The New York herald., 1876-07-09


| out Of the net earnings OF January February ana
March, 1876. and besides this, and after providing Tor
Interest and sinking iund accruing during he same
period there remained surplus of Sl02 4Y2 50 at
the commencement of the querter embracing April,
May and June, for which the dividend Of and one
haf per cent declared June T. 1876. No part of
the OF 1902 202 derived from the sale OF bonds in
1873 has entered INTO The accounts Tor the months Of
April, May and June. 1874
it not true Nj Orton declares that large sums OF
money which the company had before that time bor-
rowed or that any sum whatever, borrowed ut any
time. placed with the items OF income II the
same were earned. The net earnings OF The quarter
Aforesaid was said in the statement submitted TO the
directors al the meeting OF the 7th OF June Will be
about s735 ass 81. IL was also set forth the said
statement that the interest the bonded debt for
quarter payable until November l. 1870 and
quarters proportion o. sinking fund mot payable until
May l, 1871 would together amount to 1886 576 90
which being deducted from the net earnings would
leave $59s, Oil CT.
II is not true the affidavit alleges that the sum OF
900 stated in the report published by order Of the
Board OF Directors the meeting held the 7th day
OF June. 1876 a dividend received the shares of
the International Ocean Telegraph Company, belong
ing TO the Western Union Company was the proceeds
the or exchange Of f499 900 OF preferred stock
IN said International Ocean Telegraph Company, nor
that an annual dividend OF S75 600 or any other sum-
was guaranteed on said stock, that said preferred
stock was exchanged for an equal amount OF common
stock upon which dividends are payable or likely 10
he paid, aud IL not true that there was parting
with any assets OF the defendants company
1t is not practicable, ii continues to state what
amount the company VIII be required TO expend with
in the next few months tor the construction OF
lines and the purchase OF additional property. But,
Whatever may be the sum thus invested, the net earn
pgs during each and every month viii be largely IN
Of the OF all the property to be acquired
during any one month and payment therefor will be
made out OF gross earnings as the same is from time to
time delivered.
THE DEPENDANT DOES NOT cSpxRsrASp
that II bound TO accumulate In it's treasury funds
Justly belonging 20 Its stockholders in order TO provide
tor current or occasional expenses ana outlaws
OF business not yet accrued and which. when ac-
crucd, current income more than sufficient
to liquidate; neither does II admit that II is
bound to pay for whatever new property II may con-
struct purchase out Of current net earning but
claims the right to divide among It's stockhoders all
its net earnings III excess o! what may be required 10
provide for the interest on It's funded debt and he
SINKING funG, established fer tho redemption OF the
debt and 10 pay for whatever new property Is acquired
by construction or purchase or both out of new capt
tai; and that II has the ability to provide such new
capital having now hand, aforesaid, OF its capital
stock heretofore issued, more than S7,0Oo0O0 And
the only reason why all the earnings not
divided among the stockholders, ard the property
acquired paid for out OF the stock in the Treasury
because IN the judgment of the defendants directors
II thought that the interests OF the stockholders
would DO best promoted by paying Tor portion OF the
now properly acquired out OF carrent earnings. The
dividend OF one and onchali per cent, declared the
Tth day Of June tho only distribution OF earnings
made by the company among its stockholders for the
s,x months January 10 June po.n hciusNe, ioIoi
whereas the earnings lor the said Elk months, June
being estimated, are $l,524, 20 81 Thus only about
onehrd OF the net earnings Tor said period have been
given TO the stockholders AS dividend, while u large
sum has been used in payment or property acquired
before and during the same period rhe only just
ground OF complaint which any tond fde stakeholder
could possibly have might bo that tho entire
ings were not appropriated to stockholders in this
dividend aud new capital raised to pay for the newly
acquired property above mentioned.
The various counsel occupied several hours in their
argument For the injunction urged the points set
forth in the complaint and the answer was enlarging
upon the statements embodied In the aidavs submit
ted on behalf OF the cause or course, the strictly
legal aspects OF the discussed length
AT the conclusion Judge Donohue took the papers,
serving his decision.
PERPLEXiNG POINTS OF LAW.
John Biggott, Canadias, who followed the sea for a
living, in March last steamboat intending to so
TO Boston. He thorc met stranger who said he also
going Boston, and after conversation tho Two
started for walk and had not gone far when they
met James Moore, who asked the stranger where he
was going The stranger said he gong TO get the
rest Of his things Moore informed MIN that he
need not 60 he had sent his things on board "Al
have got to then pay YOU" SAID the stranger.
and no took his pocketbook and SAID he had moth
ing less than twenty dollar gold piece upon which
he exhibited handful of bogus coin OF this denomna-
ton. Moore unable TO make the change Tho
stranger ihen showed Moore certificate OF stock Tor
1000 shares iu the United States Silver ng
Company, Denver Cty. Col, and remarked
that he, the stranger. had plenty OF money
Tho strange man then asked Bggott If he would not
lend the stranger little money, not mentioning the
amount Biggott, to please the stranger took out bis
pocketbook and opened 10 lend the stranger some
money; when hc opened his pockctbook the stranger
grabbed 1t out OF his hand The Iockctbook contained
$40 aud the stranger at proceeded to the
money and handed S35 TO Moore At this junctufc
poi officer up and arrested the strange and
Moore The latter dropped the $35 he received the
stranger upon tho sidewalk; the strange man dropped
his pocketDo * containing the coin aud The certificate
OF mining stock, and breaking away from the officer
with x35 and has not been An
indictmrnt Tor larceny iound against Moore and
lac tried before Recorder Hackct IN the Court OF
General Sessions, found guilty and sentenced state
Prison for five years HIS counsel. Mr. Jonn o. Mott
sued out writ Of error and carried the to the
Supreme Court General Term. Mr.. Mott insisted that
there evidence which would warrant a convic-
ton of larceny against either the stranger Moore
therefore The Court erred Ia refusing direct
acquitta requested at the close of the testimony
that there evidence to show concert OF
ton complcty between the stranger and
Moore, To make the latter liable for
OF this stranger aud therefore that tue Court
refusing request TO this elect; that n the
OF tho stranger should be regarded larceny then
tho most that Moore could be convicted OF would
be receiving stolen goods. knowing them to have been
stolen that there being no such count In the in
dctment ana tho Jury having convicted Of grand lar
ccny the conviction ous hi to be set aside and new
trial ordered of the refusal by the
instruct tho jury that cviderce aid justify
victon of the prisoner OF any offence. The General
Term has Just given It's decision, Judge Daniels writ
ing the opinion confirming the judgment of the Gen
eral Sessions. the court holding that there good
legal ground for the conviction. Mr.. Mott has taken
the necessary steps TO carry the appeal 10 tho
Court Of Appeals