The New York herald., 1876-10-19
THE RAILROAD WAR.

THE DHMAND OF FOUR HUNDRED AND FIFTY.
POUR SHAREHOLDERS FOR INVESTIGATION
DIRHcrons-wHAr RAILROAD MAGNArKs
THINK OF THE wAB.
Yesterday afternoon Messra Rufus Hatch and A. 8.
Peabody and others, accompanied by their counsel,
Mr.. Horny Bennett, presented petition to Pres'
dent Sloan, OF tho Michigan Central Railroad Com
pany, bearing tho signatures OF asa bona 6de share
holders OF the company In the name OF these share
boders all OF whom he represented counsel demanded
Of Mr. Sloan that institute Investigations
respecting the validity OF the leases which the CON-
pany spent $4,000 co., and which the stockhoid
maintain to be invalid by reason Of the indivdua
interest which directors OF the Michigan Central
Company had In the transactions, which transactions
yielded TO thsm q largo II was also demanded
that tho management OF the road cease tho railroad
war and restore tho tariff for ireghts and passcn-
GERS AZ they were. This demand Is made
necessary a. . preliminary step 10 commencing
into an explanation or their management and
. restoration Of all moneys received or ex-
pended by them improperly TO tho treasury OF sne
company In tho directors OF the present Board
fA 10 commence action themselves TO set aside the
leases, fail to the railroad war by withdraw
ing from the great railroad combination, these 45A
Shareholders through their counsel Mr. Bennett pro-
pose ns bill aside the loases, and also bring
separate action against each director individually on
the ground Of their reckcssnsss In the management Of
the company and Illegal expenditure or its earnings
The demand on the directors is regarded as simply
formal, inasmuch as many of them held to DO m-
plisated individually AS having through their influence
imposed the leases upon the company, and t Is very
improbable that they VIII commence SUIT 10 set aside
their acts as fraudulent and void Mr. sloan, OF
whom the demand was made, said he had the same
morning had an interview with Mr.. Vanderbht for the
purpose OF cniisting his influence 10 put stop
TO this ruinous competition, and meeting has
S.r,ouy vueI railroad companies sp pssros on
Monday next with that view. Mr.. Sloan
pressed himself personally us anxious and disposed
10 comply with the domand OF the holders, even
II II should lead To refusal OF tho Central Railroad 10
take eastward bound freight from them, which Mr.
Vanderbilt had threatened 10 do In case they with
drew from the combination. But he preferred 70 walt
for few days before giving formal reply TO the de-
over no SAID, lay the matter before the directors u
once II further stated In connection with thii
matter that Thomas Scott took part in an interview
upon the subject breaking the combination and
stated that railroad would be settled
derb. ana Sloan replied that the war would never b
settled that basis even II the New York Central
should 60 without paving div,denas in order 70 carry
trail must abandon the payment OF dvidcnds."
The letter Of demand embodying the substance OF the
pciIion OF the shareholders submitted 20 President
Sloan Is in iull as follows
Law orrlcm or HENRY s. BESsrrT.l
Hon. SAMUEL SLOAN President Of shs Michigan Central
6sa%sa.I herewith present ss se%naa,ssss. nj alton
sa" S
;s s. Sss s.
involved and which disastrously affecting It's in
sr. whom represent sehsd great shs
in the auc of their stock. result
Ing from the adoption Of this sacid. . eour.s. and
evsby end the utter distraction OF the credit and
fyoar IL Office prio. the
company protected its liabilities paid the rights
divdends earned and paid 20 the Now
snd s as n q ss
yet the stock has deprecsted In value tho credt
upon Vi on .hs stock S.vs. es:sed .sossthss Even
ne; tn: sH. % q s Ss'ra m .AS pc. :. 's:
heavy liability AND expense Imposed upon :hs com.
cc,edi. and draining asome while
travel and freight fast driving the road to In
authorize with me-
urge M ds o. us -. as ms
from the burden and expense Of these leases (Which they
an they hereby urge you make forth
with thee shall bs found suy ground whatever Tor msn
o. the par. q the
ss ss'A % their validity .hs. no further payment
be. Il: Tass sas'' therein :@s sS NATL a.
md determined The sharehclders further author:s and
for and freight ana 70 Withdraw from any
o. with view to compete with other roads This demand
made the interest OF All the shareholders Of the
necessary their aud
hs yss.e Of hs sospS,a.on you refuse or ~. g
by them TO employ such remedies as ths conrs viii AFFORD
isrssts Of the company Your sesdisns .srysns,
Attorney for shareholders the Michigan Central Rail-
road Company.