The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-04
HAS FINCH ANY STOCK IN THE
A. &. N. C. RAILROAD?

| for the A. and N. c. r. R. the road was
nut into the hands of Capt. McBee, ac-
tually own any stock in Incorporation?
| Ii so, where did he get it? And why
| has he not had it transferred to him in
the orderly way on the books of the
company?
1t is well known that he owns stock
in Liquid Air and Wireless Telegraphy
and he may own stock in some Hypnotic
corporation, but does he own any forty
shares in the A. and N. c. r. R.? There
are reasons to believe that he does not
and that when Judge Simonton comes
Finch will not be legally before the
court, and the whole unwarranted pro-
ceeding will turn out to be a fiasco,
catered upon to scare the Governor into
leasing the road to McBee and Co., be-
fore breakfast. The Governor didn't
scare worth a cent and now Finch
Must come into court and substantiate
his remarkable charges, produce his
stock, or return to the sale of Liquid Air
and Wireless Telegraphy In New York.
It is believed that Finch had some sort
who favored lease, but it is not be-
lieved that Finch will ever come into
possession of the stock, though OF course
nobody can tell until the tenth OF March.
Even if Mr.. Finch should turn UP at
the hearing before Judge Simonton with
the stock he says he owns. he would still
be unable to maintain his position for
he has failed in his application to comply
with the requirements necessary to give
him a standing in court Under the
rules, the proper course for a minority
stakeholder to pursue, if he wishes to
ton, is first to apply to the directors to
do what he desires, and if they decline
he must set out his demand aud their
refusal in his application. Rule "a of the
Equity Rules sets out very clearly what
bill by stockholder against corpor
alton must contain. 1t is as follows:
Every bill brought by one or more
stockholders in a corporation Against the
corporation and other parties founded
On a right which may be properly as,
serted by the corporation, must be veri-
fed by oath, and must contain an allega-
ton that the plaintiff was shareholder
at the time of the transaction of which
h 1ain nr hat lie ch
on him since by operation of law; and
that the suit is not a collusive one to
confer on a court of the United States
jurisdiction of a case of which it would
no, otherwise have cognizance. 1t must
also set forth with parttcularity the eff
forts of the plaintiff to secure such &C
ton as he desires on the part of the
managing directors or trustees and, it
necessary, of the shareholders, and the
cause of his failure to obtain such &C
ton
Mr.. Finch has never applied to the
directors to take any action at all, he
has never notified anybody connected with
the road that he had complaints to make
of extravaganza or mismanagement, he
has never done anything looking to the
correction of alleged wrongs by the presi-
dent or directors, and he does not in
his bill set out with particularly" IS
required to do, his efforts to secure
such action as he Desires, and there
fore, under rule 81, he has no standing
10
write as if the private stockholders were
in favor of McBee's receivership, when
as matter of fact the State stock, the
stock of the counties of Lenoir, Craven
and Pamlico and 1920 of the 1854 shares
of private stock, will be on record against
the receivership, regarding it as an un-
OF the remaining LISA shares
of private stock, there is no evidence
that a single share, except that upon |
which Finch is said to have an option
is with Finch and McBee in their receiv- |
orship wrong. As a matter of fact most |
of that stock is held in blocks of from |
one to five shares, and would now be pro-
testing against the receivership if its own |
ers felt it necessary for them to do So
The corporation organs also try to con
vey the impression that Governor Ay- !
cock has refused to recommend a proper
lease of the road. That impression is
misleading. The Governor has personally
been inclined to favor suitable lease to
proper parties, and he has not turned
down any proposition that ought to have
been accepted. He had not declined the
MGBee offer when Purnell appointed Nc
Bee receiver. He was giving all bidders
a lair chance and giving proper conr
sideration to all bidders when the Fed
oral Court, without just or even ex-
cusable ground, rushed in and put the
load into the hands of receiver The
Governor would not recommend any old
proposition to lease, and the truth is that
up to this hour no bidder has offered