The New York herald., 1877-10-20

tcrest footed up sl6o,oo0 TO meet which, you
ton OF the Board TO negotiate loan Mr. Gould,
this being the only source he could reacn under
the peculiar circumstances of the case. He dd not
go 10 Mr.. Gould by choice; he Was drvcn to hm ny
necessity but Tor the matter of that don't SEQ why
exception 10 taken 10 that, his money rs good as
pany we're then pending, and u u difficult matter
10 get such large advance, even on the best OF secu-
rites"
"CouId the money be reached through the stock
holders or tho Board OF DircctorsY ~
"lhe facts dsprove the assumption. Some OF the
stockholders as well US The Bank OF North America,
where the company Keep their deposits and transac
Their hnanca, business agreed 70 furnish lhe lanas
reasons 6cst known TO themselves Their promises re-
suited IN nothing tangible they Jailed 70 advance the
president to effect loan on the bcst terms ne could
secure"
lis the road paying concern now?"
'Tne road IS dong botier now than at any previous
time in five ysars.
'aow did the present difficulty arise between the
stockholders and tbs Pres'dcDtY"
"wcll the recent exposure came out OF tho Jay
Gould loan. Tho stock holders held u meeting last
Wednesday and came 10 tho hasly CONCLUSION that
their best friend had donc an unwse act negoat
ing the loan with Mr.. Gould. Various rumors preiu-
aiued their minds. They have acted without refcc-
t0n, but will soon see their error"
NETTING or STOCKHOLDERS LAST NIGHT.
Tho committee VI The slockholders appointed Thurs
day " mako arrangements collecting funds pay
the Indebtedness OF the company to ,r. Gould,
nssembled at Mr. Van Schatck's residence last night.
The President Of the railroad, Mr. Richardson, placed
his resignation IN The hands OF General Porter and
M. Oowu. Ine resignation Was reoTrcd 10 thO
Board Of Directors, and viii likely he accepted at an
early date. The gentlemen at tho meeting last
night expressed thor confidence the honesty
and hdctty of President Richardson, but ono
Of the stockholders remarked, .sfhe road had out
grown hlm; IL required more comprehensive busl-
ness experience 10 munage iI successfully" Mr..
Richardson sald that he would mi tho directors in
overy possible manner 10 iur.hor the interests OF the
road. was next decided 70 appoint committee Of
live ~ proceed 10 Missouri this evening 10 mako the
necessary preparations 10 have the order appointing
receiver vacated The appeal comes up for hearing IN
Jefferson City, Mo-, next tuesday. MI Henry Craw-
ford, the Chicago railroad attorney. gavc 1t as his
opinion that in point OF law there ~ reason why
the control OF tho road should taken out OF the
receivers hands In seven dnys.
The committee next proceeded to devise why's and
means TO reueem their securities now in the hands Of
Mr.. Frank Work, Mr.. Gouid's DroKcr. Inc commit
tee nRrced to subscribe the necessary amount,
$780, 600 with interest," and the money Will be placed
Mr. tioud's disposal q lew days, II thereby ho
consents surrender the securities
Tho committee wore loud In their dom notation of
Mr.. Gould. 'Ho strOvc to steal the road, said Mr.
Hartshorne, "but his game blocked Money could
NOT buy II now. We will got square with Mr.. Gould
yet"
Mr. Van Schaick stated that out OF $13. O0O 600 OF
shares that Mr. Dowd has IN his right S. 800 000
thereby giving the present management good work.
Ing majority. No decisive steps, II said, will bc
taken until the petition TO remove the receiver shall
have been heard and decided.