New-York tribune., 1868-05-27

,,s coprts the validity of the act OF the Iowa Legs
,atrro Tracy and Cook say that they are enJolned
- holding an election, and that they cannot hOld
one without dsobeying the injunction. Mr. Tracy
does not tell the stockholders who procured this III
Inction TO be obtained. II is claimed by the sVo0A
holders that Tracy and his associates procureu ~
a 70 enable them 70 reap the benefit OF tne aot u
Iowa. and it would be very strange II after HAVING
,ocnred such an act to be passed Tracy did not do
siro 20 Get the benefit Of 1t. lie and Cook seem 10
no very careful lest they should violate an lhJ'n0
tiOn. -, u;o,otod
They we're not so particular when they VItt
Judge Cardozos injunction, nor when they neiu :,
secret meeting in the depot at Chicago anu - .t
open violation of the injunction lssueu V"' 20 an
limited States Court in Illinois We Wish 70 see Sn0
f.I;s Io,va legislature to interfere with this
n1;,oia Cornoration tested This Rock lslano Coia-
on, - an Illinois corporation. and the Legislature OF
Iowa has no control over it. In his opinion IN the
case decided in the Supreme Court in this district
the Court saws: The statute passed Dy the Leglsa-
ture of Iowa laws Of Iowa. 1868 chapter lo cannot
lone ratify the acts of the directors The State OF
Iowa has not exclusive jurisdiction over this Corpora
tionp But aside from this, if the Legislature can
nostpone an election for year. it may for ten, and
the principle once yielded and established, 1T would
be In the power of any existing Board of Directors
10 peTpetuate tneI JeIulS Dy pOStpOuhB tho olOO-
ton year after year. Tracy and his associates
had already had control of this road since August
1866 and they have had such good success with the
Iowa Legislature this year that we doubt not they
will next year try again and seek another renewal
and so on from year to year. Would the stoekhold-
ers in our great railroads-HudsOn River, Central,
Erie, Harem--Submit to an act of our Legislature
postpOning the election from year to year. and thus
keep in Office Board of Directors who had not the
confidence of the stockholders Certainly they
would not Much less would they submit II the
Legislature of New-Jersey should undertake TO eX-
tend the term of Office of the present Erie Direct
ors. Suppose that the present Erie Directors should
have got from New Jersey law like that got by
Tracy from the Iowa Legislature, extending their
term of OfcP and pOstponing the election, and shoud
then procure an action 10 be commenced III New
Jersey and an injunction issued against themselves
and should set this up an excuse for not holding
an election, and thus keeping themselves ip office,
woud the stockholders submit No one Is feGi
enongh to believe that they would. The Rock Island
stockholders have the right of this matter. If the
Directors refuse to call the annual meeting, and this
Is now openly avowed by Tracy, the stockholders
have the right to call it, and to hold it, and to pro-
ceed to an election:
We hope that they will continue in the course they
have thus far taken. They asserting their rights
and using only honorable, honest and lawful means
10 obtain them and they entitled to the support
and commendation Of the community. We wish them
suoeess The committee Of stockholders are men OF
the first standing in the community, and no one need
be afraid to commit his interests to them, but on the
contrary NAV feel assured that such interests will be
well cared for.