The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-16

Further heasOnS GlFen.
Norfolk, Va, Jan. 15.-United States
District Judge Waddill this afternoon re-
fused the injunction prayed for by Thom-
as F. Ryan of New York against the
consolidation of the Seaboard and Roa-
noke Railroad with the other roads of
the Seaboard Air Line System, the Flor
ida Central and Peninsular and the Geor-
Ella and Alabama Railroads. Upon the
request of the counsel for complainant
and argument by counsel for defendant,
Thursday next was set as the day for is
suing the formal order.
The decision, covering more than $500
words, reviewed the case elaborately, stat
ing at length the contentious of COM
plainant and defendant-first, as to con-
solidation second as to the sale of 9.422
shares of the Raleigh and CASTOR Rail-
road Company. owned by the Seaboard
and Roanoke Railroad Company. After
balancing the contentious of either side
on the points above mentionet, :, Judge Wad-
dill continued:
1T may be conceded a minority stock
holder has the right to seek the inter
vention of a court of equity against the
acts of a majority when such are ultra
vires, fraudulent or Illegal The measure
Of relief afforded will, of course depend
upon the facts.
Halves VS.. Oaklad, OIL A, U. S. 450.
Shaw VS.. Davis ct al, rs Md, sO8-S16.
Must Consider Defendants.
Whether or not an injunction should
he awarded is a matter addressed to the
sound discretion of the court, and in its
exercise all of the circumstances must be
taken into consideration, not only the
damage that may arise to the complain.
ont by reason of its refusal, but the dam
age likely to result TO the defendants from
its issuance. If there is a greater likeh-
hood of damage from the latter than the
former, the injunction should be, as a
rule. refused. (Foster's Federal Practice,
section 233 and cases cited)"
Then, summing up the conclusions from
the observations already made his honor
said:
Upon the whole case my conclusion IS
that the circumstances do not justify
granting the injunction asked, that the
probability of irreparable damage to the
complainant from a failure to award the
injunction is at least no greater than the
injury likely to result TO the defendants
should 1t be awarded, if, indeed so great
To the present time the complainant does
not appear to have been seriously dam
aged and doubt not but with this suit
comprehensive as 1t is, with all the par
tics before the court, charged with no.
tee of this claim. serious in character
and affecting all of the property and es>
tate of the Seaboard and Roanoke Rail
road Company, and at least all of the par
ties to this cause dealing with said prop
eriy. that his rights can and VIII be fully
. protected
others Have Rights. Too.
THE rights of the persons interested in
the litigation should not be overlooked,
and especially is this true in case in
which a minority stockholder in insist
ing upon a course to secure mis- rights be-
heVed by practically all of his co-stock-
holders to be inimical to and utterly de-
structive of theirs. The complainanTs
STOCK, according to the present market
value, is worth 5000 per share (the par
value being s10O-that is S491 200; where
as that of the other stockholders who OPP
pose what the complainant wishes, is
worth some $2,2S5. 900 This refers, Of
course, only to holdings in the Seaboard
and Roanoke Railroad Company When
me interests of those that may be seri-
ously affected by the injunction in the
Other roads of the Seaboard Air Line Sys-
lem of the Georgia and Alabama Railway
company and the Florida Central and Pc
mnsGlar Railroad Company, proposed 10
ne consolidated with, are taken into &C.
count the amount reaches to many mil
Mons Of dollars
The stockholders in the Seaboard and
i.odhoke Railroad Company, who believe
lnai 800 is an excellent price, have the
shi to expect the court to cautiously
exercise the discretion asked in an effort
10 protect a stockholder owning less than
oue-nftn in amount of the company's
"9ek. when by so doing theirs may be
seriously affected
ine preliminary injunction prayed for
VIII be refused"