The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-28

The Chicago and NorthwesterH Railroad
DisicuIues-The Right Of Stockholders q
Inspect the Books.

The Chicago and NorthwcsterE Railroad
Disiculues-Tbe Right Of stockholders TO
Inspect the Books.
Before Judge Sutherland.
TIE People a. rel. Rufus Hatch Albert L Priehdrd,
Treosuyey of me CHICAGO and NorAwesfern Rdlcay C-
psur--This case came before this court yesterday
che return Of an order show why psremptory
nandamns should 70 compel the respondent to
exhibit 70 the the transfer books Of the company
together with the stock list for the purpose Of enabling
him 10 canvass for the approaching election OF directors
winch takes place At Chicago on the 9th day Of June
~ Isrocouc OF counsel contsnded on behalf OF the
relstor that Rufus Hatch Is stakeholder OF the corpora
Non q which the caio apa e 'aca y On
list Of the company under the provisions Of me act OF
J. rldeu and cx Judge Allen appeared for the re-
poudent stated that the Chicago and Northwestern
Hallway Company was corporation created by and ex-
listing snder the laws OF the State Of illinois, having lis
pbvcjcal properly in that and other Western and
IL principal oe In Chicago and was entirely foreign 70
the jurisdiction OF ibis court th.t II bad IN THIS city an
agency once for the transfer OF such OF its shares as
stockholders here desire transfer and for the payment
Of cospoDe payable in this city that custom TO pre-
the purpose reference the elecon the books being
present. 10 verify s accuracy In case necessity should
~ ~ snS sue S Or
exhibit IL All New York corporations were required by
che statutes Of the State Of New York to keep per-
book In which entered the OF ell the
stocholders exhibit that book 70 any Of the stock
holders Who might desr inspect for the period Of
month anterior to the day OF election That law APP
pied only 70 New York, and similar law existed
In the State OF Illinois, and 81 common Law the
right Of inspection Of books BY the stockholders except
On Judicial where suit 10 pending and where the
court Judge OF the proprety and necessity Of tnspec
ton does not exist The right where 10 does eaist Is
the creation Of the STATE and the authorities con-
In that view and the State OF New York which
gives all corporations organised by and under ts laws
The right OF inspection for month, implies by such
limitation that the right exists only during that month
and not dsrng the remaining eleven months OF the year
On The nth day Of May the books Of the Chicago and
Northwestern Railway Company were closed for the pur
pose Of making mp the list and for few days
extraordinary amount OF transfers had been made
upon The books OF borrowed stock amounting 70 about
Of few brokes The attention OF the treasurer
the respondent IN this directed to the subject
and u found to BE- concerted attempt 70 create
proxies in the names Of persons having no real
carry The election; and such proxies were openly
bousht and sold In the market. Demands were soon
made by the parties engaged in this transaction for IN
inspection Of the books for ne purpose Of aiding In the
The easurcrs replying that he was unable TO comply
with this demand msndamus was sought on this
order 70 show cause In the meantime testimony had
beon under the statute which aufhorzes It's being
taken be used this motion 10 answered. the claim
OF the relator.
The points submitted and argued yesterday on behalf
Of the respondent Pritchsrd were.first the case OF
the reator mmertorious that the Court VIII not
grant mardamus in aid VI ~ and second the Court has
jurisdiction 10 grant mandamus against an omcer OF
foreign corporaion in his Official capacity, or against
any private person In bis unoinciAl capacity
fhe argument 70 far as u advanced, went merely 70
show that have certain element OF discretion
In granting mandamus which authorizes them 70 refuse
for the reasons in which they would reiuse W
decree terms IN equity.
lie arrumen, viii be resumed this morning