The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1901-12-31

"a
! u to-day granted a temporary
! L n order restraining the officers
of the Northern Pacific Com
pany from retiring the preferred stock
Oh the company. The order was issued
on the application of Peter Power of New
york. who holds 100 shares of the COM
mon stock. 1t 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 retirement of the preferred on Jan,1-
airy l, leaving the Hill interest in con-
troll of the road through it's majority of
me common stock. 1t is inferred. AL
though it does not so appear, that the
present action is brought in behalf of the
Hartman interest to prevent control
passing out of its hands for another wear.
or until the legal standing of the North
crn Securities Company is settled.
The claim set up by Power in his sniff
is that the retirement of the preferred
stock is in violation oe the agreement
that such retirement would Law no adj
ditional burdens upon the common stock
and he holds that the certificates of de-
benture bonds to be issued to effect the
retirement of the preferred would become
a lien upon the common stock and TINS
work an injury to his property 1t is
understood that the block of 100 shares
held by Power is the only block of com
mon not controlled or definitely located
upon one side or the other-the Harri-
man people or the IIill-Morgan interest
Terms Of the Injunction.
The injunction restraints the Northern
Pacific Railway Company from issuing
or selling any certificates of indebted
ness or debenture or other evidence of
Indebtedness, or creating any indebted
ness or liability for the purpose of rails
ing money with which to pay or retire
the preferred stock of the Northern Pa
cific Company, or any part thereof, or
from using or appropriating any moneys
or proceeds other than the ordinary or
surplus net earnings of the Northern Pa
ctf1c Company to the payment and retire
mcnt Of the preferred stock of the COM
pany, or any part thereof; and also from
creating any Indebtedness or liability
other than the ordinary Indebtedness. and
liability for the operating expenses of its
railroad system, and the indebtedness
and liability now existing which would
be a preference or take precedence of
the common stock of said company: also
from placing it's property, or any part
thereof, or the management of its rail-
way system or any part thereof in the
possession or under the control. either
directly or indirectly, of the Northern
Securities Company or from entering
into any agreement or arrangement either
directly or indirectly through the me-
dunn of the Northern Securities Com
pany or otherwise with the Great North
ern Railroad Company the Chicago
Burlington and Quincy Railroad Com
pany, or either of them, for the purnosa
of causing the railway system OWNED
and controlled by the Northern Pacific
Company to be operated in connection
with or under the same rules or bv the
same authority as the Great Northern
Railway Company and the Chicago. R,,r-
lington and Quincy Railway COMPANY or
either of them; or from entering into anv
agreement with these companies. or
either of them, for the purpose of avoid
ing competition and fixing rates for the