New-York tribune., 1889-11-07
WRATHFUL STOCKHOLDERS
THEY DO NOT LIKE THE WAY FIFTH.AVE.
STAGES ARE RUN
MEETING HELD TO FORM PLAN OF WAR
CHARGES AGAINST E. F. SHEPARD:

Of the numbering stagecOaches heavily r""e
maintained the animation Of the proceedings ha' the
thirty five engaged in, for they were the hOiu, .
J5. 900 shares OF stock I'm the Fifth Avenue
ton Company. The object OF the meeting was s ~
one TO be protection by another to be lndenauon' pS
third TO be protestatlon, and by a iour'n A.
explanation but all with one consent unl''u :" ',
voting # 10 ejaculation, exclamation ana h'O -
whole-sOuled outpouring OF the vials OF "ra"' -, w.
head OF F. f. shepard. whose defeat at INC a., -
election on the 18th of this month VIII De
thusiastc aim. - 90 tho
The Stockholders called Frederick bahrr
chair. and chose H. K Barnes to be SECRETARY " ,, w
,,ooti,c Mr. Parnes referred I'm a voice tremuiouS
with mingled erotions 10 the circular OF fouu W - ~
sbepard directors Of the company. sugses.'ns A.
assessment OF o5 per cent on their stocA' o. Ill
cussIng number Of other subjects in hia' .tat +
n The liking of all the holders: and he SAN | r,a
Elv-Goddarl the president. had come lor" NAM.
inside information about the working OF 'o ho,.c,,
Nv coidard steriped forward, and deoareu nm I'M "
q oman for catechizngT and to the story no -. -
fell them his hearers listened with the niu' con
h.oor,inc such tale of woe" i am ho' -
a,datc for reelection a. president ne ,,,
because lave struggled, and struggled az" r,, =
tor four wears and could not get my wa! az" ,
,,aco limo A. believe stage line should De rui ~"
now am making a chopping block OF myS'n =.
n,,blic press and elsewhere for the s'och"o'
How about the judgments :! a'keu ''l' "a Il, the
n. Codda,d explancd that 1t proposed u" '',1
srrtnr 10 borrow 1000 from Mr. shcpaiu' WV -
he was willing to lend it for year on ,oc,
,,oco AZ q nor cent notice was sent 10 INV
holders asking a majority vote, but Mt "7"'P a,I ho
the astouishment Of Mr.. Goddard and others Sa'1
would not be willing 10 vote for H. ana inc o''
10 be abandoned obenard
some time In July Mr.. Goddard went on onopa
came TO nv Office and called me OUTSIDE, anu 81 s -
cause II did not suit his plans and further ne uu ~
~ IN no ont of the money for tie year. III Is 'o'S
rncracious task 10 ask me TO repeat cohNci7
which has taken place absolutely without "i'h'
but | am forced TO do so, and my Vtra0'' ,,.
placed against Mr.. Shepard's. He has On . IN
occasions contradcted fatty what nave salu -,
conversations have been strictly between oursoi
frequently when sent him letters "ouiu - IL.
answers Mr. shepard stated that he had a"o'A0' anu
a.. 90 Io,d,nc the money 10 the company; that ne
o1sdcrad thai no man would lend money "''n'u'
eecurtv He desired that the creditors OF t"0 tr,
many especially Mr. Dahlman, VINO hau i"'s
AGAINST US should the company anu uo 80 80.
confessinc judgments, be would BUY the
7 suggested TO him that was employer as P''s
~ the con,panv and received salary to take odi0 "
and NOT to do It damage and there were a eoou mo-
other stockholders in the company 10 oc -
lie said the other stockholders were al "',
1ic,, vrouId not take any interest In the cOnpdN y,
,,ut mn money He was the only gentleman WIN VIZ"
do that l said he hadn't put up any mo"oS
aid he would just lief let me nave inc s''0"
t,ovr that the stock was not worth anything nov" anu
II I was not ready 10 do what he w>heu' ho WV"
take nv resignation. lie was the captain VI i'iO 'P
and was only the pilot. said wouid co"sUi'
Stockholders about that first. Next day MI. eAepau
,ro,t N Mr. Dahlman and requested MN
70 take a Judgment against the COMPANY
Dablran refused few weeks afler "a'
a gentleman came to my Office and stated 10 'ne
bookkceper thar he acted for Mr. Dahlman ana ca''o
about suing the company, and that he reIFesehe4 i
whiting, a lawyer I'm Wall str
Mr. Goddard made inquiries and found that Mr
Dahman had given no such authority Dahlnah
shortly after that got 81 $50 account. Then he
and the hay and straw said they would Ike 10
have the notes of the company, a. they could discount
Them I'm their own banks and desired the use OF the
money The cOmpanys counsel wrote that il was the
undoubted duty Of the board Of directors 10 issue
such notes and prevent judgments being taken against
the company, but the board Of directors refused.
Then Mr. shepard saw Dahlman again. and Dahlman
took judgment. The feed and dtl Ike
WISE and sold their judgments 10 Mr.. ShepHd, who
holds I'm that form 81 100 against the COMPANY Tho
total indebtedness Of the company now, Including
e, 400 of taxes is about $4,000.
Mr.. Goddard showed that the company ws by 40
means in the miIe beyond recovery. said he. The
employees have never passed single payroll AMI
the payrolls amount 10 nearly $4,000 a week. The
only time they came being short and not able
do It lent the money 10 the company, and am a
poor man"
Mr. Goddard's statement that If the company had
put on plenty OF stages and run them seven days
in the week all would have been well received load
applause.
said Mr.. barnes: " Mr. Shepard said he woald btid
a stable by the first OF May. Did he carry out his
planl7
mo. sr7 replied Mr.. Goddard. Then, a,er re-
mindng the meeting that f. +. shepard was a hard
10 get In black and white Mr. GOddad explained
That agreement, biHdlng could be- made, had
hocn drawn uQ,. By which the company was % haze
the stable May !. II 20 cost 100000. on
which they 10 pay per cent net 10 Mr. shepard.
But7 asked Arnold Leo. DIDN'T YOU lbsolve
Shepard from that contract ~
Mr. Goddard said that The board Of directors had.
The prescat stable was poor that Il "rOten
VIII s!aHdcIs.' and twenty one horses had diad from
why not start up the stages next sunday' cried
Mr Goddard said that the board would NOT aIor this.
Bcs de> be wanted the company 70 keep IT. agreement
about not running Oh sunday until at least the END oi
the year
.Ih.n,7 he remarked Il want the board 10 come
In and say. Now then. Shepard, you have not done
what you said you would last year. Conform 10 youi
Mr. Leo asked How about the losses have
incurred through non-fulhmcnt Of the cOntractP
There has been breach Of contract said the
Unquestionahly7 agreed Mr. Goddard. =" But
whether il IS possible 10 make that legal mater i
doubtful There has been conspiracy 10 wreck
this company. While this is a conspiracy IN
equity, and this company has been cOzcnrd ana
cheated We must seek remedy at the polls Au
the efforts Of the brokers, all the articles in Inc
Nah and Express and all circulars going out calling
for 95 per cent assessments have failed TO call ot
stock. and IL is held much as II was last year
The battle will be for 200 shares unrepresehr9 ss @
year. We must get them. II not. shepard VIII Ec'
the Fifth-ave. stage line -
" How many shares are in his namc." asked ihs
chairman. 80. +,
There are said Mr.. Goddard, $500 or 4.Oo0 IN
his name properly, but there j. certain amount ho
IN his name
Mr. Barnes asked how much lost TO the COM
pany by not running sunday. - ooo
said Mr. Goddard " In gross earnings, T-Douet
Every man under the would dispute what j. PryG.
and what not but | think about s1s 600 proht.
II costs $3.50 day 10 reed those horses. II H. ~
earn something on Sunday, all right. II not 'H''
ear mp that amount -
John II. De Mott. the vice-p president Of the con-,
pany. rad aloud for the benefit Of the meehE, , o
O5 per cent assessment circular. Part OF th, co'n'
was as follows