New-York tribune., 1871-12-29
TIE NICKEL PLATING COMPANY C)NTHO
NEESi.

slit OF THE ORIGINAL. STOCKHOLDERS AGAINST
IIIn rt'STrE>--COMrLICiTY nf CONNOLLY
AND OTHERS IN An ILLEGAL INCKtAsE OF
SiOCK.
At II Special Term of the Kings County Su-
prone Court, ycsiers,, application WAS made to "nd
Iratt by Mcsjr.. Barney En;r and Par sons 'o'iis"i
for the original ko!drrs OF the Am rcin Nickel
Plating Company, 1or the continuance OF temporary
injunction granted the suit against the Trustees of tho
Company excluding them from control "f the con-
cern, nnd for disappointment OF receiver The plain
tiff, are Luther I. Wyman and Others well known mcr
chants OF NewYork and Brooklyn, ard tho defeniants
are " liam Bcldcn. Joseph Hayes, "'arles H. Lowis.
Richard b. Connolly. william NJ. Il. jr, Nathaniel
Sands. George W. Hooker. Oliver epheri Josiah Bur
ton L. b Clark Samuel ST. Ougc jacob Porry and DaI id
b. Scott and others The company, 1t appears. was or
canzed by army oflcers and tho capital supplied
by the plaintiff.
Cour I'll the plaintiff in making tho notion stated
that Il substance oi tn" papers that plaintiffs are
stockholdcr. in q manufacturing corporation called
1850 Tie capital OF the Conpnny vas s5oo0oO. dvihrI
Do 500 shares Of $1,000 each AMI the entire capital was
issued to pay for ratc"' for plating the nickel It ap-
years that spontaneously with the formation OF tho
Company and issle Of stock. IL all issued to ono
pnrty named Cook In consideration Of certain Johop
licenses which were Issued hy the Company to three of
the defendants III thi' action (Sepherd, l.owis. AMI
iaycs Cook transferred back zoo shares Of the nominal
par a%' a Of % It then lSs a II . the m Company mp
III" amount with the exception OF So,1O having been.
s c F rHs license e ee S
fore named. Tho complaint alleges that in Sep
nn va. enttro into by tho three Trustees and II" de-
iendat. Bc!rn. whereby 1t agreed that they shOnd
turn over ti" entire concern to Mr.. Bclen that they
should through the process Of increasing the capital
stock $OoQ. and that this stock should be put in
tho hands ol Bclden for the purpose OF distributing it
among s friends, aud giving him control OF the COM
any In pursuance Of thia arrangement, uotwith'and
ing the fact that tho call issued required by
law by majority OF trustees they organized meeting
aud the defendant Shepherd made general remarks
it was announced that vote had been taken and the
stock decided to be ncrcased in the face Of protest by
v,
OF the scheme. they issued 81 Of Increased stock.
The basis for that stock transfer to the
pany OF the same ioshpp rights, the consideration for
kferred 1870 shares Blen he distributed them to
Tweed Connolly and Others Sept l2 1870 they passed
most extraordinary resolution yesting the whole
/ troll In william Bcden. illegal and fraudulent act
they also undertook to increase the number OF trustees
from seven to thirteen, Illegally Tweed and Connolly
were among tho trustees added. But no document
Clerks Office until after this suit was commenced
Beden elected President Of tho concern tho whols
property OF which turned to him for his ndi
va benefit as alleged and no has been In possession
since. He ssid to be ins0vent Counsel sub
mted that the increase OF capital without legal
VOTE and void for noncompliance with the provision Of
sideratiUn In law, being inpursuance Of fraudulent
scheme Counsel asked the Court to take the property
into custody and hold for the benefit of tho original
6JO stock khoders.
The motion was opposed by N W. StOught0n who de.
MED that there had been any secret fraudulent
ranRement as stated III the complaint but admitted tho
submitted however that the injunction should bc dis
solved and that the application for receiver was un-
tenibr The old Board OF Trustees he contendod had
been divest5d VI its authority by the subsequent
irregular proceedings He stated that Mr. Belden was
perfectly sOvep and that to his due any
the enterprise had met He endeavorcd show
that the present proceedings tho u
rival company.
The Court reserved decision.