The New York herald., 1876-01-01
THE COURTS.
Suit for an Injunction Against The
Texas Land Company.
Application for a Stay in the Tweed
100000 Suit.
Interesting Decisions by the Common Pleas,
General Term.

Application for an injunction against the Texas Land
Company made IN the Superior Court yesterday,
these grounds:-The company organized In
August 1870 by Of the Texas Legislature It's object
being 40 promote emigration 10 Texas and thus acs
tate the sale Of lands introduce skilled aborers &c ;"
the capital stock TO be 81 00o, 600, IN 500 shares
Gardner /. spoford and Joseph l. spoGord owned
sovontyon shares each, and they the company
Their behalf and that Of such Shareholders may
join In the complaint plaintiffs say the company In
. aourshing condition; that the Brazano Texas
improvement Company Is association consist
ing OF John s Kennedy, Thomas ". PearsalL
John s Barnes and william " Phelps with others
The complaint says that association Is not legally
Incorporated and that its property is in reality,
held by Moses Taylor in trust Tor the parties interested
IN the assocaon that the Of the Paten
plantation, which cost $54, 900 and Is only worth
$4,000 now, and thar the company $4,000 In debt
and has been injured by cyclones. Il is charged
against the defendants that for the purpose OF render
ing saable their interest in the Brazano Company they
agreed purchase It's property behalf Of the Texas
Land Company at its actual cost, with interest since
1868, making 500 600 This purchase IL s alleged,
would be most unwise and injurious to the Texas
Companys stockholders except those interested in the
Brazano Company. Tho complaint says that or The
10 900 shares Of the Texas Land Company 5000 held
by the International and Northern Railroad Company,
and that Kennedy, Pcarsall Barnes and Phelps, to-
gether with Moses Taylor and William d. Dodge W. c.
Company William NJ. Rice, !. ; Netmore and Joshua
Grow together siXteths arc directors or
the railroad company and constitute together Two
third OF the directors and although the contemplated
purchase would be injurious TO the railroad yet the
upon the stock held by It Will be controlled by
these directors accordance with their private in
the Brazano Company and without regard to
those Of the railroad. Tho gentlemen named are
charged with intending rcorganze the Board OF
Directors tho Texas Land Company by ousting all
not Interested the Brazano Company and Il said
the value of compainants Texas Land Company stock
will no hall hV
ing OF the Patten sugar plantation is outside the pur
pose Of the company's act OF Incorporation and could
only be operated with great loss and they ask an in
made before Judge Sedgwick in Special Term,
affidavit ,of Mt Joseph |. Sponord Mr.. George
W Wingate was counsel for the plaintiffs and Mr. Wet
more for defendants. The affidavit states that a
stockhoder OF the Texas Land Company, deponent at
tended meeting of stockho ders the 9th OF NOvem
ber. Thinking much time would be consumed In read
ing the minutes he stepped out and absent eight
minutes and his return found that the business had
been got through, the meeting adjourned and meet
ing OF directors was IN progress, who mad all beon
elected in his absence He also SAYS that Paul n Spof
and T. W House had been dropped from the Board
and Moses Taylor and W. T. Dodge substituted and 10
qualify them, they had no shares IN the company,
five shares each transferred TO them Of the
s. 600 Of the International and Northern Railroad Com
pany, which mere colorado transfer aud without
authority OF the railroad company. To make
quorum five shares we're also transferred TO a clerk
the office OF Phelps, named Bond who resigned
after the meeting. A committee was appointed TO
carry the purchase their report and agreement
had been approved The oGsted directors were tho
only members not Interested IN tho Brazano Company
except T. NJ Jones who absent, and they together
represented oDe-third OF the Texas Land Company
stock except THAI held by the railroad company. Mr.
Wncate contended the acton the directors
void having been taken IN tho State OF New YORK,
and because they could not purchase property they
interested in Mr.. Wetmorc read anidayits OF
Nessrs Phelps & Dodge alleging thai the purchase
for the benefit of the Texas Land Company; that
only Of the directors OF the latter
terested in the property proposed to be purchased and
that the lands would be exceedingly valuable, being
situated Brazos River, and that their purchase
within the power of the company and finally, unless
the stockholders approved the purchase would be
completed