New-York tribune., 1871-07-28

TIE STOLEN ENGLISH EBIE STOCK
The unexpected decision OF Judge Bldtch-
ford in the English cases. against Erie, In
the United States Circuit Court, yesterday,
recalls the history of this long and cOmplca-
ted series of litigations A large quantity Of
Erie stock held in Europe was transfer
red by a blank power, attached TO the
share itself, while the stock was left
standing in the name of persons other than
those who had purchased it. The English
stockholders complained of this and other
wrongs and sent hither Mr.. Burt, a solicitor
of high standing, who had several fruitless
interviews with the Erie managers, and
who subsequently made an ineffective
demonstration upon the Legislature, where
he attempted to have the Erie
bill repealed. All other eXpedicnts being iii
vain, he finally brought suits in the United
States Courts, and a bill Teciting the various
wrongs which the English stockholders had
sustained from the Erie managers was filed
in the Circuit Court in the Spring OF 1870.
As measure of precautl0n, the English
holders, who were parties TO the suit, trans
fe1red all their stock to Robert A. Heath and
Henry /. Raphael OF London. This transfer,
however, was refused by the Erie Company,
and the transfer boOlls,were closed.
But the English stock had also not been
registered, and the shares were sent to the
Farmers Loan and Trust Company, which was
the registering office, for registry. In the
course of business, they were sent to the Erie
Office for inspection, and were never returned
Upon explanation being demanded it was held
that an order which Judge Barnard had III the
mean time made forbade any transfer OF stock,
and the English owners were enjoned from de-
handing back their shares. Mr.. John II. Coleman
was appointed receiver and was directed to
transfer the stock to his own name. SO the
astonishing result reached was that the Eng
lsh holders were despOiled of over $4,000 shares
which were efTcctually transferred to the receiy-
er, held subject to his will, and, it is believed,
used in the election which subsequently
occurred at which Mes5rs. FISK ara
Gould were retained in Office and complimented
for their management And this great abstrac-
ton of property was actually accomplished Dy
the aid of the machinery of the courts OF law.
Erie next attempted to issue $4,000 shares OF
stock, which were sought to be registered
and certified by the Farmers Loan and Trust
Companv. using therefor the original certifi-
cafes belonging to Heath and Raphael. These
spurious shares were, however, not issued, and
an injunction against their registry was sought
by the attorneys for Heath and Raphael On
the 18th of July, Judge BlatchfOrd gave
decision to the effect that the English shares in
the hands of the receiver, Mr.. Coleman, must
be registered, such registry being part of their
value And now Judge BlatchfOrd has de-
cided that he sees no objection to the Erie
Company placing on their registry list $4,000
shares which have been created by the Com
pany, ard that the Court is without power to
enjoin such registry. In other words, the Erie
managers, having distracted 10000 shares
from English owners, find themselves
compelled to make them good. 10 do thls'
Jay Gould issues 10000 unauthorized shares,
and the Court decides that it has no power in
this case to prevent it. SO Erie succeeds, in
spite of injunctiOns, in foisting these worth
less shares on the market. 1t remains to be
seen if business men will be seduced into
treating these pieces of paper as representatives
Of real valup.