The New York herald., 1879-11-08
THIRD AVENUE RAILROAD.
INTERNEcINE WAR BETWEEN THE sIocKHoLD-
TRs-A PROJECT TO GUST THE PRESENT

INTERNEcINE WAR BETWEEN THE sIOcKHoLD-
ERs-A PROJECT TO GUST THE PRESENT
DIRECTORS.
The stockholders of the Third Avenue Railroad
Company. under the leadership of A. S. Webb.
president of the New York College. have
initiated proceedings that Will result. it is
believed, in the ousting OF the entire
present board of direction of the company.
as well as the working managers of the road
itself since the retirement of Mr.. squires from
the superintendency of the road some years ago
general running down of the road it is claimed by
the stockholders. has taken place. Mr.. Samuel L.
Phillips who succeeded Mr. Squires filled the duties
of the presidency to The satisfaction of all concerned
until the effect Of the travel the al" road
became obvious by ths falling of in the receipts
Then he notified that his salary OF 100000 per
annum would be reduced TO $4,000 In reply he
said that $4,000 his figure. and that when the
company prepared to dispense with his services
he prepared to retire and early this year did So
The appointment OF his successor. Mr.. Lewis
Lyon is the bone of contention in the present dis
pute. The capital of the company is divided
into 10000 shares, OF which Mr.. Henry Hart
owns $780, and, through this large proportion,
has been enabled to obtain the management Of the
road 1t is now claimed that he has. through the
control of oneuarter of the entire number of shares
and by proxies obtained from the smaller share
holders, the railroad Interest OF reatlVcs,
and the other shareholders intend to endeavor TO de-
feat him at the coming annual meeting OF stock
holders for the election of directors of the company,
which takes place on Wednesday next
CIRCULAR 10 THE STOCKHOLDERS.
General A: s. Webb. the executor OF the Remsen
estate which holds 200 shares of the stock heads
the movement and has issued circular to the stock
holders, calling on them to furnish him proxies to
elect the following gentlemen directors. on the
ground that ther election will insure in the future
4 satisfactory management OF the affairs OF the
road:"-William hemsen, Robert g. Remsen. Alex.
apdar Wahl1 a1 Lar ua1
Willets, Samuel Hall, Henry Hart. John Watson.
William II. Faconer land three others to be Sc
lected by William Remsen not to include relative
connection OF Henry Hart"
The circular then sets FORTH
Since the Tssignstion Of Nr Philips tn. office Of prcs
who by his own testimony is OF no pecnniary resp9ns
busi:css or executive experience and who was raised
% Ss a aGw E S a tic Sy ha ag
is also his creditor and the asnee OF the salary he
Through the mismanagement which naturally results
from the state Of affairs now existing the company the
and an effort at once powerful and effective should be made
tyieds and Is eapa.io s, Of G isainT n,r..,
dence, for though i've six of the directors forming
and would everything to further such interests their
| Henry Hart.
In support of these charges the circular is accom-
panied by afidavits. the first being by Mr.. Lewis
| Lyons. the president of the company, and by mar
| riage the nephew OF Mr.. Henry Hart the largest
| stockholder and the vice president OF the
| company. In supplementary proceedings be-
| foro Justice Donohue in the Supreme Court
| Mr.. Lyons swore q judgment debtor that
| though he president OF the Third Avenue Rail
road Company at a salary Of $4,000 per annum he
owned property stock in the road and had as
signed his salary to his uncle. Mr.. Henry Hart.
| in payment of money borrowed of him at
| various times. On the strength OF this afh-
| davt and tho fact that Mr.. Charles p.
Sanford the receiver appointed by the Court to take
| charge Of Mr.. Lyons effects, found no assets on
which carry out the order OF the Court the stock
holders claim that his election President void
! under the law which governs such corporations and
which directs that the President Of the corporation
| must be stockholder and Of the Board of
| Directors
| ANOTHER AFFrDAvIr.
Mr. Sanford, when called on by reporter of the
HERALD last night, said he had been unable to find
posing stock holder that in order to prevent
its sequcstration by Mr. Sanford immediately the
| latter's appointment MIR. Lyons hypothecated one
| share that he had to his uncle. Mr.. Hart.
In addition to this more formidable afidavit has
been made by Mr. John s. Bacon. late tInekeeper on
the road On these papers it is proposed to so or
ganize the small stockholders prior to Wednesday
| meeting that they will oust the present holders oil
Office in the company and inaugurate an entirely
new management.
Tho reporter called at the office OF the company
last night and Mr. Hart-thc president Mr.
! Lyons being out Of town. Mr. Hart refused to bs
ject.
.'You have got the circulars" said he, edo will
them what you pleas4 have nothing to say in the
| IN Good night