The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-06
SUPREME couar-caAmBERs.

uOaoi W sAAC C0eeeSs
SUPREME couRr-cAAMDERs
The Central Railroad Litigation-The I'm
functions Restrainins the Issue Of Stock ON
Convertible Bonds and the Payment Of Divt-
dends ON ssOverissucs'' or Stock Dissolved
The Interest Certificates Declared valuelcss.
Before Judge Ingraham.
Isaac N. Jents Us. The Neuo York Central RatL
road C0npanv.-Judge Ingraham yesterday, about
noon rendered decision in this anxiously looked
for matter, as follows
JenEs Us. The Nesc York Central Railroad COM
pdny.-The Injunction in the first and second orders
third order, restraining the payment Of dividends
on the interest certificates IS continued and such
payment forbidden until the further order OF the
Court. Costs to abide event.
The original opinion which accompanied the deci
sion, and which was, OF course, most anxiously
looked for by all parties interested, as 1t
pected that 1t would define the status and value Of
Commodore Vanderbilt's new scrip known as Gin
terest certificates taken from the court by one
OF the PLAINTIFFS counsel, and it was nearly four
O'Clock before any Of the reporters could obtain it
for the purpose OF copying 1t for their respective
journals. OF course, the ostensible purpose was
copying it," but 1t was an original document, filed
with the clerk, and should have been copied in the
court II anywhere. Its Importance to the ''stock-
broking fraternity" very great and the opinion
when returned to the court, was found to read as
fOllOws:-
INGRAHAM IAN Injunction was granted in this
case. restraining the defendants from issuing or per-
uniting to be issued any certificates OF stock upon
the surrender OF any convertible bonds or IN any
other manner representing or purportlng 70 repre-
sent shares OF stock in the capital OF the company;
also from accepting the surrender OF any convertible
bonds Of the company and from transferring or per-
uniting to be transferred on its books any shares Of
STOCK originally Issued the surrender OF SUCH
bonds; also from paying any dividends upon any
shares OF stock Issued IN excess OF the amount OF the
original capital, or from permitting any votes
on such stock This was issued December 4, 1858.
Afterwards, on a supplemental complaint, an order
was made requiring the defendants to show cause
why the INDUCTION Of December 4, 1868, should not
be enlarged and extended, 80 as to prohibit the de-
PENDANTS from issuing any certificates or other evil
dence OF Indebtedness, or making any dividend OF
stock issued in excess Of the original capital, and
that order restrained the defendants from issuing
any such certificates making any such dividends.
This order was made on the list Of December last.
Afterwards the I'd of January, another order was
made, requiring defendants to show cause why an
injunction should not be further granted restraining
the defendants from issuing any interest certificates
other evidence OF debts to or among the holders
render of any interest certificates, or from permit
ting the transfer upon the books OF the COM
pany OF any such certificates already issued,
and from paying any interest, cash or other divf-
dends upon any OF such interest certificates. This
last order was made upon supplemental CON-
plant which set out the resolutions adopted by the
defendants on the 10Th OF December, 1868, which,
after recitng that the company had expended In
the construction and equipment OF the road an
stock and that the sIocknolders were entitled to
evidence Of such expenditure and to reimburse
ment resolved tnat certilicate, signed ~ the
president ana treasurer OF the company, De issued
10 the slocknolders declaring tnat sucn stockh0lder
Is entitled TO eighty per cent OF the amount OF the
capital STOCK held by him, PAYABLE rataDly with
the other certificates issued under this resolution at
the option OF the company out OF It's future earnings
with the DIVIDENDS thereon ~ the sameirates ana
capital STOCK OF the company; ana that such certin-
Gates may DC, az tne opuoh OF tne company con-
the COMPANY shall be authorized to increase is
capita! st9cA " M amount s. I'LL ior sacn con
version Ihere was passed az tne same time reso-
upon tne STOCK 9, Inc COMPANY ana upon sne ceIt,
ncutes nen uusnul1eu " uc lssucu. onuer tiesc
s the staea
tnaa Ine noaue. . mas ensea " oa paya
PIE ratapy Win tne otneI cert1ca.es issued uhdef
saiu resoiutio q. VIE Pieasu5e ~ tne company, OUT
Oh ltS future eaIninRs Withidvluenu lnereon ~ ne
same rtes anu t'nes US uvuen9s snaii De paul upon
'iie T snaes " tnS Sapa n.oon ~ sa r
iee lussums aIs ~, usSussIon on
snis noton, vn.-rnss wne.nel we ueienuanss
naa au.norny 70 ISSUE Donus INTO s.ock
~ tne pleasure Oh tie noiae i seconu wnetner
sney nau any poWet " ISSUE .hc seL.nSa.es ABOVE
Ielei,eu ~ Us usucnu " ue ssochnoueIst THRU,
sa, sS Th ea M at i vm suc
nuen inpoI.ance 70 pelsons uoung seocA IA rali-
luau IA Lilo, 11 nv a az "U.y =, SCI,
80 ,.,. $3.50 sa - ~. -, - ~. 49,.
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