New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-05-22
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aIdest and most experieTest arv nes-s deslares
he has. always been in favor Of, and wouH most
esYuestfv adyafate Yrnvl4#f h5sss sf5Y,sntfaY bcru
pies could bs satisfied. They quote tire Follow
ing provision in the ast Of 1854 - a.
& Provided. also. That. the net earnings Of the
existing Poptchartrain Railroad .ConpapE shall
bs dividel aa heretofore among is present
steekhoissefs, until the completion Of she rail-
+ read 70 Sistsileks 20 81 ~ - -
IN 'ery well bat suppose the Stockholders of
the existing, Pontchsrtrain Railroad Company
declare that sheir net earnings shall b applied
20 the extension Of their existing road Will the
ieaFned Inafs yfs deny their right TO ffiake such
,aisposIf1on % their tundy S Let us take an
analogous case The citizens of Bason Rouge
have been PROMISED, by the Rseaident of the
Great Northern Road, II they would subscribe
o certain amount, that the Great Northern
Company woud SUPPLY the balanesssto enable
them to- complete q branch from their main
trunk to oprs State capital Wilt hspyetended
that they have not the power to dothis What,
then. becomes Of the argument 81 tie martyrs
shout the diversion Of the Company from its
original objscts-si that it needs no argument to
SHOW that n partnership fer commission business
cannot be perverted by the managers. or a maj
or1tyof the partners, into one for gold mining.
nor that Scorporaton originally fhterded for
banking eannot be changed by corporate re-
soiye ln!e one LOT running ships to California.
ba day,a 49,
consent of the stock kholders. But we have shown
tnat the unam nous consent has sa1reaty been
gRyen, TO wit ( On 18th May, ls45. Even the
very STOCK represented by these sufferers, voted
then for this 'ssdSyersian," as these sagasogs
gen tlemen choose to style the extension of this
road.
anticipating this very ready and palpable
answer, the astute eorparation ssNyers Who pro-
Jeeted and composed th1s Merlorisls proceeds to
/ tannonnoe the following noyeA doctrine
- . indeed, your menorIalists are advised, and
beiieVe, that in view OF the transferab bIlity of
the stock OF this company, not al the stockhold-
efs couto unanimously fIna parties to whom
tnis STOCK may hereafter De assignea, to asrelin-
aulsnmept q the net earnings of the present
Fontcnartraln Railroad; But whether they could
OF couid not Is lmmaterial The awprotects Us
IN our rigns 70 t1e earnings OF this road, and
they cannot De takesa away from US n athaut5our
consent. .ssSc,s. 7, ,,tRss,
Dogpefry never proaNced anyFhaug shalt so
sapept as tne aoose; EiIst u Is deciAreQ that
ednhos u.ha shIse mao scceea 70
ts.ie 80. ~ ssas in1n can
convey 2 eetssfa sitle enaa Ne nass mat ay az
a4s ssygA - = ~ ssa nsW
anu ~ fqlssss ,N J.
an I'M mis,n S, g =
NE ma,s.s =, .ie .ay
80 a..er, this stareits pre
pesttion, MiFafole ,saying Sns "nesner
'hey couta y. " coeah hos y inalaateflaa. Az y
$50. - - .Bsrkey says there * no matter; -
So y glrs 80 10 aArrFR R what tl ne ss5s" .
Whether the stockholders could unanimously
bind their assignees to areihq quiahraent of their
net earnings or not makes not the Slightest DIFF
ference, say these iogicians--these seven share
holders would still be entitled To their net earn
ings. Wen, suppose the first alternative is as
Isirn fi,eir r,et earrfnrs ean ffesas genfsr;,ay,
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gentlemen object TINT tbe ordinance before the
ounc;l oanuct bs maJa Sa1a heca,,sa NJ rrlas
nftha f,onra1tv rerI,i,re fah ,tca
,baso,s ,set;1s, ~ +bp
can bs1 held ts accent the oriranes and bs sbs
,ba orfi,,ancs tS s so ~
the people, fifteen days after its passage, and af
ter ten days previous notice Ihas, after the
10 convene the stockholders, and this wilrleaye
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