BY
for the reason tina. these director, would s control
SFy Ia y"a
WI no!s9: miles. provision made whereby as
ZEAL 9.s.d sbs% S%SsH 'lgSs
The ' passage pros:ons this sp other thar
&c apparent Ieso'scteS ana me facts
s . nSRss Se Sa
s 81 oss s ss 90 So S s Ss
Railway managers refused TO make such transfer
far seize, upon the most less
and frivolous preexs 900 shares OF such stock which
were eft the otce Of the Ere Railway Company fol
regsiration that said Ere managers obtained order
tho Supreme Court In the First district putting the
stock
IN THE HANDS OF A EECEIvER,
who In his official capacity afterwards actually voted on It II
interest OF such and that thcreyen obtained
further order-st in force-pung into the hands Of
ceiver any other which might be presented, having
blank powers of attorney executed for transfer Il
such Protection Commaos. The effects Of such pr, pro
ceedings are obvious, and In consequence of then
the agents Of the English shareholders obliged 70
safety send back to england their stock which not In
Guided I'm the e000 SEIZURE and the stock will pobab
abroad until this Legislature affords them protection
IN bringing back 10 New York. for since such last orde
granted the foreign owners have not dared to
any of such stock for ,,.v sranser. And 1t ,s !
III. Erie managers have passed pretended bylaw
which they claim the right to refuse any ransfer
the English committee We are OF opinion that sue
bylaw fraduent aud VOID; nevertheless its existence
well as the Of the shares and the tn
Court having become known all oyer Europe, stron
feeling created among the stockholders Their
the utter insecurity Of srsssn. their n, 'C e.
Erie managers wifi be able keep the stock which belong