New-York tribune., 1880-01-09
rnn ErLLtn.rlLDky SEIrLAnnyE

TALK WITH THE COUNSEL or TIE -. Iorfs,
ALtoV AND TfEHE HAUrr RAILROAD COMPANY.
The counsel for the S. Louis. Alton and
Ter. UIute ElilroaG Company, ADRIAN N.n sind zen,
made aouc comments loa TrrnrN reporter yesterday.
upon th, reply ioa previous statemou, FROM hm. on
t'o part Of Charles Butler detcnient with samuel j.
Tldeu n tc .lt recently settled by these persons by
paving s.0J.oO3 to t.c railroad company.
MI Buirr." De slId "cluci-'t thc sta'cmcats
aitr.iu q 90 . That thc stockholders decided io boy
tne rola lu-tcad ot .tAc ui.t and second .t-s-c
b1udaoIde-a' ns was TIE clscl and .Lai taesc were
several claims against tnc od company TO Doe settled
by o., Purchasing Committee oustc,l ct 'eryoral
thpasaud' as Was tle c.-cl. 1dl moi mlk. t sta.a
utut4 hut tlc reporter cIror tn mlug fe say -o
should not taEe 'hc plans - making correction of
them alone bur there ls one other remark in Nr Hni
lrt's statement That DO wish 90 repy 10. IL says:
Now. BOO thc thi!j place, as 20 the statement that
afor the itlcm.u of ta.sr claim. largo amount of
fccurtlcs were retained by the committee ly vaf %
chaugc' ii. tcad OF being given back L. the rc1 con
p.uy As .hls statement implies Tat the urw pnuy
bad cain upon thcm when IS not the fact, lviI give
brief history of the case g..
'Nov whcl the persons interested in the old 1errc
Haute Alton and ST. LJu.-ir CREDITOR. $50 .knodefs
and bo.dhoIIcis-uuucd g. eject a Tcorg.u .za.ion
under "a uc, name 70 Purchasing Commit .cc. of wl!'h
Nr Butler auG Mr. Tldeu were members, Was appointed
t. a~comp t- result actn~ ln tAcir oWn interest and
10 That ol rest Inc purchase having nrrn uaar ana
t.c Ion elected a meeting of te directors OF
the new ad Was bcl June - 1862, 90 which were
prseut ulne ~ the thirteen members OF the board five
of whom were the members OF the Purchasing Commit
tee. That IT, committee constituted majority oi
dnordtn. ani f1r thGt meet .uE was concerned
had full control OF tne ncw road Al that
meeting resolution was passed, of.rd bj
Nj Butler authorizing TIE issue OF ud- .--aty 90
make tlc payment, OE the liabilities OF ola any
rhat hat been s.uued by thc compaia IoproyiAe
Tor contingencies issue ~ bonds excess 90 these
liabilities vas authorized Il is for the surplus
naming IN ihc hands of his committee That
the Road has lccn suing, AID for U' -rr-
plps thai MIR Butler and MI Tdcu Anyc paid t-o0o0o,
which, with a Ike paid b., others cd hr c"Du.tiee,
amounts 500 600 the present ya'ue 81 %, bond.
and unpaid ,uus received ucica.I.c TINS again bg
n-allv 10000. think taaf ls cenr.y % ca.e parable.
o. ON. o. which elyc n t1tu -.o'u i' I't WV oc's
Win. aud hc pays trh I's f-.''O "iI pockets thc
g. Nr Hu'I.- Bays: Tine bond. OF tlle ucy, company
were otiYeitd H'ao4u'rW To the futh"-i"- committee
a- The confederation fo the cpft ydur' o. tine properly
boy tGem 20 On" nrw COMPANY NoT, Whatever Was
lh.5 connection ~ thc new company Wns Vitu-
ally bv five members ol The Purchasing
Committee who iorned AilotlS "i tne quorum present
d.d ~ih themselves rs trustees and 1t j. maxim Of
ircs. al the prodis arising belong 10 The
O 0i tine iund- Who al losscs fa on the trustees
men, for the b'ndholders ana others, made any
profit of the bonds which directors, they placed
the company. 1Acy could not, 10y authorizing issue
that xPectcd 10 be n excess OF what required
make pron, for thcnsriYrs.'
Bar they say tnis was 10 be retained partly
pcrsItI0n."
- COMPENSATION to members OF the Purchasing Com
mittcr ns -uch not contemplated. Compensation
was paid II. ILicn for legal services 10000, and
ff other special services Mr. Bay yard received $1,000
and Sir Euilcr - 800. Their understanding OF their
position at nppurC from their taxing the prop
crty not tenants but a. JOINT tcnaut- Had
one OF them died hs share would not have fallen to his
herr. hmt would have reverted 10 the survivors.
inc thai they held the fund the representative. OF the
cnuilany tni not absolutely as individuals"
How large the surplus left III the committees
hanl- r. nj,
tbc war 1863 n b. stated that IN the na adjustment II
is pfoblhlo mat about Sl3GDO0 o! the Br't mortgage,
So 900 Of the second preferred and r3sOOO Of the IN
come bonds may not bc repaired. and may be ultimately
cancelled OF cOur-e cOuld not tell iu, how much
renamed IN The hands OF the committee after tasiyng
the obligations assumed. But Wa b1sed our estimate
upon the above extract, signed by Mr. Buner ana two
others. 80
"Asc you sati,fn with the settlement =
g Yes. Had tnr case gone luO court ana resulen IN
our favor. accounting might have Dee mahe !" last
several ycnis; OT tho case might have gone 10 the
supreme Court. aud tha would have taken Hvc years
The money hand is Just now very desirable"
" Why did the deft ndants scttief"
" Ia regard 10 that l. Of course, cannot speak. Ihey
that thcy have e,eivcdan iudrmntyh thcy cOuid
have mad ri time Of Trustees who surrender
a fund are entitled 10 be UNIDENTIFIED against claims
upon But when there such claims, the indcm
nihcation can hardly be worth S4Oo, ,OOo."'