New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-09-14
LOCAL MISCELLANY.
A@CORNERn LEFT TO THE COURTS.

A"CORNER" LEFT TO THE COURTS.
no SETTLEMENT IN THE MATTER OF TIE HANNIBAL
AND ST. Observation-Disclosures IN THE COURTS
YESTERDAY.
The Hannibal and St Joseph corner" has been
left apparently to the decision of the courts. NO
attempt at private settlement was made YESTERDAY.
and no sale of the stock was made ~ to
Exchange. In consequence of the Iegai restraint
imposed upon them by the inlunGtlons eTanaea d W
Amos L. Hopkins and Everett Il: Wes t henhg ny
change letter in which they informed the Hoard
of the nunctions and of the paTtifpiarrs OF the
Go. A meeting Of the Governing committee was
called but after some discussion the meeting was
adjourned without taking decisive action. since
the cullnination of the corner frequent reports
affecting the position of the Bank of North America
president both of the bank and the railroad com
pany. referred to these reports yesterday
weeks any common stock as collateral security for
loans. and now las only 400 shares OF preferred d
which the remainder of the security consists of
other stocks"
Mr.. Dowd reiterated that he personally had not
the smallest interest in the common stock or III the
operations OF the pool.
Justice Noah Davis sat yesterday in the Supreme
Court Chambers to hear the argument on the mo-
ton which had been made on behalf of Leon Gold
man for peremptory mandamus to compel the
Hannibal and st. Joseph Company to issue its
common stock in exchange for certain of its bonds
held by H. r. Wilson. The answer to the com
plant read and contained in substance q
denial of its allegations. The charges of conspiracy
on the part of the directors of the company con-
tanned In the complaint were then stricken Uut on
motion of the counsel for MIR. Goldman Mr. Gold
man asks for the mandamus on the ground that he
is owner of preferred stock and that for time
he has not received any dividends his stock, and
that he is interested in having the bonds of the
pany exchanged for comm stoock because the money
which had hitherto been necessary to pay interest
on the bonds might then be used to pay the divi-
dends W hich he desired to receive. The bonds in
question bear date March l. 1870, and contain a
clause authorizing their exchange for common
stock on any first day of March or September prior
to 1884.
Wager Swavne "a counsel for Mr. Callahan
argued that time not of the essence of the
tract ana that the bondholdCrs were entitled to
receive common stock in exchange for their bonds
Mt any time. Elhu Root appeared for the company
and insisted that the time mentioned i'll the bonds
for their conversion into stock very material
otherwise in buying stock could possibly
know how many shares there might be TOR might
come to be- In existence. He also called the atten
ton of the court to the circumstance that the bonds
had been issued under statute of the State
of the company could not be converted into stock
within ten years after the time of their date and
that these bonds were issued In 1870. Mr.. Swayne
thought that this statute could not possibly create
any impeachment to the company i'll doing what it
had expressly contracted to do.
Justice Davis suggested to Mr.. Root that there
was probably later statute than the one referred
to by him, as otherwise it hardly credible that
the company would have issued the bonds in their
present form. Mr.. Root replied that after the
most careful search no other statute had been
found. Justice Davis reserved his decision.
The. mandamus suit brought by Henry X. Wilson
before the United States Circuit Court an order
issued by Judge Blatchford to compel the Hannibal
and ST Joseph Railway Company to convert bonds
of the company into unpreferred capital stock at
par dId not come up for trial yesterday in the
United States Circuit Court, as Judge Biatchford
was absent from the city.