, 1875-01-23
MISCELLANEOUS.

The motion for an Injunction to restrain the
Lake shoro d Michigan Southern Railroad from
paying dividend ol 81 per cant was heard in
tie Supreme Court Of Brooklyn last Thursday.
alr. 1iurd, for tue plaintiff saii that tho plain
tiff. Jacob nublus, osuol 200 Hharea md
certain bonds Of tue railroad, iss,etl
undor Il consolidated mortgage by tho Com
pauy to the Union Trust Company Of
New York. The railroads indebtedness MAS
e36 G0o 000, mud Its outstanding obligations wefo
consolidated into ono class uf securities mort
gage OF s<25 oJ0 001 Of bon,lt. The provisions Of
tho mort.age we're stringent in tho extrome.
lrcrythlng belonging to tho operation was
placed III tho hands Of the Uulou Trust Com
l'atIy to SECURE tdo fuortgngo. One OF tho PRO-
yls.oua wan that the Conl:any should pay $780,
OHon yoar to cancel tho ucbt, and in case Of de-
ent tho conyoyauco was to DO in full force,
tho Trust Company WIS to Lake possog-
slon Of everything. md hoII 1t for
the honott Of the holders Of bonds until sale
Lad nut boon paid, and tue Truat Company could
como IN aud aell everything. 1ustcau Of paying
the dividend jnat dec!areti tlloy ought to loyote
tho ,no"ey, II thoy had it, to tho siuking-fuud.
But the plaintiff also Bsia that tho earnings of
the Company ter tho last six months we're only
$lS}O90, whereas tho diYide1rl would be oyor
$l,09. ooo. For shcSo reasons, Ihe plaintiff asked
for MI INJUNCTION.
Mr.. Hnrsi,l, for ths railroad. argued that tho
plaintiff lad no right to besiu the xo.iou that
the Uuion Trust Company vas tle nroper ,,or.
sun to TO 10; and tuat tho Court could
not Interfere to compel The corporation to INV
1nonoy to tho Trust Company. Co,s,,ss, also
tcaI !, alliaayltB from Edward King. PRESIDENT OF
corporation had paid to tho,n 54s3, UNI in bonds
for cancellation, anu 351l, 900 II, cash, making
81, COO, ,0O0 toward tito sinking fund for 1871.
ls73. lS7S, aad 1874. Cyrls X. Leland, Auditor
carad OIL his statement, aud that tora you'd be
hA'alice after 1t WAS paid. Tie sentlo-
man Who lad charge Of the transfer-books il,
New YORK depose1 that Isubluo got possession Of
hin ~ soo shares jan. .. aud shat the persona
who transferred them 10 him received them Jan,
aid 7. Mr. Worcester, Treasurer OF tho Com
Ea!'y, depo1ed that purchasers ot stocks IN to
Jan. meta untitled to tho dividend. Counsel
arSucd that lsubino was used AZ tho TOO. OF Wall
atroet operators to doprsss stockH that l,o came
into poseesoion Of the stock Jaa. D, anl began
lib action tue same day.
4, Couhael for the plantiff asked that refereo
20 90 appointed to tnho testimony as TO when the
gaoe.Hoo and $5ll 600 we're paid to tile Trust
company, anu Also as to the net earnings OF the
roaa. million dollars haB been raid since this
action was begun. Tho Judga took tho papora
and reserved bin decision.
THE rEoRIA ROCK 1sLAND RAILROAD coHpANy
An order shs drawn up yesterday, u,Itlor Jutleo
Dr1nnond's direction, for tie appointment of
Keceiyer OF the Peoria 4 Rock Inland NaIJroad
asalhst mlcm bill was fllol some tina sno To
lof tofecloao iD mor:gaeo.. Tho Reeeiyer has not
present. superintendent of the road, has been
sMmssestcds " anu he wi!l PROBABLY DO appointed, az
WI pa'tcs are aatislled NTH him, The appoints
la1ns will probably be made to-day.
TILL AiCiliuAN CENTRAL.
Judge DrllmlnoAd has appointed Mr.. Warren
Lo1oaIn Commissioner to examine tho cele.
',ratod crossing Of the Michigan Central iloafi Inv
lle baltimore d 0hio at Luke Station, aud report
!o;ne ~ oyer e. 9'dor o1orsng il feasible at
4. a. Gardnor, Chief Engineer of tho Nlichtaan |
contsai ltalltoad and Mr.. James l., Randulnh.
Chlef Engineer Of the Baltimore & Ohio It'll.
x;. r9.a' wans to tue o.ossug yesterday to comply
aardlY doubt that tie Commissoucr will rouom-
nead nn oser'cTossing. and that Judge DRUM I
noaa Will order suoA crossing to be conatruotetJ
10Th Companies to bear tho expense in ouuai |
larts. a""'
Fast FEx1anr L,AEA
I4e meeting OF tho aYeuta Of Tue Continental
aAt fraigak lines, iu session al the Palmer
touse during the last two DAYS, ia merely lor
10 purpose ct comparing aud auditing to-
GOV. TAYLOR ON TIE POTTER Law,
10 ths EaiteF a 1Ae GAiea3o 4tsauns;
AEaon4A+ Wiz, Jan. ALTO those who live
~. "aot sn ~. ti.e i1ue of your State and hayo
htate management Of railroads eveu Iuoro
uloua tlsu you lave found tho sa,ne aort OF
oaaest in u, your owa State, our Coy
faor. agility and atEstegy In royisina
~ courha 10 tumble to tAe nomar
yarsloa against tho Potter law iu pIsc,lre
Fithous sacrlhcag tho pat theory OF himself aud
euo"+etaHgern, IN ~ an1tlslu9 na 1t IL Krstliy-
Y aud u only hased from seeming ridiculous
recognizing tho tsutA TINT it is moro houoEa.
10 to AbaIto1 erIosa whan discovered than Rd-
Gre to them Hka bigot
IN respect to tho lava cast-irou limitation
l'ou tata& OF freight, the Governor ia Lis late
:eheage saysI ~ recommend such modification
tho Il" ~ shal remove uLylouA imposfsetioos
sti,out t!veHt!ng tho stato. ~ represented by
y GuaFA OF commissioners, Of u power Of ra.
liiou aud mobilization oil formal inrestigation
nd complaint, or on auch other conelitinua aa :
lre,"
Ihe Interpretations generally giyen thus el&us%
are il, that Goy. Taylor " cpayit.uel tLat tlo
glslat'ye war upon F4ilroad rates Il all \ mis-, {
! ri h~- IN t,tt III l.. 1