New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-04-15
PRICE FOUR CENTS.
RAILWAY INTERESTS.

THE NEW-JERSEY CENTRAL CONTEST.
AN ORDER ISSUED PERMITTING THE DIRECTORS rc
HOLD AN ELECTIoN-RECEIvER LITrLEs REPORT
FILED.
lFRoM THR REGULAR CORRESPONDENT OF THE rRIBUsE.i
TRENTON, \. j., April 13.-In the Court Of
Chancery to-day Chancellor Runyon issued order
permitting the directors OF the Central Railroad Com
pany OF NowJcrsey 10 take all necessary steps toward
holding an election Of directors. The before
the Chancellor the petition OF Edward c. knight Of
Philadelphia one OF the Gowen party, who repre-
sented by James f. GOwen Of Philadelphia, and A. q.
Richey OF his city both counsel OF the Reading COM
pany. Thomas n. McCarter appeared for several indt
vldua stockholders, and ex-CbancelOr Benjamin VIII
hanson appeared the regular counsel OF the company
The hearing took place in Newark. brief consula
ton held and then announced that the several
counsel found that there material point OF differ
encc and the Court thereupon issued order in thu
IL sets forth that f. C. Knight stockholder hav.
ing asked modification OF the existing injunction re-
strayAg the Central Railroad Company from transact
ing bness that the directors an1 officers u the
pany may take al necessary steps toward an election Of
directors, and it being represented that counsel are will
ing leave the for the Court 10 take such action
it deems proper without opposition II was ordered
that existing Injunction be far relaxed a. 70 enable
the directors and officers OF the Central Railroad Com
pany Of NewJersey TO take all necessary steps for an
election of directors by the stockholders Of the company
The counsel said that they could not say when the
election would take place. the would be salts
factorily arranged without doubt Mr.. McCarter was
asked what parties he ned aud said that he had
been asked in court and did not wish 20 at
en Chancellor Runyon said that The effect OF the order
simply o release the company from the grasp OF the
its election concerned The Board OF
Directors wOud be governed by their charter in
this respect there doubt that the board
de faCtO it having been so held I'M Chancery ANA by the
recent decision Judge MeKnnan In the United states
Circuit Court Its next step was TO make Itself dc Jure
well
fixed by the directors themselves the charter not naming
any = general act concerning corporation PROVIDES
that "whenever for OF suiicien' bylaws for tho
purpose OF officers dny authorized or from improper
neglect refusal Of such officers or from other legal I'M
pcdiment legal meeting of Kind Of the stockholders
OF any corporation cannot be Otherwise called three or
more stockholders thereof may call meeting oI ina
yon stated hat proper action not taken appca-
tion for action by the Court might be made.
Tonight. The receiver states in the report
that tho assets OF the company applicable,
debt consist OF three or four classes one class being
mediatey available for the purpose Without dls
Of to assets ss %hRch though @@edai avail
able cannot be disposed of at present without
causing some disadvantage to some branch OF the
business OF the company, ana the Vaiae Oh t suLs
yane OF property. Some of them are very largo
interests in coal land, and it would be injndicous,
in the receivers opinion TO force the sale OK
these assets at present Reference is made
the value of branch roads which have been secured 70
attract business to the main llne ana Oer properly
which considered desirable Investments Inc Amer
lean Dock Company the stock of when Is owned Dy the
| Central Company, is also considered valuable lor
terminal facilities afforded and other purposes by reason
of their location The availability 81 these assets lol
payment the funded debt depends on the 0ppor.
uify for sale and the receiver thinks IL
| would be unwlse to press them upon the market
In concluding the report the receiver states that ne
has no reason doubt that If the assets are properly
MANAGED and administered the company in brief Pc
riod could pass OUT OF the control Of the courts.
No meeting OF the directors Of the company was held
Yesterday Those Of the directors who expressed any
opinion about said that tho order OF the Court
was optional and mandatory and that the directou
might not do anything toward holding general meet
ing 1t was understood yesterday that the counsel foi
the opposition party made strenuous efforts TO secure
macdatory Order but that the Chancellor refused TO
grant their demand. Whether meeting Of the directors
In compliance with the order OF the Court, VIII De neid
soon was not decided and the effect or their refusal on
neglect TO prepare for election was not fully known
The Published report that the transfer books 0 tne
company suddenly closed yesterday was nlsproved
y tine MANY made transfers or stocks yes
terday A prominent director OF the company SAID that
there was intention the part of the present Board
to close the books abruptly. one day notice, IL Is un,
dersto Is sufficient for this purpose, but general
meeting has be advertised three weeks TO be legal
one Of the directors said yesterday that II was lmpos-
sble held meeting within the time fixed by the COM
| pauVis charter