New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-01

niAcantly illustrated by the record itself The prope'y
Of the oldest and most renowned railroads IN 4e
United brought to the verge OF ruin.
hcse stocks were once 80 solvent and reliable hat truss
estates and the property Of widows and orphans Of char'
table and eeemosynary institutions were invested In mem
the will Of the trustees without an order Of court 70
sanction the investment.
The properties have been impoverished depart
ment Skilful artisans and mechanics who. hom their
apprenticeship have been in the service OF The COM
panes have been turned away. Vas; buildings whch
musical with the whirr Of machinery and the
voices prosperous and contented workngmen earning
by their useful and valuable labor comfortable livelihood
are voceless. The ashes sleep undsturbcd on the
forge and the hammer rusts the anvil Mercbents ana
rodesmen who have depended the purchasing power
Of these operatives have been threatened with ruin num-
beress houses once occupied their happy families are
vacant those whose all is invested in che securi
Of this company haunted with the expectation that
the road may default upon its Obligations ana be SOD
under the hammer foreclosure and the provision made
for their declining years swept from existence.
But this and all Of this Is unimportant compared with
the interest Of the people In their rghul demand
that the corporation created by them and granted vast ara
valuable franchises shall be managed as railroad upon
business principles In the transportation OF freight
and passengers and for the development Of the state and
that shall be the toy OF Tic seculaor ana thot the
franchises which they granted for nobler purposes shal
made the OF their ruin and the dcgra-
dalton Of the State The possession OF its stock does not
give uncomfortable right In the management q railroad
corporation The right OF the State that the corporation
should conform the purposes for which the law created
10 Is wholly paramount any and all rights Of stock
holders.
In closing Judge Speer says:
10 nav not be doubted the values represented by
900 shares OF entitled 70 the protection
the Court and they will be protected. When It Is
offered TO them with tho legitimate purpose for which
the majority shares OF stock in corporation may be
lawfully voted the instance Of parties who have legal
authority hold and vote them, they will be voted
The Court will be- happy entertain proo.
sltIon for voting them which will result In The manage
ment OF this road IN that It need not e
wrecked In such that rs matchless properties
may be- utilized to pay It's obligations as they mature
and 70 protect IT. values.
IL we'll understood by the Court that the mere fact
that mey be voted In ts present Illegal sta
tus the crdt Of the Central Rnilroad and
% the power the and OF its receivers to redeem t
for the benefit Of all We have doubt that
properly managed in accordance with the law With the
couraeemen Of those who friendly TO IT, which It's
graf importance deserves the Central Railroad and Bank
Ing Company conno, only pay Obligations they mo-
ture but rehabiitatc fortunes imperled they BY
this illegal trust voting majority Of the Stock the exer
else q which the Court has en!oinod
The Court quite socltous project the interest
Of the creditors stockholders Of this great property
there is nothing in this motion which will justify the
Court in changing the 0rier which was mainly indeed
may say almost wholly. attributable 20 the wisdom
experience Of the ieornei Circuit Judge.
INTENDED the property for the present TO
gather anew its dssipated assets aud restore It
speedily possible to the lawful charge Of those who may
found legally entitled to its management and control