New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-28
RAILROAD INTERESTS.
DEPOSITED STOCK A VIRTUAL PROXY.

LEGAL OPINION THAT 1T MAY BE RECOVERED
OR THE PROXY REVOKED.
committee of the directors of the Dubuque and Sioux
City Railroad December 13 appointed Drexel Morgan
< Co. trustees receive stock that might be deposited
with them for the purpose Of enabling the directors to sell
the property to sell the stock at price not less than
mr. or to execute new basis that should not
yield than per the stock and to vote for
such directors they may select In case these pur
poses could be carried out meeting OF the depostors
was to be called and any notifications which might oe
assented by threeourths OF the amount deposited
should he binding upon all II Is understood that some
of the deposors have been anxious to recover their
stock in the fear that the Illinois Central Railroad Com
pany might be willing to renew the lease IN the pro
posed terms but would build an Independent line, which
would greatly inure the Dubuque and sioux Clty roaa;
One OF the mas secured re- ~ ,e t TO all
railroad SHAREHOLDERS:
Clarence A. Seward SEWARD DAcosTI q GUTHRIE,
SRiIiss @sn D. D. eaSrs e. 5 81 s0I 3d.
DEAR sIRs: We have received your communication re-
quesiDg the papers accompanying t. and then
yS yoe IL sss o~T wor DRn0n upon '"s
the ecors Of the Dubuque AMI sous Gy RSoa ~ 0pn s
panv immediate ~eturn to him OF PLACED ~ s ns
physical return OF the certificate
can be csh % o % s Ssn s
al the sha1ehoidrrs' meet n sin February neItl"
rsthat any OF the Dubuque and Sioux City
Railroad Company who has deposited his certificates OF stoc
with Drexel Morgan Co.. pursuant 70 the etcr OF
that TO that hrm OF tne l3tn m
cembr which certificates have not YET heen so
lawfully his mind. Withdraw MS assent 10
the and demand the immediate re-
delivery TO himself cerfcates There does NOT appear
such paid or received as Mou
stop nehsf II compliance with the 10
mad refused II could be enforced by legal
aud alienation or use or the
or trans thereof could be enjoined -.
SScond-That deposor OF certincafes IN the
the for the purpose OF enaOnR lie boai
this company 10 vote Tor suc persons 70
ute the Board OF they may think desirable
moi confer any voting power Messrs Drexe Morgan Coz
IL In tantamUnn TO proxy TO such directors anu IKE an
proxies ani for purpose when ~ AZ ciearv
udefensibe plainly avOwe The law does no sane
ton by railway officers TO an
thus perpetuity ot their OfncA pos tohs
Upon this DO nj somewhat emphatic tor s
said s tolerated that COMPANY soonn pro
cure stock which its officers may wied 70 me
OF election. thus secuug uemseNc'
poSsi.ility removal" .,.... ..
Certifc es obtained such purpose may therefore, 90
reclaimed by depOstnr who has reacbei conclus1n
that woui he him TO longer erdeavOr 10 enape
the directors violate the law. ..
Third-As said the power OF attorney or proxy con
by the 10 It's signature ami the uepos OF
Gates Is reyocae So also s the Tor nal power wnci III a
ditlon t tnrmty of always 10 be implied revoca
his power sh4ll remain III ,co
uutii of July. 1881 unless previously cyoKe
revocation and demand SHOULD Dc OF the s~.o
dignity frmaity III creaiion of the power anu
original de1osit viz written revocauoh an" o
nand 10 be addressed Messrs Drexe Moran Co., ann
to of the Dubuque aud Sioux City
Railroad Company. Yours rY respectfiliy,
~ SEWARD DACosTA & GUTHRIE.