New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-12

charges OF wrong doing had been published to the
world, and the retraction should be IA publicly
made. recommended that Mr.. Hatch seno
"a written statement to Mr.. Sage Withdrawing sno
charges. and action lie deferred until his reply was re-
ceived I sGted was not In way hostile 70 MT
Sage. but members the Board could consistently
with due sefrespcct recall him az director until the
serious charges which had beeG made against aim had
been publicly retriced. Mr.. Hatch was willing that
full retactlon should be entered minutes bus noe
published. This, however, was not satis factory.
The ballot was finally taken. aud Mr. Sage
ceived the votes OF Rufus Hatch, A. L. Hatch,
Smith, and Scott. Mr. Guion. SIR. Alexandra.
and voting for r. A. Alexander. Mr. Osborn did not
vote. Mr. Sage declared elected aud the meeting
was summarily adjourned President AL xandre, Mt.
Guion and consulted together for few minutes. and
became satisfied there only ono straightforward
course for us pursue. and that was TO resign We
immediately signed Joint letter OF resignation aud left
IL with the Secretary NJ Tacot said his action
Board hc had been governed by any feeling
OF hostility or OF unfrendiness in opposing the
gentlemen named To Ill the vacancy. HIS chlet
motive was 10 secure a business adminlstrauoh
OF the line which would command the confidence OF the
public He did not doubt that under the careful man
agetnrnt OF board composed OF business men the Ine
would pay regular dividend inside of Is months, and
Tue Stoek DC worth par ny the expiration OF inc year.
Everything up 10 this time looked favorable FOR
the Company. The City OF Pesing and che City OF
Toxic. which with the original cost, interest tho
cost and expenses Of fitting covered expenditure
OF S3H9,CO0 were now earning money and trip
would realize "a handsome prof for the line. The
Company mad just received IRON August Belmont
s250OO in gold account OF the sale ~ the Old Gan
Diego steamers. and there had been every
uecI prosperous and highly reBuneratiye business
during the wear But the line must kept and out
OF the hands OF stock operators IL asO Of first
importance that the Board Of Directors should he
OF nrsprOachaUle character, ideutn'd IN the public
mind as practical business men, whose manaGrment OF
COmpany's interests would he ABOVE the suspicion
OF private speculation.
Elk President Alexandra said that the cause Of tho
Withdrawal OF himself and associates was due TO the
fact the present administration did not want To run
the Company properly The speculative directors OF the
Company did not want practca steamship meO III tue
direction. What they wanted was Wailst: men Ihls
vas manifest by the election or Albert L. Hatch a
brother onRufus Hafcb and stOcA broker tie believe"
that properly managed tue Company would DC nue.
property aud credit 20 the country Ast was, u
was suffering from the operations OF the spectators who
we're upon He mad tried 10 eject some reforms
and reduce expenses Tar practicable IN 20 snOit
lime. He had nOhlng TO say against MI sage ho
ieved hun to be practical business man. VINO would
Try to do what right FAR retrencBinent and
economy concerned. Practical steamship men,
however, required aud must Dc mad To save the
COmUany.