New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-25
AN INJUNCTION ON THE QUICKSILVER
MINING COMPANY.

AN ATTEMPT BY DANIEL DREW AND OTHERS TO
EQUAIIzE COMMON AND PREFERRED STOCK AND
10 PAY A DIVIDEND on ALL a PREFERRED
sroCKuoLDER RESORTS TO TIE COURTS AN
EXCITING SESSION.
The most sensational event which occurred
In financial circles yesterday the meeting or the
directors and shareholders Of the Quicksilver Mining
Company, at the COmpauys Office in Nassau-st. Ihe
meeting was regarded important and nearly all the
officers directors and shareholders who could attend
were present Among those present were Edward
Brandon, James D. smith. Daniel Drew, Eugene y.
Robinson. A. Is. Baylis, William II. Hays, ANA exJudge
Van Cot Tie object OF the meeting was 10 cODsiGerth
subject equaiizug the preferred and common stock
aud toen equally dividing the accumulated earnings at
the Of 50 per share At aTecent meeting the follow
ing preamble ana resolutions we're adopted:
BI1s Tht IT pg stockholders he'd Fob "a ls70.a
resolution adopted giving The pee Of toaveson INTO preferred
per each snare Of stock converted and that
Is following ct which time Abb shares Of preferred stock had been
- eas IRON ryp otte President submitted TO tss meeting
It % va. rsygs to ire pay mtnl o. d,gie5dI ue ,Ia 7
shares Of cmloi ,toc1 uow Outstanding II Is hereby
hod q tue ceHea es Oh e (c%PaM s'5e or haIe upon The
s fr % ae eoIaG2 '9sA s 'hI PSI eu. ne e OF
ke,,l That ,se common stoeE esssaasei sh be cancelled
so.es That III directors be hereby e9thol at their option to
wneheyeT n Their judgement tie interests g. The Company vi" be
Tue directors, awaiting themselves of their power,
closed the books before large number Of the common
stockholders had made the conversion and yesterday
was determined to reopen the matter and obtain the
or the shareholders the subject Daniel Drew
who is the President of the Company and nearly all the
directors aud stockholders favored proposition The
of the meeting expressed by ballot was GOOOO
shares in favor Of the reopeng of the matter al
lowing the conversion and 1000 shares AGAINST this pol
ley. With view to facilitate matters the following
resolution was presented:
Rsori The hcders the stock ofthe
e copaa, into preferred stock UPON pSpIaen 10
aud interest thereon from Feb "a. 1870.
George L. Kent, preferred stakeholder, vehemently
opposed the passage Of the resolution, declaring that
the preferred shareholders should not have their prefer
advantages jeopardized by any such illegal
action. Rapid ana heated debate followed and as It
apparent that the resolution would be passed in
spite Of Mr Kents protest he informed the meeting that
as he had expected such proceeding. be had fortified
himself with document which would prevent it, and
thereupon be served Injunction upon the President
directors DC; prohibiting the passage Of the resolution
This caused considerable excitement, and the papers
beng handed over TO exJudge Van Colt, the attorney
OF the Company that gentleman pronounced them valid
and the meeting adjourned amid considerable con
FUSION The following Is copy Of the affidavit upon
which the order OF injunction was granted;
NIX hENIs AFFIDAVIT.
Supreme Court CITY and County Of Netr- York: George
Kent agt Quicksilver Mining Company -George t.
Kent being duly | az the plaintiff herein
and the OF $500 shares OF preferred stock
ana 200 shares OF the common stock OF the defendant
the Quicksilver Mining Company That said preferred
stock heretofore IN the 1870 Issued
by said Company Ia consideration OF the surrender
OF Ike number OF shares Of common stock
aud the payment az the same time the Company OF
the sam OF Y ON each surrendered share TIE conditions
which such preferred accepted were that
the holders thereof should participate Ia the manage.
Ient OF TIE company IN the as the hoders
OF the common stock ana that preferred stock should
receive all the net earnings OF the COMPANY ia each
year until seven per cent upon the par value of such
preferred STOCK has been paid and that all net
IN excess OF sald seven per cent should be equally
o'sloea among al shares, preferred and common.
AS aln informed aud believe, the Cotupauy was at
.e 'ne OF Tue issue OF preferred stock nsolyept and
tnls was the O.ly available eXpedient save ia INST
aug oi' az the time large number common
preferred stock, seeming TO prefer NOT 10 risS ,he
amount OF 70 per snare required to be paid AS am
informed and Deiieve IL was then, and some time
atterward doubtful whether the amounts Tins naI6
would not lie all lost and dividend or ba
ever been paid upon any OF said preferred stock mus
The Affairs OF the Company have recently grn,uy
amount OF about 10000. which should be 6,vida6
among the stockholders according " tue contract aav
set forth N''
As am informed and believe the defendant. Da,,el
Drew, and other controlling directors
by recent purchase or other large holders OF
stock, aud have for long time beeu
Ing to obtain the consent OF all the
creation Of preferred stock upon term,
when the Company was not prosperous.
meeting has been called OF all the stockholders
ior NOV. "a, at 2 y. NJ, for the purpose
laying before the stockholders propositions 10 that
eneet, and from conversations with said Daniel Drew
Apo olAefs w1o are iDtuoDIia ~ the uanagem eu OF