New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-02-19

ness done present, shippers preferring 10 walt ex
pecting break in a few days
THE CHICAGO, BURLINGTON AND QUINCY
RAILROAD.
A MOVEMENT FOR A CHANGE IN TIE BOARD OF
OBSERVATION-DISCLOSURES. BURNHAM, LEvIsoH AND
JOY TO BE DRoPPED FROM THE BoARD-CARD
OF EXPLANATION PROM DIRECTORS BROOKS,
BARTLETT, THAYER AND DENNIsoN.
EBY TELEGRAPH TO THE TRIBUHE1
BOsToN, Mass, Feb. 1S-The publication OF
the proceedings Of the bondhoders OF the chicago Bur
liugton aud Quincy Railroad yesterday produced
great sensation in financial circles The contest begun
in the meeting continued in the Press by the parties
in interest This morning there appeared In all the
ournas an advertisement card addressed to the steok
holders of the Chicago Burlington and Quincy kalroao'
and signed by J. NJ Forbes and j. n A. Grisw0ld, SET
ting forth that the sguers had within lew Gays oe
come aware Of facts which IN their Judgment make
change in the Board Of Directors necessary ana
they recommend the following gentlemen Tor
the new Board: James NJ. Walker, chicago;
c. s. Cotton Galesburg. H.; Erastus Corning, Albany;
John C. Green, New-York; Nathaniel mayer, sidney
Bartlett j. W. Brooks. J. H. Clifford and j. Coodge OF
Boston, and A. J. Roeh Of New-Bedord, with or WIN
out the two who the card They invite the stock
holders 10 revoke former proxies, and to send new
proxies AZ once TO J. N A. GriswOld or W. II. Forbes,
Chicago The members OF the preRent Board OF Direc'
tors left of the above list are John pGrpham ana
John n Leyson OF Boston. and James + Joy OF Detroit
In the afternoon papers the same gentlemen puoish
another card, setting forth briefly their motives ana
aims in desiring q reorganization They REFER 10 the
fact that in yesterdays meeting, Mr. Joy defended the
action Of himself and associates in becoming contrac-
tors when offering the bonds to the
stookholders under the recommendation OF
their Board; that no euOgized the conduct
Of Mr. Graves whose msapplcation OF $4,000 OF the
money OF the Dondholders had been sanctioned by re-
tanning him IN Office long after his irreguarity was
known to them and the fact developed IN the DEBATE
that the Board of Directors OF the Chicago, Burlington
and Quincy Railroad had applied s2tOooO ot the stoeh
holders funds paying Dubuque coupons ana had got
the Dubuque companies in debt to them for further
sum- They therefore propose square ISSUE
and ask to have placed in the Board
three men who will insist upcn measures OF reform III
auditing accounts and managing the affairs OF the COM
pany. They say they put charitable construction Oh
the conduct OF JOY ana his associates, and attribute
their mistake to over-sanguine disposition, s'imu
lated by f long Of success. The issue
they make Ia for majority of Eastern d.
rectors pledged to an administration with a
single eye TO the interests OF the stockholders
There also appears in the afternoon papers
card signed by Brooks, Bartlett, Durham, Hunnewei
Thsyer and Denison although HlnnewePs name, II IL
explained refers merely TO his position as Director OF
the Chicago Dubuque and Minnesota, and Chicago,
from the publication in tomorrow mornings papers
They saw first that they as directors OF the Chicago,
Burlington and Quincy Company. we're invited 10 pe-
come interested in the connecting roadsong after they
had been incorporated and organized, the construction
contracts made and the stock Of the construction com
| panes subscribed and partly paddy q gentleman
from the West "of highest proby and largest ex
perlcnce and Judgment in railways" Confding IN his
Judgment they consented to with him, but dld not
know the nature of construction contracts except
that the stock and bonds were TO 30 10
the contractors They believed the representations
made TO them as TO the value and prospects
of the property were Notwithstanding the result fairly
and honestly made, and they excuse their action by
alleging that Mr. Forbes in the beginning voted with
them upon no other grounds They their sincerity
is shown by their investment they being the largest
bondhoders and having purchased shares OF the Con
struction Company at premium these pur-
chases being for the purpose Of managing the roads
Railroad They say Had the details OF the construc
ton contracts been then known to us should hardly
have embarked in least without further
| scrutiny. and should not have invited others TO
| do go without the fullest explanation" They
OF roads and the application OF the
means they conflded perhaps unwisely to MI Graves
aud 10 Congress there was absence OF thorough
superyison owing 10 confidence in the testimony
TO MI Graves. They admit improper application OF
n norton Of the funds to the building OF Connecticut
road and excessive expenditures in building in Du-
buoue In short this card admits nearly everything
that was charged, but denies any fraudulent intent