New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-10-19
MICHIGAN CENTRAL LEASES.

THE DIRECTORS ASKED TO RELEASE TIE COMPANY
FROM UNPRofIrABLE LEASES AND TO ADVANCE
RAILS
The effort by stockholders Of the Michigan
Central Railroad % induce the directors 90 restore profit
able passenger and fcsh, rates, 20 withdraw from any
participation in the railroad war; and to sake steps to re-
lease the company from the leases, which are asserted to
De nunc IT, took the form ycstc day of The following
letter 10 President Sloan:
Hon SAMUEL SLOAN, Prcstdeni Of the Mc'i11H ceHTd'
DIR sr: herewith present 10 you communication
itnrd by Nes.r-. Rufus Hatch, a. s. Peabody ana more
than 400 others, all oI whom are ridfrhl ri' h iH
Michigan Central Railroad Comuauy. In biz commune
cation You and your co-dIcctors are respectfully fc
INN me cor,i,,nv g. now in,olyrd and which Is so
d-astron-ly affecting IFS interests wen as those o. IT.
shareholders. The shareholders whom lcprr-'ut nave
1ietJ yifb ,r,1t concern me Int scfUu, ufcciatiui
in the value OF thr stock resulting from the adoption
OF TIM, suicidal and they are convinced t1t, un
les lb4ndou,d IL must inevitably end IN the uttcr de
struotun Of the credit and resources "i The COMPANY
IN c. r.1r IN ~, IN. income Of inc company
was protected its liabilities paid the ght- and interests
of the public satisfactorily secured ANA regular uNl
Ju. ri, Il and laid fo iAc -Garchoirr- Vow how
ever uotWItl-ttui the tonnage Of the company Rae
i.ej Vel he stock h5s dcprcriacd n market value, the
c~it Of Tho c,mauv ha. been -oIiuus, impaired, and
dividends upon the STOCK have ceased altogether INrr
stock has fallen fun 80 or share. Tie heavy liability
and expense imposed upon the company 10y leasing OF
other roads Undermining IFS credit aud draining -
lrrnur while the material reduction ui rate. FOR travel
and freight i. fast driving thc road % insolvency.
The ,narchuid Wuom represent ii rr.UTc tuolIc
ana direct AMI the counsel I>socutHi Win uc Go urge
uunn Won n their behalf the duly of using tho most cN
peitius and efficient measures 20 relieve the company
from ic burden and cXUcus. n these -rs (which ihry
b.iipyc To- have been .cOrUuty ami Illegally fuldCi, II
moon an investigation which tac}- hereby Ursr yuu tp
fortI,fh there shall Doe found ground what
rr for maintaining the iuya'tty of the transactions.
Certainly 10 not unreasonable request on hr part ID!
tDc Stockholders 30 view Of thc severe loss which thc-r
lenses have Cui,d upon tine upduy ANA of hc doubts
oxIrs.rd az to their validity, Thar no further p4tutlt
be- m ntr under them until the equities of tr parties Ut
trre,trd therein shall be Judcly Investigated and d
tcUunrd.
Tine shareholders further authorize and direct me 10
ask Won Co restore aud maintain fhr former rates for
travel and freight, and 10 withdraw from .Dubna-
ZION which has it. object undue reduction there
OF with view 90 compete With Uth'r roads Ihi- de-
m.ud is made In tho Interest Of a tine shareholders oi
tb, cpapauy They convinced that au Hnm' dat"
coin au,c herewith S necessary Tor ht protection Oi
Their rights aud tIe welfare ul th' corporation.
n Won refuse or fan To comply thrrrWiiH !. and my
associate counsel. directed by them employ such
rtdc, Is thc courts Will Afford To- enforce Their rights
and to protect the property aud interests oi the COM
pauy Your Obrdicut servant, IiNEN s. BENNETT
Attorney 40 shareholders OF the MIcni- Central
Railroad CoWIant.
Acic York, Oct. -, 1870
The communication referred 10 in tbt lc,tcr is petit
ton 10 the directors asking them g. advance rates. 20
retire from the railroad war, and 10 publish Z, .ular
statements Of the business of the road.