New-York tribune., 1871-07-28

FOREIGN corporation powers privileges which rightly
belong only o the ctizens OF ths 60 ao a., M r tbs
The canlta stock is stated ~ sSV'poI op upoh tns'
fo IA yeerg the average dvdends 70 stockholders have
been y per cent per anI ~ ,o o ooo % g,oDeep
Win he ampled position OF the works OF the com
panies between the two larg 81 cs5 III tne ut.H s'a
period years the dividends WIZ Increase lather ,
diminish and viii ayerago ~ % Itead 81 this rs per
cent they claim that the lease would allow only 10 per
cent. inns defrauding them OF rghtful income, and
The value OF tLcr property stock giving
an income OF per cent with probable increase, ust
DE more valuable than that having hAeu INCOME oI
The act Of March, 1870 provides for such
with companes in or of the state shall be deemed
adyisabe but for efficiency Of this act it was neccs
sary the consent OF the STOCKHOLDERS Dc gycl anu
by provision Of the act such consent was 10 DC paceG
On MI I'm the office of the Secretary Of state tits claimed
that only such assent never hed nut hat the
subject Of the ratification OF the act was never III any
way brought ~ the stockholders, and that none OF
the Directors, either ia the separate or oiht bohas
acted upon officially They therefore deny the rSht 10
perfect lease when the only act rendering snch con
tract possible not ratified Ine circumstance % az
tending the proposed lease ana the attslnpt W nave
ratified are reviewed and the act is claimed TO be IN
efficient if constitutional and ratified TO give rhe
works into the hands OF "A foreign corporation The
Pennsylvania Railroad Company 1t Is held lis mc9m-
petent and incapable Of taking haylng l9lng OF usnK
said properties In this state and OF exercising sad priv
lcges franchises in this State or any Of them ana
"it incapable and incompetent 10 discharge the n-
merous trusts, duties, aud obligations which, by tne
laws OF this state, have been ana are Imposed on the
united Companies and each OF them and from which di
ties these Companies are alike incapable OF ether ds-
charging themselves Of transferring them to others
This act under which the lease IL TO be carried out,
provides that the stock Of dissatisfied holders snail he
taken by the Company at fair valuation after The per
lection OF the lease. This, it is claimed, unconsttu
tiona on the ground that the stock Is actually tSkeh AT
the of the lease, and not paid for until the new
have come into power, whereas the Stae Consl
tuition provides that all property shall be pad lot Deloie
IL is taken. In granting the charters oil the dnerenI
companies the Legislature failed 10 retain any power Dy
which they might be repealed or altered aud no general
act affecting this point passed until 1871 III s tere-
fore claimed that without the consent OF the companes
the Legislature can pass no act altering suGh GhareI
and that for this the act under when the lease Is
TO be accomplished IL imperative. They further
show that the only admits OF consolidation with CON
Meeting lines and assert that the road with which the
consolidation about to be made does not m any sense
II being separated from the line at Camden by
the whole width OF the City OF Philadelphia and from all
other lines chartered by the NewJesey Legislature by
distance from Mantua to Trenton, or 81 miles
BY such lease is claimed IN conclusion, the Boards
Of Directors simply transfer their dictatorship in mat
ter where such transfer is impactiyabt, unjust and
not in accordance with law.