The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-01-17
Receiver Asked for the Former Company and
the Disfranchisement of Certain Stock
Held by the Latter Concern Requested.
n. Ribot's Ministry Unsuccessfully In.
terpellated by Socialist Deputy.
Little Satisfaction Given Boulangist Member
Lying Correspondents Expelled from
France-Indignant Russians.
RECEIVER APPLIED FOR.

Proceedings Commenced In New York State
Against the Panama Saiiload.
ALBANY, N. Y. Jan. 16-An app alton
has been made through Messrs. Root 81
Clark, attorneys. to the Attorney general
of the State. asking that an action be in
stItuted against the directors of the Pana-
ma Railroad Company. tho Interoceanic
Canal Company and the Panama railroad
Company, and certain stockholders OF
record of the railroad company. who really
represent. a. alleged. the canal company,
having in view the removal of the direct
ors, the disfranchisement of the stock held
by the canal company, the appointment OF
q receiver of the railroad company and for
other relief. Tho Attorney general is asked
to begin the action on behalf of the people
of the State. To accomplish these ends
that official has directed the attorneys for
the railroad company to be notified that y
hearing upon the application be had before
him at Albany on Saturday next for the
purpose of determining whether the action
shall be instituted or not
The action proposed to be instituted sets
forth the salient points of the treaty OF
Dec. 10, 1916. under which the United
States government assumed q prOteotOrate
over the Isthmus of Panama, and refers to
the exceptional privileges accorded to the
government and the corporations To ne
created under its auspices. Based upon
certain grants the State of New York WAS
called upon to incorporate the Panama
Railroad Company and to receive an rs
sisnment thereof. which IL did In 1S49. At
tention Is called TO contracts by which it
was intended that the railroad company
and its stockholders should be protected
against the building of q canal acroso the
lsthmus and TO other measures calculated
to secure the domination OF America
through the railroad on the isthmus. Refer
ence 10 had to the concession TO Napoleon
Wise, In May. 1875, of the right TO build
canal, which grant is one which be-
came the property of the "Compagnie
Universello du Canal 1nteroceanlque do
Panama." commonly known as the Inter
oceanic Canal Company, and this grant es-
the railway unless an amicable arrange
ment could be entered into permitting the
building of the canal. The allegation Is
then made that in lieu of muking such ar
the railroad or paving the Colombian gov
ernDlent property idemnity. that the canal
company became the purchaser of 6S,534
shares out of q total of 10000 shares of the
railroad; that by means of the voting
power OF the shares SO acquired the canal
company had been able to and has. IN.
effect. maintained in Office for more thsu
ten years past directors OF the railroad
company who were friendly to the inter-
ests of tho canal company and disposed to
carry out it's policy. and Who have. in fact,
managed the affairs of the railroad
in the interests of the canal
company and against the interests
of tho railroad company itself. and of its
minority stockholders, and in violation of
the purpose for which the railroad company
was created by the people of the state Of
New York. Details are given OF the in
juries and the destructive nature of this
policy, of tho acquiescence Of the railroad
directors in the efforts of the canal com.
pany to secure the com mpletion of the canal,
which. if completed, would eliminate the
railroad absolutely. The policy of the
canal company since assuming control has
been one of abuse of the franchise
property and privileges Of the rail-
road company and inlmical to the peo-
pie of this State and OF their fellow
citizens of the United States, and If allowed
to be further carried out will be subverslye
of the public purposes intended TO be sub
served by the charter Of the company.