St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-01-03
THE INJUNCTION REFUSED.
Judge Nelson Will Not Grant One
Against the New Deal on the
] Saltwater Car Company.

Saltwater Car Company.
The argument upon the application of
capitalists of Boston and Philadelphia
for an injunction to restrain the Mime
sofa ThreSher company from floating
bonds so as to purchase the assets of the
Northwestern Manufacturing and Car
company was heard by Judge Nelson,
in the United States circuit court, yeSter-
day. The application was denied. III. G.
Stone appeared for the Eastern capital
lists, and Messrs. Flandrau and Hyde
for the Thresher company. The assets
of the ThreSher company, according to
Mr.. Stone, are S250,000, and the liabili-
ties $4,000. The ThreSher company
proposes to float Sl.6OO,0C0 worth of
bonds so as to purchase the assets of the
Northwestern Manufacturing and Car
company. Mr.. Stone claimed that
would leave the Thresher company
with an indebtedness amount
ing to about 100000. Judge
Nelson, in denying the application
for an injunction, could not see that the
Tresher company had no right to issue
bonds when the question was proposed
i'll common to all the stockholders and
no stakeholder was given any advantage
over the other. The whole question at
issue was whether corporation had
any right to deal in its own stock. 1t
was found that this question did not
apply to the proposed transaction of the
Minnesota Thresher company.
WHAT SENATOR SABIN SAID.
The last obstacle in the settlement
of the affairs of the Minnesota Thresher
company was removed to-day by Judge
NelSOn," said Senator Sabin as he sat
i'll his parlOr at the Ryan surrounded by
party of Eastern capitalists, land now
we will perfect our arrangements to de-
rive some benefit from ourplant at Still
water. At present we are working one
quarter the regular force of mechanics
on three-quarter time. but as soon as
spring opens we will be in full
blast, and will pay more attention
than ever to the business of car build
ing. Undoubtedly there will be great
demand for cars owing to the number
Of railroads proposed or in course of
construction, and our mills have facili
ties to supply all calls upon us. Now
that the courts have settled the applica
ton for an Injunction adversely to Mr..
Stone, we do not look for any further
opposition from that quarter, and | do
not believe that application was made
for an appeal, the judge deciding with
out leaving the bench or consulting an
authority that the action proposed by
the minority would not lie.
by Wednesday of this week, the bal
ance of the purchase money, something
over million dollars, will be paid over
to the referee at Saltwater and the new
company will then be in undisturbed
possession of its property.
by the way, the suit brought against
Mr.. OGorman and myself by Mr.. Por-
ter, in which million and half dol
lars are claimed, has been withdrawnby
the plaintiff, who desires to put in an
amended bill, but practically it means,
the abolition of the case. | will return
to Washington Wednesday evening
in very different spirits from
those that | felt but few weeks ago.
Every move that has been made by the
opponents of the thresher company has
not only been promptly met, but check
mated, until our successes have become
monotonous. ALI the gentlemen who
came to my aid in the outset of my diff
culties have shown that they were pre-
pared to stay until the end, and capital
in unlimited quantities will be furnished
us to make our enterprise boom as it
chould -