37 Miss. 202 (Miss. 1859), Shackelford v. New Orleans, Jackson, and Great Northern Railroad Company

Citation:37 Miss. 202
Opinion Judge:HARRIS, J.
Party Name:C. C. SHACKELFORD v. NEW ORLEANS, JACKSON, AND GREAT NORTHERN RAILROAD COMPANY
Attorney:E. D. Frost, for plaintiff Lawson and Fearn, for plaintiff in error, T. C. Tupper, for defendant in error,
Judge Panel:HARRIS, J., HANDY, J.
Court:Supreme Court of Mississippi
 
FREE EXCERPT

Page 202

37 Miss. 202 (Miss. 1859)

C. C. SHACKELFORD

v.

NEW ORLEANS, JACKSON, AND GREAT NORTHERN RAILROAD COMPANY

Supreme Court of Mississippi

April, 1859

Error to the Circuit Court of Madison county. Hon. E. G. Henry, judge.

The defendants in error brought this action against the plaintiff in error to recover $ 1610, which they alleged that he had collected and received for their use.

The plaintiff in error (defendant below) relied, at the trial, upon a plea of payment. To support this plea; he introduced evidence to show, that during the years 1855 and 1856, he being then a director in plaintiffs' company, collected money for the plaintiffs; that he bought depot grounds for them; made contracts for the transportation of the iron and locomotives of the company over the Vicksburg and Jackson Railroad; that he settled differences between the contractors of the company and the proprietors of land on which the road was being constructed, and made satisfactory arrangements with said owners in relation to cattle guards, &c.; that he settled several complicated accounts with the agents and contractors of the company.

It was also shown that the Jackson and Canton Railroad Company had transferred their property to the defendant in error, and that it was a part of said contract of transfer, that defendants in error should issue certificates of their stock to the subscribers for stock in the Canton and Jackson Railroad Company, whenever their payments would make even shares, at $ 25 each; and defendants in error also bound themselves to complete the road from Canton to Jackson by 1st November, 1854, or forfeit certain valuable privileges secured by the contract of transfer. Defendant proved that he settled the stock accounts of many of the stockholders in the Canton and Jackson Railroad Company, and made collections from them to make even shares; and that on three occasions it was necessary to procure from the stockholders, in the Canton and Jackson Railroad Company, their written consent to an extension of the line for the completion of the road from Jackson to Canton; and that he acted at the request of defendants, and with others succeeded in procuring such consent. Defendant also showed resolutions of the board of directors, and letters from the president, of the plaintiff, authorizing and requesting him to do these things. He proved the value of these services to be about $ 2000.

The plaintiff then, in rebuttal, introduced W. Goodman, who testified that he was president of the Mississippi Central Railroad Company; that the president of a railroad company, being its executive officer, and having his whole time engaged about its business, received a salary; that the salary of the president of the Mississippi Central Railroad Company was at first $ 1000, then $ 1500, then $ 2000, and is now $ 3000 per annum; that the duties of a director of a railroad company was generally prescribed by its charter or by-laws; that he regarded directors as trustees for the stockholders, and that it was their duty to attend to the interest of the stockholders and the company generally; that a director had no power to act except at the meetings of the board, but could be authorized to perform certain acts by resolution of the board; that a director could act as a...

To continue reading

FREE SIGN UP