The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-09-14

ter power to purchase, own, hold or
vote upon any shares of stock in the
Seaboard and Roanoke Railroad com
pany. and that purchase of the stock
as alleged was an illegal misuse OF
corporate funds.
3. That Messrs. Hoffman, McLane and
Watts and any substitutes for them,
and all officers and agents of either OF
these railroad companies be enJolned
from voting upon said stock at any meet
ing of the railroad company, and that
the Seaboard and Roanoke Railroad com
pany and each and every of its agents OF
every description, be enjoined from re-
ceiying such votes at any meeting, wheth-
or said votes be offered in the name OF
either of the said companies or of any
of the parties who sold these shares TO
them.
To this bill the defendants, the ran
road companies, interpose a demurrer:
/. That upon complainants own show
ing he is not entitled to the relief prayed.
9. Because the alleged vendors of the
certificates of stock are not parties.
The complainant alleges that he is
stakeholder in the Seahoard and Roanoke
Railroad company. He nowhere states
the amount Of stock held by him in that
company. On the contrary he seems
carefully to avoid any statement of that
nature. All that he says is that he has
been San owner and holder of divers
shares of the common stock" 1t is true
that he AYERS that he is acting with
associates who are also large owners and
hclderS Of the common stock. But the
amount is not stated. nor do they in
any way appear on the record so as TO
be bound by the order Of this court. The
facts giving jurisdiction to this court
must appear in the record, especially the
fact that the case is within the juris-
dictional amount 1t may be that
positive statement to this effect is not
necessary. But it must clearly appear
from the matters set out in the COM
plaint or bill that the amount in cOntro-
yersy exceeds So 900 exclusive of inter
est and COSTS The avorments of this
bill give no information on this point.
The complainant is, sai2 to be the owner
and holder of divers shares of common
stock in the Seaboard and Roanoke Rail
road company. BY the ayerments OF the
BILL in this company are shares of trst
preferred stock to the amount of 500
900; of second preferred stock to the
amount of S44 200: and of common stock
81. Ia 200. His interest, the amount OF
his interest is in the divers shares OF
common stock, whether these be two
or more. upon the face of the bill the
jurisdiction of the court has not been
established, and the first ground OF
demurrer must be sustained.
The second ground of demurrer is
not sustained.
The bill AYERS that certain stockholders
of the Seaboard and Roanoke Railroad
company have sold to Messrs. Hoffman,
McLane and Watts, who purchased III
the name of the Seaboard and Roanoke
Railroad company or of the Raleigh and
Castor Railroad company, one or the
other. That these vendors parted with
all their interest Whatsoever III this
stock-and the bill attacks the sale as III
ira wires. The demurrer admits the
first allegation as to the sale by and
the REIMBURSEMENT of all interest III
their stock by the vendors. So by the
admission of the demurrer these parties
have no further interest in the stool; or
in this suit. No decree is asked against
them and no decree can be made affecting
their interest. for confessedly they have
none whatever.
With regard to the conclusion of law
that the purchase was ultra wires: This
is contradicted by the Acts of Assembly
of the State of North Carolina, 10Th
August, 1868: "Any railroad within this
State shall he at liberty to take or pur-
chase stock in or lend money to or pur-
chase bonds of this or any other railroad
company in this State or any adjoining
State" And by the Act OF Assembly
of the same State, Dist February, 1885:
"Any railroad or transportation COM
pany may acquire and hold or guaran-
tee or endorse the bonds or stock of or
may lease any railroad or branch rail
road or other transportation lines in
this or an adjoining State connecting
with it directly or indirectly Thus by
the admissions of the demurrer the
stockholders sold, and by the provis-
ions Of the law of North Carolina
General Enactments-the alleged pur-
chaser could take. Thus all right, title
and interest of the vendors passed and
no longer exists.
The first ground of demurrer having
been sustained the bill may be dis
missed.
CHARLES II. SIMONTON,
Csrnuft fIdon