The New York herald., 1877-10-14
THE MANHATTAN CAB COMPANY.

ITS SUICIDE yEsTEHDAy AFTEsNooS-ALLE6A-
TIoNs AGAINST Mr.. KAvANAGH-ExPLAEA-
TIoNs PROM THE ACCUSED.
most extraordinary meeting OF the Commissoners'
Committee OF the Manhattan Cab Company (lmited)
was held yesterday afternoon. only i've members
out OF sixteen present. but they voted TO dis
solve the company.
Mr. John Townshend, chairman OF the committee,
had informed Mr.. Frank Kavanagh, the protector
OF the company, that charges would be pre-
sented against him, and his presence was
desired. Both these gentlemen were present. as
well as M FRANK z. ho~e the Secretary and Messrs
Shepard and Stryker. Besides these gentlemen there
were two stockholders present, Mr. Tyeson, who had
subscribed for twenty shares, and Mr. Stanton, who
had subscribed tor twenty-five. Mr. Townshend. the
chairman, informed the committee that he had suspi-
cons that Mr.. Kavanagh was an i'm postor. He then
charged Mr.. Kavanagh with having taken money
from persons which obtained by promising
them situations from the company that he had
borrowed money from persons which ne had not re-
paid that he had Dashed draft the First National
Bank which had bscn dishonored; that there were
lisved tho instruments authorizing Mr. Kavanagh
to draw upon Lord RoseDery the Earl Of Buchan and
others were hctitloua Mr.. Townshend also accused
Mr. Kavanagh OF pretending TO be In correspondence
with Mr. Prask, OF London. He said that telegram
had been received from Mr.. Prask in
answer TO inquiry concerning Mr. Kava-
nagh which read foliows:-"Have nothing to
do with Kavanagh" NJ. Townshend stated that
his suspicious were first aroused from statement OF
Mr. Kavanagh's that the per OF the OF
the Engli oothoders had been paid which state
ment he said he found 70 be untrue. Mr. Townshend
also accused him Of living. very extravagantly and
borrowing money that he ard pay Another ground
OF complaint was that In letter TO the Telegram Mr.
Kavanagn mad promised TO nave The cabs oi the COM
pany operation by November, thus assuming
promise for the company without any AUTHORIZATION
Mr. rownshend also said that personally he hao been
opposed TO the company thinking II could
ceed but that Mr. Kavanagh had insisted on going on
and mad failed TO perform bis promises
KAyANAGH EXPLAIN
In reply, Mr.. Kavanagh said that he had always
acted in good faith and intended that the company
should succeed He would carry out TO The letter the
iss expected sooD to be in funds 10 meet all his
obligations. He admitted the drafts on the English
that they had declined to pay until 500 shares had
been subscribed tor by Americans. The capital
a so'k s es Of oS each was ss
stockholders offered take up 1900 shares, sl5OOo0
other lfy shares for $500U0 Previous to yesterday
Mr. Kavanagh had succeeded in collecting x3 &50 the
ten per on S45 shares Yesterday he offered the
remaining 165 shares as follows:-One hundred and
thirty shares TO be taken by Simon Hamburger twenty
shares TO be taken by Wood Brothers and i've shares
these shares, $50, had been offered to Mr. Kava-
nagh but he had declined taking It until the Sl5oU0
should be received from the English stocKholde
The committee rejected these offers to take stock be-
cause tney were not accompanied by the money.
discussion on The charges preferred by Mr. Town.
shend then followed after which The latter gentleman
recommended the committee to abandon the idea OF
gong on with the company and 70 direct the subscr
bers to withdraw their deposits The committee then
acted upon Mr. T0wnsnend's recommendation ana
passed resolution calling upon their bankers TO re-
lund those persons who had paid their per
the amount IN iull The meeting then adjourned.
Mr.. Kavanagh. as already stated, had collected
S34a0, which deposited with Msssrs. White,
Morris & Co., bankers No IS Wall street Amer the
meeting he directed these bankers to hold the money
until the matter should be adjusted
The following letter was received last night from
Mr.. Kavanagh concerning the action OF the Com
missloners:-
THE ..pRoMorER" WRITES OUT HIS VIEWS.
NEW YORK, Oct l3, 1871
To THE Eprron OF THE HEnALD:-
arrived in this sounry in the month Of March last for
with letters Of ntrcducton and ta.on from
others also brought letter ofcredit GsooOo
oi ans ri
Others after which proceeded % eominssionefs and
ssioners oOe1sd books Of SUBSCRIPTION ~s The oes Of
"s' o oS saa %yat ohsr aua
men akisg aud paying for at the same time about $50 900
20 IN oD
Mar rskne ADVISING me not TO subscribe or pay for our
for by Americans he stating at the time the
a sna Ia mys. seemed very queer thing That the small
amount Of $4,000 could not be had here Thoughts
compsnies had dons us onsidsrnbls injury.
applied for and that the rest we're faith
I sspy ''sii came il return isov,:6srsiniy an
setting the 800 shares 70 make the 2 0oo and only
succeeasd in doing 50 yesterday To-day produced app
for shares TO the amout Of bnt at the meeting Of
tions hut now tha. tue Americans come iorwsrd with
$4,000 out of the 100000 was ready aud wiling to
Considerable objection seems to have oeen taken be-
SsSs 1nf SSa s
l awe
% get the amount Of
sheS sas sii could have indaced them to pay in
100000 down Every ono Of them with but iow exssD;
Shs s - .Ss be .a@ sss .,n 20 as
per annum What company could this. ask Echo
answers what company indeedi
going to DO Not from any phiian,hropic motives
pes,mes for myself and friends The Inss
wish withdraw IRON this company anu not
tion either in the Of appointments for myself
friends. but simply sought good Investment. As
Ny EXPENSES have been s2oooo besides firth pnrt
shilling. What debts hero Some $1,000 al
which be lad settlement OF accounts As
meeting Of the Commissioners held to-day have
lawyer little hesitation In stating that was illegal five
being of sixteen. No notices sent
out yet i've considered quorum When resolu-
tion offered accepted dissovins company minor
ity In legal IL is the Commissioners.
however who did this in reality although they cups-
BILE three subscribers Tor shares who
presen and who sought after positions the
tho commissioners ell as the promoter have
given the bankers o the company to
with portion Of the money in their auds and s
proper lie gal Monday the
carrying of this notice.
/ am. sir. your obedient servant.
KAvANAGH.
FIRE AT LONG BRANCH