The New York herald., 1868-02-20
slpLeMe cuuRI-CnAMas IS.

Two Drew.Erie stock Jobbins Cnse-The
Attorney General IN the Contest on Behalf
at the Peoplc-Pettti"n for the Removal Of
Dsew from His Onacini POsiiiou-A Tempo.
rary l.jnuctiou traUted.
Before Judge George G. Barnard.
The Pc pr, dc.. ef the sat- Of Ncw Yort, BY their
xE@ney Gevrl, Pc eaioners T.r the Rem ral If Daniel
PyeU. dc.-Attoruey General Champla.n has just CON-
mesced proceedings thisc behalf OF the people
Of toe State OF NV York, potionng for the removal
hpm Office, director aud treasurer
Of ,ae Ere Railway Company OF Daniel Drew
aeging various scts OF misconduct aud abuse
Of official trust, such director and treasurer,
growing out of The recent acts Of the respondent In
regard 10 his Management, ana control OF The 1y eight
thousand Eric stock VII ch forms the Of
W. complaint OF Frank Work againsi him. the pc.
W,oo, when IL very vouminous, also forth as
sd ,ousl ground for such removal Drews lransscons
IN reference TO line Of ralsay known the Buffalo,
Bedford and fht,bury Riiiroai.
lac peti forth that the stock OF the Erie Rail-
v.y Company 10 worth par when preporly MANAGED,
si inst the capital ocx Of the New York and Erie
Esar au Company. out OF which he Erie Railway Com.
paay g,nated S1 50U0OO that In the year 1860
New YORK and Eric Railroad Company, having
clms largely nvoved in debt and having exc
eu,cd vafious no igages upon lis road and fran.
cn,.es, aas forec,osed by The holders or It's nftn
An WAS passed by the Legislature OF New York
atrtizns the incofpora ion Of the pre- company
VI requiring The incorporator% 10 specify that tho
anrnt of stock shouii not exceed the mt OF the
ck oi the old eUm any aud IT. unsecured debt ara
PRIV vding lurtne' ,ha. lhe unsecured aud juosment
creditors OF the New York aud Fri, company
a. preferred stock of new comrnny for
pect deos tnst after the passage Of this act
o the od coniI any under cree OF fore
cr became the rur hssc's at the sale its property
franchises that subsequently, In 1s61. further act
VA passed providing that the purchns RS DUDLEY s.
Gregory aud Bancroft Davis, with other persons 10
Oe associated ~itb them should become body cor.
porie upon stipulaiDs 10 articles OF association that
tas common STOCK Of such new corporation should not
exceed me Outstanding capital stock OF the old com
pa.s, aud the preferred stock OF the new
ganiLa lou to be eq TO the amount OF the
totsi unsecured and judgment deb, Of the
RI Ere Railroad Company, W III interest," the par
value Doih classes Of STOCK 10 oe 500 PEI share that
he act rrcf provided Tor tho ISSUE OF this preferred
uocs t. The creditors ~no should present their ca ms
Stnn tIecBsd tine, aud for their adjudcat and
t1st the preferred STOCK sho Id be entitled 70 divi-
d-nds not to exceed seven per cent; that the COM
rsns VAS subsequently so organized, and IN
the articles OF ASSOCIATION was stated that the common
sock sas 5 600 At OF 500 each aud the pre-
iecfea stock vas ~ eqa. the aforesaid OF the Old
company. when sscs riained ttat MArcn, 1862
sher htt EXTENDED u ire within which the lred
eoadboldets snd the holders Of stock VI the old
eomp,1y migti nvsrt thor bouds aud claims 10 Erio
socs 20 July l. lo62 that ths whole capital stock
ci ihc New YORK ana Ere ompany did not u any time
sKceea 49, 800 shares n 500 escn, and It's debts did
csed s., $50 900; that whole amount OF stock
zet 80 be ef.sse and issued bv the
CID no. exceed 20 900 ares " 500 each thai abou
the l6.n ~ January, 1892 the company died a csr.
pGeGr, ~ PROVIDED, stating that the whole
smcuat OF preferred STOCK issued and TO be Issued
g. t1J do 80, aud on Sovemoer Is, 1904 furnef
ccr icai, hed, stating that the general capita
ock outstanding ana issued on the LIST day OF Julv
is62 was la 315 shares OF 500 each, OF common
Hck AMI The amount OF preferred stock was
tnat date ss,53o. 700; that by act OF
May g. 1901, tue Eric Railway y. author.
red 10 Increase in capital stock $4,000 900, Tor