New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-10
PRESIDENT FOSHAY'S REPLY.

To he Stockholders Of the Br0ad,cay and Seventh Ave-
nue. RdtiT0dd Company:
| l have received aletter under date of December
sth inst signed by c. f. rockingham John j. James and
W. Howard Glider In which they thirteen questions
behalf of stockholders VINO SAID to be dissatisfied
with the apparent relations between tho Broadway and
Seventh Avenue Railroad Company and the Broadway
Surface Railroad Company. have tried to ascertain
who the alleged dissatisfied stockholders are, but with
out Mr.. rockingham appears the books Of
tho company the holder OF eighty shares. aud Mr..
James the holder Of forty shares Mr.. elders name
does not appear at all IN the list Of stockholders The
communication OF these gentlemen left at my resi-
dence late Tuesday evening and Wednesday morn
Ing 1t appeared length in nearly all the daily papers
Several OF the inquiries call for my opinion legal
questions and others call for information that is
common to the public and is such 1t would scarcely
be within province aspresdent OF the Broadway and
Seventh Avenue Railroad Company to attempt to give.
Nevertheless lnasmuch the subject OF the questions
has Occasoned discussion and criticism, propose to
answer the questions frankly and especially with
view to making 1t clear tho body of stock
holders that the new Broadway connection is
one Of great Importance and value to them
and to tho company. and that this attack
which has been made upon company does not pro-
coed from n purpose to preserve the property and
business OF tho company, but Is probably made with
design to inure and depreciate its stock These
alterations lead address my to the stock
holders at large and not to the three gentlemen who
style themselves a committed
/. The second mortgage bonds for 100000 dated
July l, 1884. were authorized by the unanimous vote
OF the Board OF directors and Issued for the purpose
OF enabling this company to enlarge its depot and extend
its facilities The necessity for securing to the Broadway
and Seventh Avenue Railroad Company the use OF any
railroad that should be constructed in Broadway was
always recognized by the Board a very urgent one,
Increased and Because the estab.Hmemt Of rival and
hostile company in Broadway would connne our route
a Dlarp practical
Of the property and business of our company.
2. These bonds negotiated and the proceeds
applied In pursuance OF the above mentioned purpose
will state however, that the moneys expended
for proper legal expenses and for extending tho depot
and for tho purchase OF horses cars and other equip
lnonts.
pany made no contribution and furnished no security
raise money I'm aid othe undertaking OF the Broadway
Surface Railroad Company except as Aforesaid
1t agreed any part OF tho stock OF the
Broadway Surface Company should he received by the
Broadway and Seventh Avenue Railroad Company In
consideration OF its in the Broadway Surface Com
pinys undertaking. Tho Broadway and seventh
Avenue Company engaged to guarantee bonds OF the
Broadway Surface Railroad Company and the dement's
be derived from the OF the tracks In Broadway
The unsubscrbed stock Of the Broadway Surface Rail-
road Company issued by that company TO Mr. Jacob
Sharp in pursuance OF his own purpose of securing
the BrOadwa y and seventh Avenue railroad Company
Broadway transferred to and to my successors in
Office the said stock amounting to 1920 shares In trust
Braldwly and seventh Avenue Railroad Company
stockholders These shares SO held by me.
D. The Broadway and Seventh Avenue Railroad Com
pany has contributed money to the Broadway sur
face Railroad Company have no knowledge or Ito re-
ccipt OF moneys from other sources.
g The sixth question is answered in the fourth para
graph above.
: The present relations existing between the compa
MES are contract the OF the tracks and
they continue during the corporate existence OF
the companies.
2 The mortgage bonds Of the Broadway Surface Com
pany werr guaranteed by the Broadway and Seventh
Avenue Railroad Company In consideration OF the use OF
the tracks Of tho former company under the contracts
referred The value or the rights secured by tho
Broadway and Seventh Avenue Railroad Com
pdny Is such 10 render the contra CT
most advantageous one TO our company; Be-
way was stock quoted at about 100 It
now commands elTly 800 At the recent meeting or
the the quarterly dividend was Increased to per
cent.
o. The lease mentioned in tho notice given for tho
stockholders meeting WAS ncYerratiied or complete IL
was deemed nadysabc by the cOuuocl OF the company
to mold the meeting proposed to be held Oh July IS
10 The Broadway aud Seventh Avenue Railroad Com
has only the interest the Broadway Surface Rail-
road Company that has been hersnbefore stated
H. The Directors OF tho Broadway and Seventh Ave-
Railroad Company not personally Interested In
the Broadway Surface Company.
T. know OF but one Director OF the Br oadway and
Seventh Railroad Company who Is int orcstfd In
the Twenty third stree. Railway Company, and do not
know TO what extent.
10 Two Directors interested in the BIeecker
street and Fulton Ferry Railroad Company but do not
know to what extent.
Csgned) JAMES ". FosHAY.
President.
Dotea New-YorL December Q. 1855. =.