New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-24
Raymond & Ely Seaton Con Yellow Jacket
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Sierra Nevada 100 bio 10, l00....... 40
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WEDNESDAY. Mav Or. NJ.

WEDNESDAY, May 23-P. NJ.
"The decision of the court below is affirmed"
Such is the decree rendered by the Supreme Court,
in General Term, in the case of Rufus Hatch ct al.
| against the Lake Shore and Michigan Southern
Railway Company. That is it is the solemn
opinion Of the court that under existing laws stock
holders in incorporated companies have no nights
which their soryants-the oficers-are bound TO
spcct, unless in the discretion of some judge-whO
probably is as ignorant of the necessities of the
case, and of corporate accounts, a heather Chi
neo-it shall seem good II matters not that in the
case under review the action may perhaps have had
for It's object some stock obbing operations; such
allegation appeared in the pleadings, andt therefore
should have had weight with the court. The broad
principle, as stated. is laid down, and unless re-
versed by the Court Of Appeals will become the
rule in this State. If this is good law
and we are bound to respect it as such till reversed
by q higher court-it only shows the necessity OF
immediate action by the Legislature that the defect
may be rcraeded. Directors and officials may cry
confidence Conscience, till hoarse the people want
facts, and the means of obtaining them when
fused. When they have knowledge. such properties
as entitled to confidence will receive H. but the
events Of each day the stock Exchanges show that
there is to be no more of the blind following Of
Comment responsibility" which has marked the
wreck of SO many estates within the past few years
We but serve the interest of the commercial
class Of this city in directing attention TO the fol-
lowing low rates by the canal from Buffalo to New
York, viz: On wheat, Jli cents per bushel corn,
p and oats BIS provisions such rs pork, beef
lard, hams bacon, Sc, 81 80 per ION. These rates
for the distance via Central and Hudson Railroad
average less than SIS Mills per ton per mica
service which, by the Central and Hudson Com
pauy's last report, cost il mills. These figures
show the mpossibility Of any railroad competing
with the water line and also that if the merchants
of Ncw-York do not now improve the immense adj
van'ace they thus have 10 regain what railroad
composition heretofore has taken away from jhcin'
thcy should dsband all cheap transportation assoc
Citations and hereafter acceptof the crumbs which il
may seem good to The railway kings to give unto
them.
The Governors Of tire Stock Exchange to-day ac-
ceptcd tho excuse Of inadycrtencc pleaded by tie
Pittsburgh Fort WAYNE and Chicago Railway Com
panv for having issued stock without due notice ~
the Board and simply told it 10 ust do so no more
The excuse AZ best lisa lame one, hrra'.e thc mad
vcrtency commenced hack in 1o72 when thg co1.-
pany issued - 100000 instead OF f2,0o0O00. &C.
cordine 10 It's notice. This neglect ON Inc part Of
the Governors to enforce lis own rules is ao'ry
comMent upol the report cn corporation reports
made Il few days ago, which has broueh. the follow
ing response
NOETHAvIToN. Mass. MAY -, l~11
81 I Ci...,,, ,, rfi Me-, ar A. road COMPANY D.,
to I held a Chicago fh2 7tA ~ JUur. TIL" Iuo,Icu
ha, -"nt me trc us. blank soliciting my proxy h'.l
~, ~ , ~. n, y y, ~ " yorl ,,orF r,ctlr
relative to the Withholding of EXHIBITS 90 receipts -
business. &C., aud a-r-cus @th you iniy Do thr We"
You 'hyre .dy.I.o. / WI; o. an can f.! g'n,f ih.i'
i,tp effect. Nol hu0Hug how better =" ID" th- 'Iiin IT,
nr.x, in blauk ll i .r you .a fil 10 49, ami 40 u., 81
il, ,uch manner e.. m.y tend 10 bring about thr eao
TO ST. ion ives, Donald NJ Kay, Henry olcs,. coma