The New York herald., 1876-07-07
NEW YORK HERALD FRIDAY JULY l. 1876. TRIPLE SHEET


msnt OF $lso.ooc giving security therefor that he
his and assigns entitled the grant
OF the rights, privileges and franchises ccnierred oy
the act OF 1889 but requiring that he or MS assigns
finish and equip the road within eight months IRON the
time o receiving such certificate. not including such
time a. they may BE- restrained BY process q law said
and, under economical and proper administration OF
the Affairs Of the company, has paid and will con-
stock and a lair return upon the capital invested.
Plaintiff having faith and confidence In the remunera
,,oa and return upon his cspI. invested N s.a ae
ration with view to making judcious proper and
permanent investment He Is advised and informed,
and believes however, that the corporation through
It's agents directors and ofcers made offer IN
terms set forth in proposed lease 20 acquire the ran
road Company. Plaintiff is advised, and charges,
that the Blescker Street and Fulton Ferry Railroad
Company is insovent and sncumbsred with debts all
descriptions; that said oder mado OF series
OF litiKations now pending In the Supreme Court Of
tins State, in one OF which receiver was appointed
and the other OF which the Attorney General seeks
TO vacae the corporate privileges asd franchises Of the
road that In the same couh there Is also pending
proceeding behalf OF the city OF New York W compel
the payment Of money by The Blesckor Street
and Fulton Ferry Railroad Company appointing TO about
seccvr, s't - sasor 81 ~" "S.mep ior rent
amounting about SO 000 and that such proceedings
show the Beecker Street company TO Dc neaviiy and
almost hopelessy encountered with mortgage
stock capital OF about ssoo, ,ooo, aos,,ns
and Judgment debt OF about $l50, 900 TO $3.50 oOo
and that u Is questionable whether the said road now
has any franchises or right Its corporate
cept It's rolling stock whether the good will and value
Of the ncVrporea chatto known as the franchise OF
the said road which forms the the greater part
the value OF stock capital and mortgage In
debtedness, not forfeited 10 the State ana
s Is not forfeited in the action brought oy the
Attorney General by reason Of the insolvency of tho
company than year, the user OF part OF
the franchises Of the road and the noncompletion oi
the extension authorized by the laws OF ls7a Tho
plaintiff further alleges he Ia Informed and believes
that the Beccker Street company claims the right 10
act to authorize the Beecker Street and Fulton Ferry
Railroad Company OF the city OF New York W extend
their railroad tracks through certain streets and ave
the city OF New York; and another and some
what similar passed in 1875; and under these same
two the Twenty Street company proposes TO
take the lease And tue paintin 10 advised, believes
and charges, that tho execution Of said lease
will inJuriously affect the value Of the psintim'
stock in said latter corporation; will permanently
s ultra to said corporation, beyond the scope
Of authority as granted by the Legislature n asanss
public policy, and in legislative sanction may
be said have been obtained ior the proposed act.
such legislation Is unconstitutional and void SAID
Street and Futon Ferry Railroad Company aeee and
pretend that they that the same are unconssitu
piaintn further shows that the Of leasing the
Blocker Street road will work harm to him IN that u
tai Of 5000 900 and mortgage debt Of about $3.50
with obligations amounting to about ~ 00O 0O0 addi
tiona as tolows:-Assuming the payment Of mort,
cages amounting almost 81. 600, 900; payment OF
floating deot ascertaned be about $3.50 0OO-and how
much yet ascertaned 1t s impossible for him
ovdsnd on oaps stock Of Such assump
such payments Will utterly swamp and trrepar-
ably injure the corporate property capital OF the
Twenty-th Street company and make valueless tho
plaintiffs property therein, and, In fact thus compel-
ing hm without his consent to invest his money after
his rights have become vested different and
other enterprise than that in which he invested his
money; that 1t dvert,ng II to other purposes, differ
ent and other than the legitimate objects and province
of thesaid Twenty third Street Railroad Company, and
upon the faith OF which plaintiff invested his money
All acts parts Of which authorize the divest
ture Of plaintiffs property the purposes
plated by officers the Twentythird street corpo
ration and herein complained OF. are unconstitutional
and void, and are indirect way of deprving PLAIN
tf OF his rights of property without due process or
law. By the amendment Of the constitution OF ihe
State OF New York, section is OF article g. II 10 pro-
vlded that No law shall authorize the construction
or operation of street railway except upon certain
conditions in such section prescribed" ana all laws
ana parts Of laws which would authorize would
seem authorize the Twcnty-third Street Railroad
Company to build and construct street railroad,
within the franchises granted to It, is in direct VIOLA
Of the letter and spirit OF this sccon and is un-
constitutional and VOID; and that It Is equally uncon-
st,utona void for the Beecker Street company to
attempt confer the said franchise or transfer the
same in OF such provision. Therefore the act
OF the officers and directors OF tho said Twenty third
Street company direct violation OF the
constitution OF the state of New York, and
would II permitted to be consummated, be not only
before stated usurpaton OF powers OF the
officers OF the defendant corporation. the encumoering
OF corporation with small capital With load OF
obligations which calculated 70 bear, and would
be- squandsring of the OF The company for
pretended franchise, which 1t will not be per-
mitted 70 exercise, and which will be utterly value
less In hands The plaintiff therefore, prays in his
own behalf and In behalf Of those similarly situated
with him. that the said defendant corporation its OH
GERS directors and ag nts by the Judgment and
Of this Honorable Court, shall be eDJoned and re-
strained from executing the said lease, or any part
thereof. or TO take any ursher steps with view TO
executing the 10 enter upon the same, 10
do any with reference 10 acquiring by pur-
chase lease otherwise any Of the property, rights
or franchises of said Bleecker Street and Fulton
Ferry Railroad Company or to do any other act or acts
which will waste the property OF the said defendant
corporation, or in any wise dispose OF the moneys
thereof IN any manner not authorized by law pub
lie policy, TO do act acts against the interest
OF the plaintiff herein and those similarly situated with
him.
The injunction conforms in terms TO the foregoing
prayer OF plaintiff, and is accompanied by order to
the Twenty third street company TO show the
10th inst Why should not 10 restrained permanently
GENERAL TERM DECISIONS.
The Supreme Court Gensral Term, Judges Davis and
Brady on the Bench, met yesterday pursuant 70 ad
journment Aside from handing down q batch Of
opinions the only business transacted granting an
order to show cause why Titus B. Edrdge should not
be dsbarred Of alleged professional irregu-
ares in connection with the proceedings before the
Surrogate In the Barmore will There nearly
eighty opinions, heing decisions mostly upon cases
argued at the last term OF the Court But lew how
ever are in cases Of special public interest," and for
that matter the facts in nearly all Of them fully
given in the HERALD the trials Of the cases Below
is given an cptoms Of the most important opinions
Among the decisions handed down was the judgment
OF the Court tho Of George W. LOOMS and
Thomas Lewis. famirarly known TO the police the
"rwin Confidence Men," in whose behalf application
was made BY Mr. William +. Kntzing for . trial
the last OF tho Court They convicted at
the December Of the Court Of General Sessions