The New York herald., 1877-01-12

HANNIBAL AND ST. JOSEPH RAILROAD COMPANY.
1t is said on apparently good authority, that the
Hannibal and St. Joseph Railroad expcnd in salaries
TX per cent Of their gross receipts. There Is ut
present going on in the Board Of Directors an ami
mated discussion to the presidents and other
salaries Mr. Nelson demands SIS, 000 while II is pro-
posed to give him only $4,000 AS he already has
So 600 as President OF the Coal Company
the price proposed to be paid would to be SUN.
Gent
Apropos of the above corporation, Governor Hardin,
of Missouri has special message TO the Legisa-
ture under date OF January 1877 setting forth the
following iacls:-"By Authority Of the act OF the Gem
eral Assembly the State OF Missouri Of the Goth OF
September 1852. the Hannibal and 81. Joseph Rail-
road Company, in the year 1885, mortgaged its lands
for loan OF $1,000 OOO and in 1858 for additional
loan OF 000 to construct and complete It's road
Trustees were named in each mortgage TO make sale
of the lands and apply proceeds to payment OF tho
bonds. BY the act Of December 10, 1856, by which
loan of the credit OF the State OF 500 0O0 made to
this company 1t enacted (see section 1S) that
after the road should be completed, equipped and IN
operation the surplus proceeds OF all land sales or
other securities provided by the company to raise
funds to complete the road should be paid into the
Treasury OF tho State to be applied by the Treasurer
the retiring Of the bonds OF the State issued and
loaned the company under this or former acts
Learning the spring quite thesc
mortgaged bonds had been paid OF, notified one or
more of the trustees that 1t would be their duty under
the pay the surplus proceeds, If any, into the
Treasury of this State to be thereafter applied
directed by law. They replied that nothing would be
done by them prejudcia to the rights OF the state,
but that 1t would be proper for court to determine
the issue that seemed be arising between the State
and the company, since tho latter disputed the claim
or the former Most of the trustees live In Boston, the
others IN New York About the middle OF last month
the company filed their bill in equity, copy OF which
is herewith presented, with copy Of each mortgage
in the supreme Court OF Massachusetts,, against tho
trustees Sidney Bartlett and others SAID bill shows
that 100 900 acrcs of land remain unsoid; that
the trustees havo In their bands. as proceeds
of lands sold about 900 in money, and
In obligations of the purchasers OF land, about
So, 20O, 600; and that there remains unpaid OF
the mortgage bonds $165 400 OF principal with inter-
est from the first day OF October last The bill denies
tho right or title the OF Missouri said lands
or the proceeds thereof and makes an argument to
show that the State has no interest whatever" In
view of the foregoing statement Governor Hardin
izng the Executive OF the State TO employ suitable
counsel the appearance Of the State to be
tered in the such other proceedings to be had
as may be proper to procure adjudication of the
rights and interests of the State in the matters In
voved In the cause" 1t is probable that another
lively railway contest Is on hand
PHILADELPHIA STOCKS.
nj In 10