The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-12-31
Big DEAL HELD UP
NORTHERN PACIFIC COMPANY RE-
STRAINED.
MAY BE A HARTMAN, MOVE.
LONE INDEPENDENT STOCK
HOLDER BRINGS SUIT.

Holds the Only Block of Common
stock Nbt Gathered In by Either
HiII or observation-disclosures In
tercsts May Desire to Retain Con-
troll for Another Year--The suit
Brought Mt Minneapolis and viii
Prevent Retirement of Preferred
stock Until Matter Is Disposed of.
Minneapolis, Dec. 30.-Judge Elliott
of the District Court of Hennepin
county to-day granted a temporary or
der restraining the officers of the
Northern Pacific Railroad Company
from retiriEg the peferred- -stselas OF that
company. The order was issued on the
application of Peter Power of New
York, who holds a hundred shares of
the common stock, and VINO came on
from New York with his attorneys for
the purpose of beginning the action.
II was supposed that the failure of the
action brought In the New York courts
by holders of preferred stock cleared
away the last obstacle to the retire
ment of the preferred on Jan. /, leav-
ing the Hill interests In control of the
road through it's majority of its COM
mon stock.
1t is inferred. although, 1t does not
so appear, that the present action Is
brought in behalf of the Hartman
interests to prevent control passing out
of its hands for another year, or until
the legal standing of the Northern Sc
curities Company is settled. The claim
set I'm Inv Mr. Pou,ar O., Lis .,,.st q. .t,+
the retirement of the preferred stock
is In violation of the agreement
that such retirement would lay
no additional burdens upon the COM
mon stock, and he holds that the GER
tificates of debenture bonds to be is
sued to effect the retirement of the
preferred, would become a lien upon
the common stock and thus work an
injury to his property. 1t is under
stood that the block of 100 shares held
by Power is the only block of COM
mon not hitherto controlled and def
nltely located upon one side or the
other. the Hartman people or the Hill
Morgan interests.
To BE Served in New York Also.
The restraining order will not only
be served on the officials in Minne-
sofa. but will be telegraphed to New
York and served on the officials there.
The papers were served on President
Charles S. Mellen of the Northern Pa
cifc to-day.
The Injunction restrains the North
ern Pacific Railway Company from
issuing or selling any debenture bonds
or other evidence of indebtedness. or
creating any indebtedness or liability
Of any description. for the purpose OF
raising money with which to pay or
retire the preferred stock OF the North
ern Pacific Railway Company, also
from placing it's property in the pos
session or under the control Of the
Northern Securities Company, or from
entering into any arrangements
through the medium of the Northern
Securities Company or otherwise, with
the Great Northern Railroad Company.
the Chicago, Burlington and Quincy
Company, or either OF them, for the
purpose of causing the Northern Pa
clHc Railway system to be operated in
connection with. or by the same au-
thority as the other two roads: or from
entering into any agreement with said
companies, or either of them. for the
purpose of avoiding competition ana,
fixing rates
The Northern Securities Compnny.
The bill alleges that the purpose Of
the combination was to consolidate the
three systems under one manaeement
and knowing. that il could not be
legally effected. the directors OF the
three companies, for the purpose OF do
ing indirectly. what they could not do
directly, caused to be organized the
Northern Securities Company. a New
Jersey corporation with a capitaliza
tion of S400, 900 900 which was author
ized to hold the securities of other cor
porations, the intention being to cause
majority Of the stock of all three Of
the railway companies to be trans-
ferred to the Northern Securities Com
pany, thereby suppresing competition.
regulating the tariff rates and conduct
ing the entire business of the three
systems as one corporation. That the
scheme was in violation of the law OF
this state. and Of other states through
which the railway lines pass, and
against the laws of the United States.
The bill alleges that the Northern
Securities Company was organized for
the sole purpose Of uniting under it's
management and control the Northern
Pacific, the Great Northern, and the
Chicago, Burlington and Quincy Rail
ways so that all competition may be
prevented and exorbitant freight and