The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-22


our plan of reorganization that yon
would name a price on Your stock, which
your attorney Gr0ner informed me III
the presence of your Attorney Page, had
averaged you between ninety and ONE
hundred. | would also remind you OF
your request, which you urged upon me
in our last interview, that / should adj
wise my fellow members in the Seaboard
syndicate to sell out their holdings at
two hundred dollars per share for Sea-
board stock, which you said you thought
was a full price for that stock, and one
which they ought to be only too glad to
realize.
fSignedD !. s. WILLIAMS.
Judge Watts continued, showing that
Ryan owned less than one-flfth of the
Scaboard and Roanoke stock. only
twenty-one of the Raleigh and Gaston's
$4,000 shares, and - Of the Raleigh and
Augusta's 10000.
Hes simply mistaken his remedy.
He ought to have applied for man
damus asking that these roads be turn
ed over to him. An injunction is not
what he wants These folks were present
when the amendment to the charter pro-
viding for the consolidation was adopted.
They said nothing then about Qbjecting.
Now they come here, a year after and
say great fraud is about to be perpe-
rated and an irreparable wrong done.
"The object of this proceeding, if such
papers as the New York Herald is to
be believed, is to disrupt this system
for the benefit of Il rival line. Its effect
will be to add to the panic already ex-
listing in New York and brought about
by these same influences and for this
same purpose"
During Judge Watts argument Mr..
Page continually interrupted him, either
asking n question or making a retort ut
every pause i'll the Judges speech. 1t
did not seem to worry Judge Watts a
bit, but Judge Purnell finally grew tired
of this continual cackling on the nest
and said:
Mr.. Page, I've just heard from you.
If you'll pardon me, I'd like to hear a
word from the other side"
"Oh, your honor, let him keep on. 1t
doesn't worry me and it seems to amuse
him.
This extingusher had the desired eff
feet. Mr.. Page settled down in his
chair in half sitting, half lying pos
tuTt. NHllt IIcIiilly NSulSS pOulGu NOAi
ISOLATION oil in his ear.
In the meanwhile the odor Of violets
continued to float from Lemmy's per
fumed hair, regardless of the torrid ar.
gument raging around it.
The law in the case was argued by
Judge Gross, of Baltimore, and Mr. L.
o. Burton, Of this city.
Judge Gross pointed out:
]. That Williams and Ryan being resi-
dents of other States the court had NJ
jurisdiction: ~ that being a suit be
tween individual stockholders it had nC
place i'll an equity court; % that as nc
irreparable injury would be done the
remedy was not by injunction.
Mr. Burton took the opposite side OF
these contentious. The question oil
residence, he said, was not material
that it was an equity case, and that the
action proposed to be taken at the meet
ing would work irreparable injury to his
client. Ii pointed out certain respects
in which he thought his would be done.
INJUNCTION RESCINDED.
On conclusion of the argument Judge
Purnell announced that he would re-
scind the restraining order granted three
hours before, and said:
1.-The matter upon which complainant
counsel seems to lay great stress, the
specific performance of the contract fol-
the purchase of stock seems to be by adj
| mission involved in a suit now pending
| in court of competent jurisdiction and
could not Justify injunctive relief in this
cause. The jurisdiction of this court is
regulated by Statute and it is provided
| that suits shall he brought in the dis
| trict in which the defendant resides
| Thos. +. Ryan resides in New York, an6
j. SHELTON Williams, in Maryland. i
| this were the only cause of action set
| forth the court would dismiss the suit
and being involved in a suit now pending
in a court having jurisdiction in Mary
| land, this question is not considered
1t is also admitted in the argument thar
there is a suit pending in the Crcm
court for the Eastern District of Nir
| ginia i'll which most of the questions
| here presented are involved, in which
a restraining order WAS refused--one O
| the reasons being that the court coult
not restrain the Raleigh and Castor
| Railroad Company, North Carollni
| corporation. But the order was refused
on other grounds. That court has juris
diction Of the other questions involved
and had the restraining order been is
sued as to other parties the defendant
of which it did have jurisdiction thi
court might have aided it by a supple
mental similar order. Having refused
the order the institution of this suit tn
day after such refusal looks like a multi
| plicity of suits which the courts do no
encourage.
II have asked several times what ire
parable injury is threatened or proposed
and if the complainant has not an AIDE
| quate legal remedy. These question
have not been satisfactorily answered.
Acts ultra wires by the corporation
| or breaches of trust ON tn
| part of officers though incidentally
| mentioned are not the real basis of thu
! suit. The basis of the bill seems to b,
acts proposed by the stockholders
minority stakeholder seeking to restrain
| the majority from dealing with the com
| mon property seyera
| properties into Il system or enlarged cor
/ poration. 1t is not proposed to destro,
| complainant's stock, but to pool it witt
other stock of defendants. Is this al
| irreparable injury for which there is NJ
adequate legal remedy Counsel havt
| mot shown that it iS