The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1889-05-14
DIRECTORS RESTRAINED.
Elijah smith Seeking to Prevent an Issue
Of Oregon TranscontinentaI stock.

Elijah smith Seeking to Prevent Issue
Of Oregon TranscontinentaI stock.
NEW YORK, May I3.-An injunction
was today issued by Justice Garrett, of
the supreme court, on application Of Elijah
Smith and Z. Bell, stockholders of the
Oregon Railway S Navigation company.
restraining until further hearing the pro-
posed issue of new stock by the Oregon &
Transcontinental company and also re-
straining any pledge or other disposition
| by that company Of its holdings
of Oregon Railway & Navigation
company shares. The Injunction is direct
ed against the Oregon * Transcontinental,
Henry Willard. Chas. l.. Colby, Colgate
Hoyt, w. l.. Bull, G. A. Spotford, G. NJ.
Hanson, c. ii Prescott, Jas. Simon, A. g.
Fulton, +. Harris Barkett, NJ. G.. Holland,
A. l.. Charlton The authorized capital
stock of the Oregon & Transcontin. ntal
company is S50,000.0O0. The amount here
tofore issued is s400OO,OO0. On Saturday
last telegram from pOrties in Portland,
Oregon, brought the announcement that on
Friday the board of directors of the Oregon
ant 70 telegraphic instructions from
Willard. had passed resolutions
directing that the remaining SO, 900, 900 of
the authorized capital stock be issued at
once; that the company should guarantee
dividends at per cent upon this SIC, 0O0, 900,
and Sl2, ,000,0 900 Oregon Railway Il Naviga-
ton stock held by the Oregon Transconti-
mental should be hypothecated to secure |
the payment of the dividends which were |
to be guaranteed on the new issue. The |
executive commtte were authorized to /
dispose of this new issue and TO charge a |
commission OF rebate for their services in
so doing. Seven directors out of the |
seventeen were present at the meet |
ing, three being quorum under |
the bylaws. Five directors, all of whom /
81. DIT
way company, voted for and passed the /
resolution; the two other directors present /
voted against the resolution. The plain
tiff, who furnished the foregoing infOrma-
mental has no authority in law to give such
preferred right to any portion of the stock.
IL is said Nillard's purpose was to place
the stock where he could control its proxies
and the election on the third Monday in
June, and also with the money thus OBJ
tanned TO increase the amount Of Northern /
Pacific shares now held by the Oregon & |
Transcontinental to enable him by that
means to control the next Northern Pacific |
election.
The TranscoDtinentalA Association.
ST. LOUIS, May l3-The Transcontinen-
tai association concluded its labors here
this afternoon. The committee to which
was referred the Puget Sound rates, on
Saturday last, reported to-day that they
I
matter and the question be taken up by the
association at the meeting to be held at Ia
coma, July 20 The association passed
resolution TO continue negotiations with
the trunk lines in arranging percentage of
divisions on east bound traffic. They also
fixed rate for the triennial conclave of
Knights Templar to be held at Washing
ton, of $50 for the round trip from Cali
fornia to the Missouri river. the through
rates to be based on rates east of that
river. j. l.. Leeds tnedered his resigna-
ton as chairman of the association, which
was accepted and James Smith, general
agent of the association at New York,
will De transferred to the head
quarters here 70 take charge of
affairs pending the election of a chairman
TO take his place. In explanation of this il
will be officially announced tomorrow that
the resignation of w. II. Newman, third
yice-pre sident and general traffic manager
of the Missouri Pacific, which has been
several times reported, has been accepted,
to take effect June l. J. ). Leeds has been
appointed traffic manager of the system,
and the Office of third vice-president will
be abolished.