New-York tribune., 1897-02-09
NEN.JERSEY NEWS.
OPPOSED TO Az EXTENSION.
PlTNEY ASKED TO RE-
STRAIN THE NEW-JERSEY zinc AND
IRON COMPANY FROM PURCHAs-
ING CERTAIN PROPERTIES

Injunction proceedings wee begun IN NhahVcI!
Chambers In Jersey City yesterday 10 restrain ."e
New-Jersey Zinc and Iron Company from ou'ihs
up various mining properties and increasing ls
capital stock 5000 co0, and mortgagns It's properly
81 7Ca 900 The complainants' case was directed py
ex-Judee Dillon of New-York Judge Howell ana
Ioseph Coult of Newark The defence was man
aged by Richard V. Lindabury. John l.. Cau"a''
der of New-York and others. The petition ior an
Injunction was nled by William T. Meredith. VINO
owns 1875 shares Of stock OF the New-Jersey zinc
and Iron Company. and Sarah Mereul'" VI ~"
York who holds nnety-siX shares.
The stockholders were informed by circular
letter dated January s. that. TO obviate difncui'es
and relieve the company from empdri"ss"e'''7
and legal entanglcments. II had been dcc'ueu u!
the directors TO purchase the Mine fiili property
in Sussex County y. j.. and other mining prop
critics Mr. Meredith attended the meeting at '"e
connanv's office in Newark on January So' wheh
tho arranpements for the purchase were co"-
summated He was one of the mhoil'.' NJ
were 26VU shares represented out vi wv 49,
He asked for explanation OF the sche"'' ~ ~
received twenty-four pages Of type"rlt'e" ma
to read but this did not enighteh h'Ni anu ~ ~
suspected +, was a scheme to form trust IA
which good bad and Indifferent properties were
IN ha united The New-Jersey company mas o'.',
I'm existence almost half century an" ~ r
dividends OF from 10 10 per CENT an" "
nverse TO having the company 20 lh'o Spe
ton or combination by Whlch i'9 pom ~ -
diver,ed to sustain less successful mines ne ""
5 ~, h,s onnosi,ion did not affect the deal
s the majority approved purchase. Ihe seli',,i m
j. IN increase the stock from SVio"" 10 So'
AND in addition TO issue first mortgage uo''uS o,,
irg ner cent interest and payable IN so'"' "
-',4 ,.,,a.,,or,s I, was stated had been mace ~
l.,. tho bonds and the cash, and the alui'.o.'
issue Of bonds were to be used III ou! ''e ~ -,
nm nronertv and mining properties III Ne" i'
I,' v.teo,rsir PENNSYLVANIA and Mexico. ,,o
The movement contemplated Snans,'tt Snead4s6e Inc New
title Of the company, which wa wa 10 'rHiv consulted
JfrSey f 49, and after copy of the agreemen' @
studied il was concluded ina, a |'H 1euen 10 pre-
10, ~ no formed and action was takgn -, lron
U, IIdce Howell In reading the petition, U0
tended tat no explanation OF 'he p,;p9 and that
Tasn,i his proies the majority few oitcerS ho
held proxies rushed through me me pcHn comnsnv he
n,,;,r no held was Illegal. Inc. CohlPSeit - -
acuoi,, Ie eraiS bandsome dividends for half cen
ury and free from debt, nost ms = oopOoo nd
ppiacjnc a mortgage Of almost s2"O"" Oh 0he P'oP
erty , d.t.,ce If was contended that there had
hoU a Sispute and litigation for many years as W w.
me exact boundaries OF the mlnnls p' ti"nnnanv
S,'ssc~ county and that the Lehgh SotPd.n?. .
n'h3cb holds The adjoining property, mao it" h
week ago received a favorable declSlon III Irs' sn
o,,,r's ubich seriously affected the Ne"-Jet 80
2Jc and Iron Company. and limited its optTatloi,s
10 the present worked-ou; POI lon ~ ~ ~ nnd or
br"asernents by buying the property OF the leh!kn
and rival companies The defence alleged tha ene
n,eresS Of these companies were a4lied WIN .lloaS
~ foreign companies and that they had to absoIp P
all 10 save the New-Jersey Company rom p ~ e.
dissolution as 55 Hlne was now vaueess The
action they cOntended. was clearly loi ''e '''
of the stockholders. .,.., .,,o, ,bo mine was
no, exhausted and still valuable ana prOdoie
and that even it became me compsny had no au-
thority to buy mines in other states ana io'eis"
%nn - rcoor Pitney said he would probably
give his decision on SATURDAY