The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1903-03-20
SHAREHOLDERS ROW.
Southern Pacific Minority Trying t.
Gust the Hartman Management
Ask for l%niunction. @

Cincinnati. O., March 16.-The fight
now In progress between the opposing
factions of stockholders in the Southern
Pacific railroad company has been tenn
porarily transferred to the courts in
this city. The Southern Pacific being
chartered in Kentucky, suit was
brought yesterday in the United States
court at Louisville by Talbot j. Tay-
lor and James B. Taylor OF New York,
asking an injunction against the Union
asking an injunction against the Uuion
Pacific n Southern Pacific, to prevent
the Union Pacific from voting the stock
1T holds in the coming annual election
of directors for the Southern Pacific.
The application alleges the Union
Pacific having secured control Of a ma
jority Of the stock of the Southern Pa
clfic, that the%tWo roads have been
practically under one management, to
the damage of the interests of stock
holders of the Southern Pacific. 1t al
leges diversion of traffic and other acts!
for the benefit Of the Union Pacific and
to the injury of the Southern Pacific.
After this action had been taken in
Louisville the attorneys for the plain
tiffs came to Cincinnati to lay before
| Judge Lurton of the Kentucky circuit a
motion for a restraining order to be-
issued until the application for an in
junction can be heard. The motion will
be decided soon.
Judge Lurton in federal court this
afternoon issued the injunction asked
for by the Keene-Taylor interests, re-
straining the Union Pacific from voting
Its holdings Of Southern Pacific stock
at the forthcoming meeting of the lat
ter company. Hearing is set for April
l at Nashville.
Big Fight Is On.
A Now vorl. Iior,t,b =, ....
Talbot j.. Taylor & Co., brokers, sent
out circulars today to stockholders of
the Southern Pacific asking
for proxies to be voted at the coming
annual meeting Of the company. Mr..
+! Taylor is a son-in-law of James r.
Keene, the reputed manager of the
speculative pool in Southern Pacific,
the policy Of the Union Pacific, in con-
troll of the Southern Pacific, in defer
ing dividends on Southern Pacific
stock.
The circular issued by Talbot J.. lay
Tor & Co. says that v $4,000, 900 has
been expended forI reconstruction, bet
terments and improvements on the
Southern Pacific, but hat the oper-
ating expenses continue to be from 10
to Is per cent. higher than on any 9TH
er road competing for transcontinentaI
business, which the circular declares
indicates either gross mismanagement
or willful intention to deceive the stock
holders as to the true net earnings Of
the company and by this means de-
press the market value of the stock"
The circular further sets forth that
vast sums are being expended on the
Central Pacific outfof Southern Pacific
funds to the Getriment of the Southern
Pacific main line and that "the stock
holders will discover, when too late,
that a most formidable rival has been
built up with their W money"
I, Is is further alleged hat Talbot J..
Taylor & Co., after careful examina-
ton, are convinced that the Southern
Pacific earnings would have justified
dividends on the stock for the last year
and still have left money enough for
improvements and betterments to bring
In a reasonable time the system up to
the highest state Of efficiency.