, 1874-07-06
Share and Dond Holders Took Their
Stock Under This Paramount
Condition,
a Corporation Cannot ;Clothe
Its. Creditors with!an Abso-
lutte Interchangeable
Right.
Consolidation with Other Roads Docs
Not Clansestlle Principle.
Advice by the Court to the Rival
Attorneys.

Advice 6V the Court to the RiVa
Attorneys.
rFnou THE TRIBUNE OF suypAY1
snt<.at .T,,.nateb @ ~ ~, ch;.oe" n';s yr,St,1.
,. os'a, ,r' ws'p|s'w ~ M I"saa' 74op"e*
MADISON, "ia., 0us 4.-Iho court met prompt
lyat8 O'Clock this morning. After tho announce
mont of tho decision ;in n minor case, the mo
a.. ~ u1;a'i.' w. wv onio1Ionon
o. tno WISCONSIN l"''""y III" WAS o'er1ulea 10
the following reasons, stated by Judge Drum
mond:
THE o'7s1oN'
Wo have not had time 10 proparo any opinion
In tho case. but, us It WAS thought desirable tia
~, ;r;nota,, ~. i,'s.1s,ato, IT,, 49, ra.. ~
w n'Jul.son, a.l '"sltac'co ny 1ao couft u
preeont lilo following as its conclusions upol
the points matlo for.a preliminary injunction:
11th of 1for,h 1874 !. ro,ot;,a j., r,;I-o,,, 49,
.ssaa. ~ .ss sn' .s,s 1oas " iI'lioaas' o1
rens' aLa so.osfapn colnPaaies u the eeato o.
wisconsin" Is invalid we think the Court hat
half of citizens of Eurone md Of otf,or statca +,
n,,fo.na os,,,ts,1a 49, , - ~
s...n.s'ns,,.. .'snsa' "n" W tpie'en' "e9'oA
oy tno Aa!1'oaa commissioners Which may re-
8s, Us alleged, in Berious injury to those rights.
It was not uecessary to wait until tho Commits
slouers had put the law In full operation, aud its
enccss upon tue Railroad Company had bocomo
coinp!ote. ne1ofe.tAe Application againHt them
was maao to court OF .aquty- a worry impor-
tant function Of TINT court ia to proyont threat
cnoo wrong TO tho fIghts OF property.
Z; we afo OF opinion that tho act OF tile 11th
~ Maton m9n1oaca gu a aeoye uas nos @ repealed BY
saa aos ,oi tno I'm OF Marcil. 1874 tho second
n re1., o. "tien noeses al existing corpora
~ .i9us ~ "suln shls 9tato 9nail nave anu poAsoss
TIL snu pomSis and prspa!eSes contnlhod In
iSh of Sfaec 1s1a ta nna sho aas o. tho
iI,ara iaauaoo = Esuaa1y 'or e1toftiohato charges.
tIosn ,ast td aPpalan1 a anooslatenolos botwcen
~ S.rci H., T. oo, meas "nu sna: OF ne LIN
WAN ~! ~. ~ peeo1os question ot lntend-
u n.ont ~ tuo pait VI tno Lcg'alRtllro. On tho
is1 ,I;recno t to sooro,n. s.on u "ss passoa Mafch
III, ths, ~ 81 tuG ~; q aiato n9t to pub
nf.anr;i l., t,;a statn ~ Malcn nnt'i 1e 2sth
unif after nhrot;",' ' IL Stor, ., NV ~ ~ .olco
in;,,i rouoi,t tnn ~, Ss1s ~ lay :o1lsaer tho
In a;siat,ro ~ u.nai H. ~ ~. whether
~ +a s s.at tno two acts passed.
of Mar mi frnI, ILL., tGpG sno act o tne llsh
not tho intoation Of tic Leeglatura. e"s41 ~
r,der to Eaa;t,,,a ~ .'n =, i1;oau corporations
1., t.!o ooe!ta*uu ~ TlAconsin may DO
tno sf,o y. iioea.ea ~ Iho egsiaturo AZ my
fore tiere was incorporated in ai tic I1 pumerous 1
F',. f - 49, "utG' ,: NV ~" ~ ottumeetotn t1"ll"ay
,ra,a"., -, 10y s,; 9.n 40 VI !tanchlse anu
rant,no1 H. =, tha Goms,,n,io un toi9f1ns eonaitloa
~, ~: ~ .no uoIsttusion. ~ became part,
fnn Fn l,tF &lknf t..~-
n,,s nrc1acaasnra MIA ~ ~. " 10 huof i
a.pp ss,5 Ia1 i' Ituei "tcn y cainlH. iho
seorlsoa anh;cot t t;u .'9m onnaf S.oc OF ter
@ seoastses sHpjGot ~ iuls phfaMonnt condition,
nar,ti,,, n ~ naa noiico; tno cor
.,'"y ~ lan n''1u VI aeeo o. trust on
ina ',,,r.,,oa1o s;nist = .' "a abso'
+nrn,t;n,' ' .a o, ~ "1uta enape the cor
poIAtso.t, " ~ o"n Act, 70 hhrognte one OF tho
m,,,a ~ tilp 1Hua!ental law 1f the State
f,a, tie ti ptsIptv ~ noi ehanKea " authority
I'm, ~ oossi;dats iii, - .o .,nsu ~ eorlnfa-
stnia iha Han ~ ti,;s J. VI aotaor
~. " aIe oons.ltuuon ol wisconsin, aud thoro
roncS ~ ~ bo.;t,. " IT oosona Tue
ioscn a4 ~ ns ~ au'notnS' S'.,
and proporty .s t snG iras 3s Gi
~ a.'h . oSo sae toslslatnre had tue right to
or a;I snu se,,'9 ~ so chatt9f OF tne northwest
oarat;n MILKY npnny, % aoa tne 1sct that such
or fraabnes camnot 'ho ta,,c yIuf f o. s property
fr,,oI,i.a, H. o o Eislatuzo , Ihe repeal OF its
."1nc ~ r. "9na hh'o Woi.nlsh destroyed the
,ottnr ~ ~ 40 s coma p1upeI.y ana "nI!G tho
; an nusu, eot4u not po IRReil, Htll!t Its
sssoI'''a' 'a'uo los aso Oh Tue ra'lroad would bo
hn 1u .....
ra,..a nmo taet tnat stailtb VI nnn wore maue by
~ 80 ~ sno n.ata catnot m cnanSo the rights
stato ha o nepiorOod VI ~ t lug & tue
~ 7 aEo &C! ol tho me-; iltn OF March, 1874 while
nroar~ tra'sG,o"tai "ta silS 't9h OF 1folght on
tn IND fron, nfor Stnaou a1s tn1ronsn tne stato
ronda unctay nno .etsohs Transported On rail.
tas uaus JON G.nsr etstes INTO Wisconsin, aud
m nsat1s. Ihis ast either
m,asinn"pa to ~ esta1iai !a .m1 ratau Gomma
faro nc ~ naeo rates oi 1r9sh1 and
~ .To H. W.T. s.a;a w lWpoy. ino case
W,,,aaa aato "a raesns la1 reported IN 10Th
tao co,'st,t,1cs co,nn,orca hotwna,, .a
el saes" and st to reIaf;nn uY1nesm 'o ses
Doto"ho eAc4ttoisa'y to LonkEea8. IL becomes. |