New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-23
RAILWAY INTERESTS.
nrc,s,ov N FAVOR OF MANHATTAN.

Jrstice Donobue. in the Supreme Court. yes
,rlov rendered n decision in the suit brought by the
Manhattan Railway Company against the NeW-iorA
Elevated Railway Company and others TO preVeh. any
s,ochbolder of the NewNork and Metropolitan Ooii-
a,ios from bringing any suit TO invalidate the
copromise agreement between the three elevated ra
ROAD companies Of october %. ISL The injunction
sld tor Il granted II was alleged in the complaint
that three different suits in different courts had already
been brought he cause OF action and tha' the
company was in danger Of being overwhelmed with n
nultiplcifv OF suits which could all be determined In
one action and that the compromise which
the suits were brought TO nvaldate had already been
declared by competent court valid and binding on the
Stockholders OF the New-York and Metropolitan Com
panies The following is the substance OF Justice DOno
hue's opinion:
The two defendants, the NewYork and METROPOLITAN
Companies leased their roads to the Manhattan Com,
$I3OOO,0Oo Of Manhattan stock The lease does not az
between parties, receiver Of the Manhattan Com
pany appointed, il being substantially admitted tat
that company could not comply with the lease Ihe9
came motions and discussions u the restoration Of
the first two companies to their lessons and claim was
was liability against the other COMPANIES Tor the
Sl3,O0OO00 OF Manhattan stock. Then the three com
the stock Of the NewYo,k and Metropolitan to he sub
siantay first and second preferred. and the Manhattan
stock 20 be common stock There Is large amount "i
hands of the r,lanta roo dv for -sue large amount
has been issued for Old stock. and there L. large
amount of the Old stock which the holders declne 10
convert, claiming that the agreements are Invalid.
without decision the question arises on
principle which Il the interest not ONLY OF inc III
divdua holders OF this stock, but OF the puDlc IL
would Seem that there II very short answer 10 ms
question. and that ii is that Of the earliest opportunity
with expense ard the least number OF suits,
the inquiry 10 which party is right aud which II
wrong should be finally decided the pubic whlch
does not deal this stock has the right at least to nave
Its released quickly posi- lie from DISCUSSIONS
IN which interested. and which occupy the tlle
the court the exclusion OF other business Those
who deal in stock entitled 10 have at the earliest
moment decision winch Will enable them 10 utal Ihel-
lgeuty in what they are buying ana selling.
Having arrived This conclusion. the question now
these proceedings IL would seem cl ar that where the
directors of company bound under one contract I'd
haud their right 10 10 so Is contested me directors nNe
rl-h to apply the Court directions that they
may act Win safety II would seem 10 m. IN.
that the plaintiff should the relief II asks ana thht
al persons denying the validity or Tue OcOJer aeIce
meit should their rights all determined III one
action In reaching conclusion, II s,t - 10 me lhat
am sustaining the true rights 0I the owners Oh 1his
property aud 81 those to whom IL stock ma! pe PH-c
Moreover the proceedings, eAeep the nnai c"i'ct,
have been ..'ready passed UPON Ju6e -, ia
long and able opinion sustained Whdj hAl Oe'n "'nC
I'D tiLIe and IL Ill ri tnce, inc eAtAc PIlho
couteuded for by the paintih TINS was loHo~, "a 10
the decision % Judge TrudX and judge batcAoIi IH'u
came an opinion III .dse Lawrence ana the u"ci7"u
OF General Term OF the supreme Court uecl az o
same principle "I.hoIt reIeIalis ~ uv sa,a'ts
against the pantif and that ne G,3 litT
the 70 foster more 1t seems "a mo tua Tue
principle, J. entitled o. the rche sought - tI,T
anY tuu- law or the course OF Practice hat wiz
prevent this Ii said taat some of Tie s0cAhoce7
MAY bee Left without remedy IT tioy are al t,4e a.
PENDANTS Ia s il plain that the rights OF al WILL
be protected
Justice Donohue reviews several TO show that
the law fully authorizes the relief asked for by the plain
ti1