New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-04-05
ANTI MONOPOLY Law SUIT At TRENTON.

r, ne Editor Of The ~. y Tribune
SIR The Geographic dispatch from Trenton published
in THE TRIBUNE Of March 81 relative to the application
made before the u 5 Circuit Court for this Dsrct by
Mr. Hsger Of Poughk sepse, Y against Stevens Stock
tor and other Directors OF Transportation Company in
New Jerey was stated sufficiently clear for proper
anding of this very important closely
nscted with the great New Jersey Monopoly In 1881
hssss Bishop IIager Fisher aud otner residents OF New
Brunswick N obtained from the Legislature a charter
Incorporating Steam Transportation Compshy between
New York and Philadelphia. The Company was organized
and CONNIE ed busness but after time sale was made
BY them of four bs of the capital stock, to r. a. * r..
l. Steyens Commodore Stockton and others. WhereupOn
Stockton 81 Stevens transferred to this New brunswick
Company the immensely profitable Freight Transport atom
the Camden and Amboy Rairoad AMI through the Della
ware and Raftan Canal Prior TO these Tires being trans
ferred the said New Brunswick Company, the stock
holders had Tor four years received dividends averaging
per per but alter the transportation OF
tieights by the Railroad and Canal added to the
Company business and the net earnings had increased
four fold annually the dividends paid to stockholders
ersged but per for the succeeding twelve years
Thus while the net earnings OF the Company four
times greater the dividends fell oil than half This
state Of things after progressing for some years produced
strong discomfort among the minority Stockholders who
frequently demanded exposition OF the business of the
Company This boldly refused by the Directors aud
Edwin Stevens the Chief Manager and General Super
ntenden Of the Company told the minority shareholders
that his mode doing the business and that he
aged the affairs of the Company close corporation
In 1877 Mr.. Hager filed a bill in the NewJersey Chan
Gerry for account Immediately thereafter, h. a. Ste
vens informed the minority that he would call general
meeting the Company and place full statement OF its
affairs before them Accordingly the first general meet
ing held since 1888 organized and proiesssdlv full
and complete of all the Company business
rendered by the Directors contained on two large bal
ance sneet accounts ahhuany sla'eu showing ealnss
exceeding four millions of dollars. After deduct& the
Expenditures, this left net balance in the treasury at
tbst time of S42,l56 90. Subsequently, Commodore
Stockton on bis from California proposed set
tteme of accepted, n
settlement made. Mr. Hager, assuming the above bal
be correct and true, received very large ad
vance and transferred his stock TO the Managers.
Mr. Hsger afIerward became convinced that he had dis
covered that he had been grossly wronged and that the
said abstract accounts false and fraudulent to avery
large amount; in short that he had received
fourth OF the earnings of the Company Being fully
satisfied of fhs, he Immediately commenced suit in the
Chancery of New Jersey against Stevens, Stockton and
others After the defendants had answered his bin of
complaint the book keepers of the joint Companies were
subPenaed testify in the but they refused to obey
deepers then residing of New York and Philadelphia.
Whereupon Mr.. Hager Withdrew his suit in Chancery
and filed bill in the United States Circuit Court for this
District against Stevens Stockton and others To have The
said reopened and reformed alleging frauds
and errors exceeding million of dollars which SUN had
been wropgfuy withheld from the assets of the Compa
ny In July last application was made before Judges
Grier and Dick for the production OF certain books
and papers Tbs Court granted the order placing them
in the Commissioners keeping for the purposes OF the
suse and for the full and examination of the
plainsnt Mr. Hager now comes into Court and alleges
that he has discovered frauds and errors exceeding
$500 goo from examination of said books, and prays
the Court permit him To amend bis bill of complaint
as TO specially charge the separate items forming the
same also for the production of books by the de-
PENDANTS and for the alng and opening of that por
ticu Of the books in the Commissioners keeping,
which the defendants have closed up and sealed also to
produce certain award and tor leave TO examine Rich
ard Stockton one of the defendants The Court granted
leave for the plansn to amend his bill and reserved
the disposal as to the other applications until after the de
PENDANTS have answered the amended bill
This suit is watched wih much feeling wherever the
great Monopoly question Of New Jersey is known and
will doubtless interest the readers of THE TRIBUNE.
Your %, servant, JUSTICE.
Treser, W, April /, 1884.