The New York herald., 1867-04-26
SUPREME cuuRr-cIHcuIr-pARI 2.

The Pnvment Of Dividends ON Southern Rail-
road Stock During the War-Interesting
Questions of Law.
Before Judge Noah Davis.
William H. Scot ca the Central Railroad and BANKING
Company Of Georgia complaint in this action sets
first day Of July. 1865, Edward B. crowc the
Of certain shares Of stock Of tho defendants and
that the Central Railroad and Banking Company OF
Georgia declared certain dividends Of the surplus
earnings or the corporation These declarations
made as foilows:-Between July 1st 1884, and Dece M
Der sls 1861 one dividend OF SIS upon each share be.
the 1st day OF January and the 3lst day OF De-
cember, 1862, other dividends amounting to $16 per
share Of the capital stock between January lst ana
December 3ls 1863 the dividends amounted 70 $28 per
share; between January 1st and July lst 1884, SIS
dividend OF IS per share amounting In the aggregate
$64 upon share Of their stock These dividends
whom SO declared. The dividends. It is
Claimed paid to oil the stockholders excepting
n IN @ 2, ne ysre oq
sum OF 40 tho aggregate Of the dividends due 10
CroweIi were demanded from the defendants, at their
Quenty assigned all his interest in the claims the
plaintiff who asks judgment agalnst the defendants
with interest from September g. 1885, in tho sum Of
The answer denies every material allegation OF the
complaint and shows that the third day OF De-
cember 1891 and June I, 1894 the company declared
dividends amounting 10 sixty per cent upon each and
every share OF the stock and surplus earnings Of the
poration The last three dividends specifically
clarcd payable in currency bankable ut the defendants
bank. So soon as the defendant could receive the
amount due TO itself from the Confederate government
with the option TO Shareholders that after the twentieth
The latter month and year. they could II thev chnse
ceve in four per cent Concdef ate certificates
thirty Confederate notes at scventyh cents
the Confederate dollar On the LIST Of December 1854
q further dividend Of five per cent, made payable
demand, the 9Th of March 1885, at the company's
Office in Macon, Georgia. The defence further
alleges that all the earnings and receipts, out
Of which tho dividends declared,
sisted Of Confederate notes. made and issued by tho
Confedete States Of America, called enforced and
cxistinsby law and military authority aud that the
company compelled TO, and did, receive all pay
services rendered TO the public in such notes.
and other; that the dividends all made payable
In Confederate notes. and received by all the Stock
holders chose TO accept them that the defendants
and always have boon ready and willing pay
Crowel his the dividends declared and
that none Of the other stockholders ever received their
The case camc before this court yesterday and was
argued before Judge Davis without q jury
The court gave Judgment In favor OF the plaintiff on
the rst dividends declared. the ground that u
not sucient defence for corporation TO transact
business for certain time and declare dividends and
upon payment beng demanded 10 claim thai their trans
actions had been conducted through tho medium OF Q
worthless fictitious money. On the three latter dvi-
dcnds the decided In favor OF the defendant
the ground that the stockholders had been regularly
notified that the dividends 70 be made payable in
Confederate currency.