The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-06-26

81. HNNN NNah WV
~, court ct irrar' srh Appeals
,r,..,r f-.rr 'nr ORDER OF VICE han
tr..r,. 4, Sow I,r-.v. cuiolning IN"
tasted S,rr.- stool q. fuora'i"" from carry
.,. ola. .. convert : UtUD.0 81
%. f.. "a stock into : r~r cont. bonds
..Y. ID, lem, 90 additional IS u"Htoo ~ 'h"
...rt- f. Yr.'.l, ash ,lIt'l. IN" tHhu
o.. ID. ,.,,,rablc after th" expiration
,,. ,,ar- .rH rayah'" ia 'NN years,
... ,rru,t t.frr, ~" count 81 trf"i- ana
\fr.. r- .f / ,u'nu Yesterday ~" llS'h-
70 .r.. 600, DO Miriam B'rs"r. VII" owns
luG .I,fs- ~ fu' ir'i'tt'd stock ~ VIZ"
..tf .uf.'
r.. U..i ~ 'hc rlo,r'in that IA" plan
-.r.,r-..r which va approved bN a
20, ,l 90 - Ip per cont ~ VI" st"ch-
.~.l.r~ a. ft, meeting called Tor IN" phr-
,.-.. Vas void. al WiIp, | e'ausn IN" r'a'u'"
Nd Nv the New Jersey Legislature
March ~. 'g02 for IN" purpo-" oi MAKING
.oraIIy p1.sihl. the CARRYING out ~ IN" plah
If. unconstitutional II" rlaln'in alro on
uests TO n contract entered into Nv the
q N,,ri nf DIRECTORS ~ IN" steel Corporation
with ! l. Morgan 4 q" under which IN"
l,nkcrs guaranteed q" ~" steel corpora
,t.r thai siD oH Oa fac" Nalu" ~ VI" new
i-.tI- would h" taken. 20 which sn'"N!""
,,uIi r,rrr..ut N. purchase 81 n like
amount of p-of"rrcd s'"k NJ par an'
So u~t "c rpi'."nt PAYMENTS mad" IN
I.n ~ Is,r
A..,. chancellor rmerv. In n decision
narf,d down On Jun" -. c'an'"d a t"m-
,.,.,y Injunction The Nic"-,han~"llnr
T,u 90 substance, that IN" rr"r"s"i rIah
.,n..I for A preferential distribution 81
I. -. -. anY.agI IN
,o.. o.. hond. would .har" IN IA" Il Strihu-
t..u and 'Na' M -" far ~ N" az "i Mat'h
.. Q IMPAIRED 'hr vc>'"d property righis
a. 10" lolj"rs 81 preferred -'"ch' NAV h''
va ron futioual
lie case vac called y~"-t"rday a. noon
Inc United Stat.- Steel Corporation was
,r,-.r,.d hv william n Guthrie and
Victor Noran.t4 IT New York ami X '
Ipdats.ry If .l,r-sv city Nv ing '" a
r.,,,p, ruling Of tho New Jersey courts
hat \"v N,rA law YER may not u" h',,n
IA 'I. highest courts 81 that N'a,", WI
IrdtNurv made N" argument " VA
,.u..,I.i by hath side that ~" only uu"--
ION iu,uif ~ Wa a question 81 ls~, na,n'lN'
90" cou~r'r'luutitN ~ IN" a"' ~ Mar'h
~. 1872 H." appellants, however N'n,
.,,r tho wIDir Ii-rrfv ot ~" plan ana
much that ia- NOT t-ru known hitherto
about u va mad" putli" "a IA" "unr-" "i
Nir lIudaturN argument
After uut.iUIug 'h" appellants POSITION
tt" lrgUtn"rt . TX mp ~ order ~" pr"vi-l"Ir
~ .a ar; Of l>ri amended 10y tho act 81
Nau.I y. 1879. fer 'h" puu'la-" and retire
u.. 4 pf.',.r-l stock, IA" puri"u ana
..,.f ct 'l. a. ,f 1919. tho C'ustiutlonalty
e. hat at dd IN" agreement with j =
."r.au = Co..
f.. ,u,Irrp tho position Of the steel
t,iprfu'ion n wa pointed ON that -ii'"
tH. pt.f,tt,Si .t,n, e IA" corporation -
"utfh-i O. isrfi"lrily =" '~uih"LlIN" NV
d, .,. A. 'ic a." e : t.. coat Constituting
practically a tN,Si char 20, -" COfp"railoH,
IN ,c'iHrg This -to" X ~ means Of The issue
eff l. .luaI amount oi : Per cent u nd-,
woull save sac $50 Neit "a saw Z winch
Vousi acyru. ts The h~n"hi 81 IN" re-
m.tri.g preferred ara common stock
re- n lu adopt q. Z Wa argu'~i, va sub
81, ltIy a I.T a. - he specified mum
b. If preferred snare and tn" iaynl".t
iu,r got ia AID 10y b"rd-
"a. Plan h.N < - n decided upon. II
Igl 'r IT, determined from vh"W he pur-
haze Il stock ,nould l." mad" Oh
,iny.ly -aN- 10, b.i.t If N".-r-. frau,lS
Lind, ~t.'-lu. GutA~" aud Mu'a~.t2. a
u.r ia." e 500 Uas'usU Iat Ndl." ui -'n'A
No. any banking hrw -Nndi'a'" or
U..l -rit.d ,iYckhu.i"'s might tnv'" crltI-
,..r n ti, Uu,t md stock h1d tsF'n
rIr.h a- q. 'ur ovamp." at par from des-
igtau Il Ea~,,'n.i"g and 'i"r" had proved
f., dep. 10 Iuu iu tho market ''". -dy. 81
f.f ct . Jur. ~ cannot lot a moment
tp d0lur,t 'I.t ,um" shareholder would
Earr challenged ~" pruu'''N. n not tn
u',gutv .i lh' 'rtu-a''inn u "".ld
Iav, hs,u argVd that I'" IaauN,i VAIN"
do. Gin. stock ..- o. COZ .r--. 'Ht' 90" iaN-
...rf If .TYV,d . 'u.. - - pr cent .
Sat,HJ.D. 90 'iH' fl'- -um hat is'I
wasted or .t. .trd'uru. iuu r would haN"
u.,r cha cd To- thv Complainant of ~"in'
,..Ii.f s~'u,NIuil't ma. .h' ptth had u"h
-ch 800" 90 .uatIH favored dir'ci'r- ur
Stockholders IH -.Il their preferred ~hare-
40 a lu-. oft u,"r s2OU'on,n So ia" Niu'l
CORONATION II Va-. thet"ior", resolved
rla' the puNI'' <, 90 s'lIhg To ''' 'u'i"ia-
r,r fhr wI,l, amount Of The -harr~ ~
uuircd y" 'H'ci the proposed d'cn'a-' -
bc C~owpq.''- suof,rprd ,spi'al ~'"'h
should H. rr. u,'a 90 all m" holder oi that
la "a pruI,ry.,r 'u 'I'r h'idIhr-
II Wa a.-o c't'ruln'u hat o. would u
.l,t. abb. tu uro,ii" additional cash capital
and 900 tf ut- decided 'u mH," DIV" issue
~ s.5p .pluu Of ; fr'r ~u' bonds, 49, n
to uu,,r trl ,u,iud" ia" Two purl"'"-
~" reduction Of 'hv prirru-d stock au'
iU, a.i 20. otpNa' requirements
The afEum.'' p''" '"i.
ur>ttIrs uT lHI EpNp lsSrE
Ilr sun.r, ,nfrg' 90. so. '.n't. repre-,
-...uC -. u#r r'u' ,uW lt'IN' ii'ln"hd
no. thI s.H,. ,,un 80 preferred stock :" -"
cover 49,, rIl per cont iui.r'-l ON ~
t, l,-l" or So %","nf'," ,slu'"l bono,
. -rrI.a 'urd ID. sl..f'V1 r-'r wear winch
Invested ~ , r"r '""' - Id NV year
"a in .ltt,,.' Iray. rrlu- - $500
.r a.r.n lup able 10 dividend,
Inr.g,rd e., h. c'u rae With J y. Nor
gan a " 4 w"- sad:
4. con p"U-.u 90 ',r 10" obligation IN
r.i srt 49,. u-l % Involved Nv tht
lHrs'',. o.. ~'''l 'Hrpuri'ton AGREED =
ra +" a.. ' ~, Tor 81 : -.
p.u OF .. t.. ru,'- ttt'. Hr ~" n'us'r
n.'r s. 'n', -. n' ~. w., sh,''''
90. .ur'-. 'Na .' 4. If" H' i.T'Hok u