, 1870-10-29

lAe s.tnuEdsDh- 1uHlc1al act OF suuge
Barnard. il granting an allowance, ronudlr |
estimated ut i've millions Of dollars, for 1
r"nas<l ,r,-s. on dismissipg the complaint
Of Ramsay aeainst the Erie Railway Com |
rans. will. il successfully carried out. form
the climax of the achievements OF this |
lurninary Of the New York bench. To
fully comprehend the nature Of this act !
We need to state that the snit v'as brought ,
by Ramsay. as holder Of stock in Erie
to the extent Ut two shares and two bonds,
all worth, at present prices, about two
Thousand dollars. The suit was brought,
however. to set aside the fraudulent over
issues Of stock and the general Illegal man.
agement al Gould, Fisk i Co., whereby
the original stockholders OF Erie, to the
amount of SEC, ,0o9. O02 or therexbouts.
have lla,l their stock diminished in value
frum 70 cents per dollar to about o5 cents,
st time when the property of
the road itself has actually
advanced by e1traneous canses
from s:.n,0oo, 600 to $50, ,O0o, 600 The
whole Increase in the value of the road,
and three-fourths Of the vnlue of tho orig
iuql stock, has thus been swallowed mp by
Tie fraudulent over-issuea. But these
were protected by the purchased acts Of
subsequent Legislatures, approved by Gov
csnor Hoffman, and the purchased powers
Of the New York courts.
When the case came to trial, Mr. Ram
say fonnd, of course, Judge Barnard On
the bench- md, until within few days
previous, there had been En- injunction, is
sued either ty Judge Barnard or some 9TH
er Erie-Tammany Judge, restraining him
from proceeding TO trial. Ramsay had
once i,ecn fined $4,000 for disobeying
similar injunction, and did not cure to in-
cur the sa1ne risk again On the eve of
trial, the Fisk party offered to waive all
their rights to enforce the injunction, an
offer which was evidently void in law, rs
tho power to enforce the injunction
rested with the Court that granted
il, and it WAS still pending. Eren this void
waiver had not been n1nde until within
five days, fourteen days being the usual
time allowed by notice for preparing for
trial. M1- Ramsay was, therefore, IN the
~ ~ oomu oe
P"h'F1eo' Hnoef 'ne e'oulo'r 1sk injunction,
os ane whose amount would DO limited
only hy the rapac'ty Of the Judga. If he
refused to 60 to trial. his case would be
dismissed with costs. He close the Latter
alternative. The Judge, in dismissing the
case. remarked that he would "fix the
costs at per cent allowance" Mr. Field,
= T.. - ~ 4
counsel Tor Enc reminded the Court that
Tue 11'e iAaaltoaa eomnans> was worth one
n"na'eF' in'i.'onh OF oo"afs- IL mas oeen
assumed ny tue new York press that the
per cent was 70 he computed on the whole
sa'oe q" Inc Ef7e AaaEay comPanya
Ps"~Hs. ana tnas tms Inc
has"'ar"nce Oh Mf' ttelaH sesaa1k.
1e 'e'e'feo' AT toe same t1tne' 10 an al
'o"ance Oh S:'"V foaoe P" eounse' II
ano'nes e@he, WHICH ne, apparently, Inouen
1af 'nle1aoF case 10 taas~ fossao'y, som'
sense OF sname may prevent the eoasum
na'ton 81 'n's 'oia"s' Out We aees mol
1of soe consequences are souc'en.sy an
Po'1ah' 10 tne Hro gang 10 1usuty ia'
enormous s'ase tne COSTS a3e taAeo
nse m1'hons Against aH. Aamsay, ne
bankfuptcd untl the Judgment Is reversed
and all future liti9anta who propose /
contest the right Of Gould, Fisk l. Co. t
make fraudulent over-issues OF stock mus
have, frst, m injunction issued againt
him restraining him from going to 1ia
under which a fine Of an unlimited amour
NAV be assessed on him if he goes to tsia
and per cent on the whole vaIu
of the Erie Railway nrpnerty. or. "A,
ssOoo ooo. viii be assessed aoa;n,
him. M costs If he doas NOT q
Ia trial. Wa reo,,3 ,b;a as tbe crnvn;n
1nfamv in IN. ,ooo ri, ~ Ta,coarr-F r.;
,r;n,as vh.+ nart :. - H. 5o,s a,
4ao,bo- c,,,,d .,a E;sr a.. w.. ~ .n.1,
th.;- ;,f.,,,r,. -, ,;v,.-- =, ..-,,.;... :
xn.~-aer ~ ~,h1;e ,,-sss sna ,'sassan, ~,
ia -es..-.:.t Fs 49, fs .: p.'soA' -
esoA - >t1s'~ P'e>An !. s'' Ao'1A'A
re1n.
"ast n,s oeen @no eaec.oi -, tnese s,e1
M !.',e's1 cl'n'es ulou 'ae ~ o'A'. =
~nc..nes sle e'.en UP I" ioo' as :
seen INN the decline, not onts N me mn
Aet FAlnet't s.oesa anee'eo' ou1 nom I.
even :, e'ersf -, oee.'Ae ~ ~ s'n'ons ~ ..
.nem. ~. tollo@'ng is se1. wa~ w. " e.oI ~.
sales Of Eneshafes ~ me Se~ toFk e.o'