, 1870-12-21

by charter, statute or common Law On the |
officers Of RAILWAY corporations What
would be thought If the leading officers of
the city corporations Of New York, Chi
cago, Cincinnati, and St Louis, should
meet together and agree 10 spool the re-
ceiph" from taxes Of thosz--four Giles,
md pay the official salaries and expenses
Of all cut of the common fund.- What
would be thought if any i've National
Banks in Chicago should agree 10 ''pool"
their aggregate business? Would not the
stockholders in these various corporations
begin to search diligently to find whence
the corporate officers entrusted with the
management of their several corporations
derived the power to pool?
The power to pool receipts is the power
to enter into q partnership with another
corporation. The law has given no such
power to any corporation. municipal or
tczs. 1t either en1arges or reduces the in
come Of every road which enters into it.
II il cnlarges its income by confer11ng
on il part Of the income of other roads,
no right of action will lie to recover the
excess. II it gives away part Of the in
come OF a road, the ofncers who enter INTO
and carry out tAe contract are personally
responsible TO their stockho'defs Tor the
dehciency-
The exercise of this pretended right
Fn'oa1's conso''aa.es 'he business OF va
nous .oaas; ana .ne courts nASe insat1a-
''s oee'eso t4'As 1-e4. e@o oe Nv s'aSol-
n ~ w. e -, "4oa' 'e
'0@''e a0@'!o'4ts' 1aa tue e'1oeu. " oaeo
one u 'ne s.ocAao'oefs VI DOLL Ine
companies anec'ea" me GROUNDS
on WHICH 'ne courts nave neia tnat eofpor"
ale officers lave no power to consolidate,
are not only that no snch power Is g1son
them. expressly OF ny 'mpl'cat'on' but TINT
Lie cAe.eise =. tue Po"ei tenos ~ prevent
e.4.'', anu 49,, =. osAn't poone poncs.
~" 'Ns ~ ~ 'e,e" " 4npns4
pet ue 40se'p's aS
poi e AuA ~ '"o conpae'es"
ue 4'p'9 Ae ~ 11A' sise ms snAtes
.nel sa'ue' no~ 1uuie ~oola II 10 iof
Tue coui1s 10 say 10 Inc VARIOUS ROADS,
lou shau NOT pooi or consolidate the
eetnnca'eS "nsen SNOW VINO Is emitted to
,oHA ~ ~. ~ ~ @ ~. e ~
eo"e 'ese' 1ne suA1es VI eeoeAsln
- -. 80 ...,.
e'ioence VI fent Anu uie IN
'sha- 49, s..L. t' -11
~. 49, 49, 49, 49, - .,...'.N:.. .s'..G , ueo..ou ..
.-L;.,, - as.os,a1 N1..-.:s.se se -.
,:s.N. ~ sa tn'
.1'.e 'ae'un. -, A1'A eSiuea'e VI iae'' VIZ
tne.' "'"ea' .nes e@n .neiee sAe income IL
se41' sn,cn ~ - tne en.ne eno aau oo)ect
1of WHICH hne toso II run. ns BLOCK Issued,
aaa ''s oncels nppo'nteo'
sa1soau company IS an aftiac1al per-
son. "nfen lies no po*efs out those ez-
pressed IN its charter, and in the general
law OF corporations. It is organized to run
Its cars between two termini, and receive
tho f1ciyh,s and fares they may earn. Its
officers have no power 10 speculate on its
behalf in the earnings OF other roads, nor
to mike it n partner therein, nor to sacti-
dce its own earnings to make up any agg- agg-
g7egste fund We believe every railroad
oaic-t concerned In this gigantic breach of
trust now going on at Erie knows that he
has no legal powers under his charter to
sign The ngreemcnt
But VT expect it viii be signed, never
the!ess. For the present, the railways arc
as lar above the power OF the Law as The
late shareholders Of tho South were wher
they carried their own state governments
In their oreeches I'ocketa' anu g'asp'ne .n'
National Government W tne nape Oh u