The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-01-05
THE TEXAS LAND COMPANY
IT'S OBJECT, AND HOW 1T WAS SAID
TO HAVE BEEN FIXED.

IT'S OBJECT, AND HOW 1T WAS SAID
TO HAVE BEEN FIXED.
HOW THE GREAT LAND COMPANY WAS BOUND
TO THE BRAZARIo IMPROVEMENT COMPANY
ANDTHE GREAT NORTHERN RAILROAD COM
PANY.
The New York Sun says that: Gardiner
8. Spofford and Joseph l.. Spofford have sued
the Texas Land Company and certain of its
directors, and they moved before Judge
Sedgwick Friday for an injunction. The
Texas Land Company was organized in 1870
"to promote emigration to Texas, and thus
facilitate the sale and purchase and settle
| meDt of lands by emigration; to Introduce
labOrers and skilled workmen and capital
| lists into the state" The capital is 81 O00.-
600 in 500 shares The plaintiffs
aver in their complaint that the
company is the owner of large amount of
valuable land, and is in a very fourishing
condition, the stock being worth two or
three times its par value; that 1t has no
debts, and its prospects for the future are
very promising. The Brszsrio Improve
ment Company is an association consisting
of John S. Kennedy, Thomas w. Pearsall,
John s. Barnes, and VIM. w. Phelps, with
others. The association is claimed not to be
| legally incorporated, and the property. it is
asserted, is in reality held by Moses TAYLOR
| in trust for the benefit of the persons inter-
ested in the association. The whole assets
consist of
THE PATTEN PLANTATION
| in Texas, operated in the manufacture of
sugar, and which, although costing S54 900, il
not at present worth over slO,0 900, and worth
that only to planter thoroughly familiar
with the business and having capital, it hsy-
| ing lost money for number OF years, 20
| that it is $3) 900 In debt, b. sides having
been greatly injured by the recent cyclones
in Texas. These gentlemen, who are also
officers and directors Of the Texas Land
| Company, are charged with having, for the
purpose of rendering valuable their interest
| in the BrsZario Company, agreed to purchase
it's property on behalf of the Texas Land
| Company at its actual cost, with interest,
since 1868, making about SOC, 600. The pur-
chase is declared TO be unwise and injurious
to the Texas Land Company stock holders,
except to those interested In the Brszario
| Company. OF the 10. 900 shares Of TIE Texas
Land Company, 5000 shares are held by the
International and Great Northern Rail-
road Company, and Kennedy,
Pearsall, Barnes and Phelps, tc-
gether with Moses Taylor, william z.
Dodge and w. @. Hutchins, who each own
oDe-tenth OF the Brszsrio Company. VIM.
NJ. Rice, J. s. Wetmore and Gslusha Grow,
| who together own seven n-sixtieths, are d.
rectors of the railroad company, and con-
stituie together two-thirds of the direction,
and altogether, this contemplated purchase
/
vote upon tie stock held by
it will be controlled by these d.
private interests in the Brszario Company,
and without regard to those OF the railroad.
These gentlemen are charged with intend
| ing then to reorganize the board OF di-
rectors OF the Texas Land Company, by
oustiDg all not interested in the Brszario
| Compsny. The plaintiffs allege that the
| value of their Texas Land Company stock
1 l1~ hal de- oIoc tct
coDsummated. The working of the Pstten
plantation would be entirely outside the
purposes of the Texas Land Company, and
could not be operated without great loss.
| THEY THEREFORE ASK AN INJUNCTION
restraining the defendants from effecting
the purchase. Upon the motion for afin-
junction yesterday Mr.. Joseph L Spofford's
affidavit was read. 1t said that he attended
| meeting OF the stock holders OF the Texas
Land Company November g. and that while
| he vas absent-eight minutes he thought
would be consumed in reading minutes
the stockholders meeting was adjourned,
and a nesting OF the directors was in
progress, which directors had been elected
while he was away. Paul N. Spofford and
T. w. House had been dropped from the
board, and Moses Taylor and W. E. Dodge
substituted. In order to entitle them to be
directors, they owning no shares in the
Texas Land Company, five shares each were
| transferred to them out of the $500 shares
belonging to the International & Great
| Northern Railroad Company. This he AYERS
| to have been a mere colorado trantfer with
out authority from the railroad company.
| Aud in order to make up a quorum Tor inn
mediate action five shares were transferred
| to clerk in the Office OF Phelps, named
Bond, he after the meeting resgDing bis po-
sition. A committee or the board were
authorized to make the purchase referred TO
THE oUsTED DIRECTORS,
| Spofford and House. were the only men,
bers not interested In tho Brszario Com
dany, except ]. M. Jones, who was absent,
and they together represented nearly one
third OF the Texas Land Company's stock
except that held by the railroad company.
Afidsyits of Messrs. Phelps and Dodge were
read, alleging that the purchase was for the
benefit of the Texas Land Company, that
only y minority of the directors of the lat
ter were Interested in the properly pro-
posed to be purchased, and that the lands
would be exceedingly vslusFfe, being sitn-
sted on BrszOs river, aud that their pur-
chase was within the power of the COM
pany. The directors, he asserted, did not
Intend TO complete the urchase without
the approval OF the stock holders.
Ada Foy, the scLrsss, ~as married in Cir
cinnati TO John W. Foster, an actor. Af.or
three days of honev moon she has suei fos
divorte. and Foster hes also been arrested
for ps tury, the accusation icing tba iR