The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-05-03

| that he is a stakeholder. But so are
| the others. Each one of them has
| as much right to the aid of the court,
and to it's interference as he; and as
| this aggregate of them have a larger
| number of shares than he, this ma
| Jorlty have a paramount claim upon
| the court. The bill seeks no relief
against the stockholders; makes no
charge against them. 1t attacks Mr..
McCabe, and seeks judgment against
| him. If a receiver be appointed,
| this would be in effect a decree against
all the other stockholders, and against
| the corporation. Were it necessary
| in order to secure a proper account
| from Mr.. McCabe, and Judgment
against him that a receiver should be
appointed, this would be done at
| once He is a trustee and, as such
| he can and should be made to ac-
count at the instance of all or any
| of his cestius que trustent. The inc
vitabe result of this bill, assuming
! that it's allegations are in the main
| correct. is to secure such an account
| ing But this will not warrant the
| court at this stage of the proceed
| ings against or without the consent or
| the majority of the stockholders in
| this solvent corporation to take its
property out of it's hands, to assume
control of its management, and to
wind up it's affairs as if it were dis
solved.
Zone Of the results of membership
in a corporation--one of the evils, we
NAV SAYS that the minority are
largely under the control of the ma
jority So long as the latter act in
good faith, and within the consttu
ton and bylaws of the corporation,
they can adopt any line or policy
which commends itself to their judg-
ment, however great may be the hos
tility of the minority to it, or however
deep their conviction that it is de-
struct.ve of their interests.
eff this minority were original
stockholders, they are themselves re-
sponsibe for the powers left with the
majority. If they have acquired the
stock after the organization of the
company, they have voluntarily as
sumed the risk. In any event, they
are bound to the life of the corpora
ton during the term of its charter
unless the other stockholders concur
with them to dissolve it. In no event,
therefore, can the court at this stage
of these proceedings, upon the prayer
of a minority, appoint receiver, and
so defeat and disappoint the majority
of the stockholders and practically
put an end to the existence of the cor
poration.'
One of the first men in North Car
DINA, whose name is a synonym of
expert railroad knowledge and fair
dealings, speaking about the effort to
obtain a receiver for the Atlantic and
North Carolina railroad, said: IF
any stakeholder believes that the road
is not we'll managed, he should bring
the matter before his fellow stock
holders. They should then present
their grievances to the Governor and
demand that he remedy the evils of
which they complain. That is the
orderly method which men take who
| own stock in companies. and it is
| only when they have exhausted such
| legal and orderly methods in vain
| that they are justified in the drastic
procedure of asking the courts to
put the property in the hands of a
| receiver"
| Finch, Cuyler, and McBee-for they
are Gin cahoot"-have taken no such
step Until McBee came down de-
termined to have the Atlantic and
North Carolina Railroad for folks
| .HIGHER UP" nobody heard that
Cuyler wished any change in the
management: Business men will pay
| little attention to Cuyler's filing the
warmed over and discredited stories
| of McBee and Finch. They give no
weight to such buccaneering schemes.