The New York herald., 1871-10-19
surpcnsron pf tl,e A,lnr,in Comnanx.
TEE GREAT RAILROAD LEASE.

Farewell Camden and Ar,say-ChaucelIor
Zabrisxe Decides in Favor Of the Lease
Tho Complainants Appeal 10 The Court OF
Errors.
The loDg-expected decision Of the Chancellor OF
New. Jersey I'm the great railroad lease ques-
uon was delivered In the Court OF Chancery
NJ Trenton yesterday. II viii be remembered
tpsa several OF the stockholders OF the Camden
sna ,Amboy and the other branches Of the united
railroads of New Jersey obtained an injunction
Tr>m Chancellor Zabriskie restraining the directors
fSm executing the proposed lease OF these railroads
to- te pennsylvania Central. The arguments on
tfps injunction have occupied many weeks, and the
slsipie lssue was whether the injunction should be
made perpetual.
The Chanceior's opinion is very lengthy. In the
course OF 1t he states that the whole question Is
whether the making OF the lease is a power con.
serred by the charter The directors had the power
10 make contracts 10 arrange FOR The running oil the
trans and there was no reason VIII directors should
not make contract that Others should operate
the roads Tor such rents as they may stipulate.
But the provisions must be with the assent OF
the majority OF the stockholders, and this must
be held 10 be the law until wiser counsels shall pre-
vail, Whatever view might be taken IN law, in
equity II seemed TO be right that twothlrds oil the
stockholders should have control over the properly
lie pointed out the difference between a contract for
definite and aa indefinite time, and held that the
rule OF the majority must govern. the complain
ants denied that The property was taken for public
use; but these roads were built by the sovereign
power pubic use and the federal power not being
empowered TO make railroads. At seemed that States
country together. The Camden and Amboy roads
seem made Tor that purpose, Tor the OBJECT OF con-
across the state and Tor the furherance Of travel TO
other parts.
He summed up mis- decision as follows:-
That the 1870 gives power the united COM
panes to lease 70 a corporation Of another state.
That Their he works form M both connected and continuous
That the directors of these hav, power to
s. except canal and he
That they have power Sy eon.sn, % OF o. hs State and
majority Of tue sockIoiders or o. any other corporation re-
works OF 90 abandon them.
NE power delegated 70 The asstos and tia. ners Is r
and therefore The aci authorzng !, is not anconsiitucn
purpose for which these works leased the
os anS 9p a Y on hes cI regular easy
evidcny public use for which property be taken
That the directors have power, to lease for
rm so as 10 bind the ockhoders or ta that
paaton and Obligation 70 have the shares q dissenting
without nrs masina eompensa,ion p'Ops'"
That The Pennsylvania Railroad Company the proposed
ieasee has by and supplements and the pubic
laws of Pennsylvania as constitusi b he laws Of that
isions -''0 '''''
On the matter Of State policy pride and expe-
wn ONE en Se the Aaac and the on S
Pacific seaboard, would exercise control In thLe
stale he saia ay they were proper SUBJECTS for The
policy growing an iuriheranoe Of consolidation Of
policy, aud would not SPEAK OF It's wisdom. lie
Then discussed tine question OF the right OF q
single sfockholder 10 restrain the directors
from making the lease, and said thai such right
had meyer been established by law, aud thought
that II the interference OF that Court should prevent
lOss TO the great body OF stockholders, which was
far more than the interest OF complanants, which
only one-sixueth the part that its action would
mol have been In vain. lie said the delay OF the
complanants in fling their bill could not be
held 10 he acqniesence; for the gst OF their ac-
qulescence was their concurrence In former inroads
made In The same direction. He tben SAID that the
order must he denied aud The injunction removed.
MT. BROWNING. for the piaintns, then rose and
presented q petition for appeal TO the Court OF
Errors, and asked that the Injunction might be
continued I'LL fnat Court would meet. The Chan.
Cell0I, however, refused 10 grant the latter point