New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-25
meeting was held In the interest of the SewyOrkHOme
Missionary Society.
THE COURTS.
THE NORTHERN pAcIFICs NEW BONDS.
An INJUNCTION AGAINST THEIR ISSUE OBTAINED
MR.. FIELDS COMPLAINT.

Judge O'Gorman, in the Special Term OF the
Superior Court, yesterday, granted temporary inunc
ton against the Northern Pacific Railroad Company In
the suit OF william r. Field restraining the company
from taking any steps 10 ISSUE make execute any fur
Their bonds mortgages the property of the company
Dunntng, Edsall, Hart Fowler are the plaintiffs
attorneys
The complainant in his statement reces the history Of
the road and asserts that by the joint resolution OF Con-
gress approved May 81 1870 the company author
lied TO issue its bonds aid In the construction and
equipment of its road and 20 secure the same by mort
gage its property and rights Of property but that
ono further consent authority 70 issue its
bonds have been given to said company by
Congress" The company reorganlzed, the plaintiff
continues with capital stock of 800 100000, in 1000
600 shares of which $4,000 preferred stock and
OF these he 200 shares with 800 shares of the com
mon stock.
To complete and equip the road the plaintiff states that
in November 1880, the company sold $40 100000 of adj
ditonal bonds to be known its general first mortgage
bonds and January 1884, the company delivered to
the Central Trust Company Of this city, trustees, gen
eral mortgage on its main line and branches Since then,
the allegation proceeds. the company have received
many millions OF dollars from sales OF preferred
stock then In the treasury OF the company, from
the sales of lands then since patented to the company
by the Government and from the operations of its rail
road The sales of lands in 1882 amounted to than
100000 acres averaging than 50 acre, and In
1888 to than 100000 acres at Of more
than 81 an acre. while town lots in those years sold
for than 100000. In September, 1t is asserted,
the company declared scrip dividend upon its preferred
stock for moro than 100000 against net
ngs heretofore used for construction purposes, while it
estimated that the available means from the pro-
ceeds the 4OO00000 of general first mortgage bonds
and otncr would complete and equip the main line
from Lake superior to the Pacific Ocean before the close
OF 1888
Tine defendants the complainant alleges, now pretend
that the company requires additional means, amounting
ton and equipment. and to provide such
se s5ooOoooo Of aSt bonds issue of sand
company, TO be secured Ivy second mortgage
Inc plaintiff declares that the already provided
sufficient for the work authorized by the companys
may be intended to be used by them in
aid of various collateral UNDERTAKINGS and en-,
By its officers and directors In attempting 10 con
stTue branch lnes winch nnder ITS charter ine com
pOrations last referred to is Oregon aud Tansconu
nominal caritai Of so .065. and Of which the de-
iendnt, Willard is and has been since its organization
The plaintiff declares that this company was organized
for the construction Of branch lines surveyed and 10
Gated by the engineering department OF the Northern Pa
cihc Railroad Company, ana that Tor this purpose the
IrscOntlnentl Company IN July last acquired of the
common stock 1871 300 shares OF It's preferred stock
or nearly 81 per OF it, capital the time"
Sent5 conpany has for more more than ySar
past controlled and managed the affairs Of
become interested In various schemes authorized
by For this reason, instead Of being ayOrc
investment before the TransoOntlucnta Company OBJ
tanned the CONTROL Mr. Field declares that the stock OF
tue Northern Pacific Railroad has decreased IN market
value.
Mr. Field makes affidavit that tie directors have al.
ready received proposition from syndicate 10 take
So 600 900 OF the proposed bonds at S7l2 cash, with
six months option 10 take S0OO0OO more on the same
and that tncy have accepted the proposition, sub
jCct 10 authorization by the preferred stockholders at
special meeting 10 Dc held November 20. He alleges,
Also that Of the dcfcndants acting with the
quired large amount OF said stock and proxies 10 vote
thereon,