The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-31
] Temporary Restraining Order Issued
by Judge Elliott,
CAN'T RETIRE PREFERRED STOC|
No Debenture Bonds to Be Issued, Nor is
Road to Enter lnto ANY combina
With the Other Northw.st-
ern Roads.
(By Associated Prcss.) -

4
MINNEAPOLIS. MINI, Dec. SSo.-Judge
Elliott, of the District Court Of Henne-
pin county. to-day granted q temporary
order restraining the officers of the
Northern Pacific Railroad Company from
retiring the preferred stock of that COM
spany. The order was issued on the APP
plicaton of Peter Power, Of New York,
VINO holds -so shares of tie common stock
and who cameo from New York with
his attorneys for the purpose OF begin
ming the action.
1t was supposed that the failure of the
action brought in the New iorls courts
by holders of preferred stock cleared
away the last obstacle OF the retirement
on January 1st, leaving the Hill interest
in control of the road through it's ma
jority of the common stock. It is infer
red, although it does not SO appear, that
the present action is brought in behalf
of the Hartman interest TO prevent COLI
troll passing out of it's hands for an
other year or until the legal standing of
the. Northern Securities Company is set
tied.
The claim set up by Mr.. Power in his
suit IS that the certificates of debenture
bonds, to be issued to effect the retire
ment OF ,.e preferred. would become a
lien upon the common stock and thus
work injury to his property. 1t is I'M
derstood that the block OF 100 chares
held by Power is the only block of COM
mon not hitherto controlled and definitely
located upon one side or the other. the
Hartman people or the Hill-Aiorgan in
terests.
The restraining order will not only be
served on the officials in Minnesota, but
will be telegraphed to New. York and
served on the officials there. The papers
! were served on President Charles S. Mel
Hen Of the Northern Pacific. to-day.
TERMS OF INJUNCTION.
The Injunction restraints the Northern
| Pacific Railroad Company from issuing
| or selling any debenture bonds or Other
| evidence OF indebtedness, or creating, az y
| indebtedness or liability of any descclp-
| ton, for the purpose of raising money
with which to pay or retire the pre-
| ferred stock of the Northern Pacific Rail-
road Company. Also from placing It's
| property in the possession or under the
| control of the Northern Securities Com
pany, or from entering into any arrange
ment through the medium of the North
crn Securities Company. or otherwise with
/, the Great Northern Railroad Company,
the Chicago. Burlington and Quincy Rail-
| way Company, or either of them. for the
purpose of causing the Northern Pacific
! Railroad system to be operated in con-
| nection WITH or by the same authority
| as the other two roads: or from entering
| into any agreement with said companies,
| or either of them, for the purpose, OIL
avoiding competition and fixing rates.
The bill alleges that the purpose o.
/ the combination was to consolidate th'
! three systems under one management
| and knowing that it could not be legally
! effected. the directors of the three com
panies, for tho purpose of doing indirectly
! what they could not do directly, caused
| to be organized the Northern Securltle!
| Company, a New Jersey corporation
! with a capitalization of s4OO.9N,C90, which
| was authorized to hold the securities o
/ other corporati tons the intention being L
| cause a majority of the stock Of al
| three of the railway companies to D.
| transferred to the Northern Securiue:
| Company. thereby suppressinG conlpetl
/ ton. egulat ting the tariff rates and con
/ Quoting the entire business CT the thre
/ systems as one corporations; that tn
! scheme was in violation of the law o
this State and of other States, through
i which the railway lines pass. ant
/. against the laws Of the United States.
3. The bill alleges that the Northern Sc
! curities Company was organized for tn
sole purpose of uniting under It's man
! agement and control the Northern Pa
! cific. the Great Northern and the Chica
/ go, Burlington and Quincy Railroad
Companies. so that all competition ma
be prevented and eXorbitant freight an
I passenger rates may be obtained.