New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-11-01
Subscriptions TO the Canada Road.

The following article, in opposition to the
Railroad Corporations OF this State taking stock IN
the Canada Road, appears IN The Journal Of Com
,acrcs 1t is Suboc' which is, Al the present time
attracting good deal Of attention among the holders
of stock IN the lines of Railroad from Albany TO
Rochester, and we learn that there IS quite diver
sty of opinion among them as to the proprety OF
making the subscription.
We understand that the President of one Of the
Railroad Companies (Which has issued circulars to
stockholders asking their consent to make the sub
scripion) has had large number OF circulars re
TUNED 10 him by the stockholders, without signature
or comment, while several stockholders have written
HIM expressly dissenting from and protesting against
the proposed subscription.
For the Journal ~ Commerce
TIE RIGHTS OF STOCKHOLDERS IN RAILROAD
CORPORATIONS.
lis stated III the public papers that some OF the
Railroad Companies Oh the line from Buffalo TO AL
bany have engaged IN their corporate capacity 10 take
stock IA the projected railroad through Canada
West called the Great Western Road. They claim
the rehi 10 90 this. under Law OF the Legislature
of this state passed al the las: session, permitting
them to subscribe for stock IN this foreign corpora
ton provided they first obtain the consent oil fr)-
thrcS Of the stockholders 10 iheir engaging III tne
spcc latiou. The remaining crc-th'rG OF the STOCK
folders are 20 be entirely dlSIegarded, and however
unwilling they may he 10 invest any portion OF theiI
property IN the STOCK ot tins tofelsn corporation
seems they are TO be forced 10 DO nv the compulso-
~ action OF their associate shareholders.
This subject suggests many questions as to what
are ne rgitS OF the owners of stock IN the raEoad
lncorpoIanorls IN this State and how lar those
nights can lawfully be violated BY an arbitrary
msiorlty of the stockholders, acting under permls-
sion of the Legislature
Is obvious that the citizen who invests ms capt.
tai IN railroad IN this State, does so with reference
10 the route OF the road and It's supposed pro lucye
ness and capacity 10 weld HIM a iau return upon his
investment lie also knows WHO are al me time Tue
MANAGERS of the road and II NAV well De supposed
ila, his view OF the capacity Of the line, and the
,kIn and fidelity OF the managers, taken together,
,osiroi nm IN the selection OF ms investment HAY
iug made ms investment from these considerations,
It IS ms r.chtto be protected IN II aud Il rs clearly
urong :og aIN Board of Directors. although they may
Obtain the consent OF twO-thrdS vi the s1ocNhodeIs
TO dlrsr the property Of the other third IRON me IN
yeStmeut they desire, and make then ds iiA>t tnelI
viii, stockholders IA foreign corporation
Il n were preteHdedthh MAJORITY oi S'ocAhoiu,
cr> IN any railroad corporation III thl> = Ie oou!a
le.a.l, divert the funds Of The COMPANY nom theH
lnfeul ed use and engage them IN any other business
81 speculation as iOI example IL banking or IN 'he
purchase of produce. or III the Importation OF Mer
chantise the proposition would be secuted As mon
SilouS and It would lot be deemed aJusnaca,.on'
ttat ht business thus engaged IN might prove 10 De
Profitable speculation to the 'ompAhf' ne pam
and uuaISweIabe objection Would remain nat 'his
not The business which ,he Legislature ceslsh-
81 The Company should carry on, when their Act OF
lDcogpoIarC was granted and 1t vas no; The onsl-
ness ga which TIE stockholders agreed 20 engage, oy
taking stocA ~ the Company.
And vet speculation II banking, oT IN produce, or
mel ohanCi>e would no more be departure from
tne OfsIal ao tsiumaiG Oolect lu ne Incorporation
OF ne COMPANY, than Is "a diversion OF Is funds INTO
fortcn country 10 aid In The cons .rucilou Of for
Cleu RAILROADS.
The rxoNtusN OF reuO' mess o! The Ore gn country
,,5e,e ihr investment : made does nor aiecI The
-rlrcire TIA speculation of this kiud eau De law
,rI., Gagged n. 0t the railroad Companies OF ,ais
ST.. ~ ,4aaa4 Il caa Dc done with eQu, reason N
any Other r.Vi ~ the bTitl>a commons wherever
.lr,t,d Authat = required - T. obtain tbs con-
.rrfcftwo.'hIlds ~ the Stockholders, ana lhe lie
ri>ir,.rf c.u.srrirgl the raluoat coFnordonS o.
hi. size may en- bark noili'mg rnifoaiS IL Nova
~coti- Australia ~ ~al other reno ir 'i' 'l 0l me
pr,' 81 tn plrC - .,,
Hcaupot ~ possible that principle vi hi5al
Lea sch exffcnc cOuSeq uence>, caA 1s Ft$Fs q!
can be LAWFUL, authorized oy two taIris d Any OH