The New York herald., 1874-12-09
THE MARIPosA ESTATE IN COURT.

This appears to be the day for injunctions ana
particularly against large corporations Appltca-
ton was made yesterday IN Supreme Court.
Chambers, before Judge Davis, by Messrs Martin
and Smith, counsel for Eugene Kelly, banker, for
an Injunction against well known mining CON-
pany. On the list Of defendants appears the
names OF gentlemen wen known in business ctr
cles. such as Mark Brumagim, Ohauncey vibbard,
O. Bainbrldge Smith, Morris q. Smith, Francis B.
Wallace, Jacob h. Brumsgtm, John W. BrumsRtm,
BENJAMIN H. Stilwell and Patrick W. Derham.
Tne officers OF the company are Marx Brumagim,
President; Chauncey vibbard, Vice President; Nor.
ris Il. Smith, Secretary, and Francis B. Wallace
Treasurer. The company is what was formerly
known as the 'Los Mariposas Estste' or more
popularly known as the Fremont Grant, OBJ.
tained IN 1851 BY General Fremont from the Mexi-
can government and cont tatns ten square leagues
OF land. Mr. Kelly brings suit as hoider OF 50. 900
shares OF the prelerred and common stock or the
company, valued At IS, 00O, ,0OO and the nature OF
ms application yesterday was to restrain the De.
1endants named above and others from dispOsing or
the property embraced under the original grant
the "Mariposa Land and Mining Company.n Mr.
Kelly sets forth IN his afiidavlt that he advanced
the object OF the application is to make secure
TINS loan He alleges lurther In his anidavlt that
the Board OF Directors OF the company, at the In.
stigation OF the defendants. passed resolutions
authorizing. with slight reservation, the sale and
70 the ,aaTp1sa a Land and Mining
tate the reservation being made to give semblance
Of legality to the Transaction. He claims that
sucn transfer would render wholly worthless his
STOCK. He charges, in fact, explicitly, that it is
the purpose OF tue defendants to deprive the COM
pany OF the greater part OF its property, making
the stock worthless. He also expresses fear that
" he should exchange his present stock Tor the
stock Of the new company that under the avs OF
CahfOrnla such STOCK might be assessed for pre-
tended work and capital In such . manner as to
render u a. security practically worthless. on the
application an amdavtt was submitted TO tho
Court setting forth that the defendant Stllwell,
who is lawyer, had devised the purposed trans
fer In order 20 render Mr. Kellys stock OF little or
NO value Judge DAVIS granted . temporary in.
junction, making the same returnaDle on the 14th
inst, when the question Of ts permanency viii
come up for argument. The Injunction enjolns
the DEFENDANTS from parting with any OF the prop
erty or assets OF the company, and from permit
ting hth0graphic stones OF the New York Company
to be altered 90 a. to print the certificates OF the
new company organized In California. There Is
prospect OF q lively legal contest wnen the case
comes up for argument. 1t Is urged by Mr.. Kelly
that the device res0rted 70 by the defendants 70
render his stock worthless can be successful then
there s very little security In holding any stock OF
this character as collateral, az then there would
be nothing TO prevent the managers OF any COM
pany from going into another State, organizing
company there and selling out to that company
all the property Of the New YORK company, and
thereby render its stock utterly wortnless. AS
Will be seen the case Is one OF great interest to
bankers and others investing in this kind OF Sc
Curftfea. 1lfEs.It