New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-07
n. 5. MUST SHOW CAUSE.
An INJUNCTION SOUGHT.
c. II. Fenner President Of the Com
ylaiRant Corporation.

Ar order was signed yesterday ~ \ Ice nam
cenor Jenies }. Bergen. in Jersey city. directing
the Northern Securities Company 10 show
Cause on Monday April Is why j: should not
~ restrained by tniunction from holding
stockholders meeting on April y. for the pur-
pose q r2tifyIug the resolution Of the directors
TO issue stock ~ the Northern Pacific Railway
Company and Tho Great Northern Railway COM
rauy. IN relative proper io1 for stock OF the
Northern Securities Company, and from taxing
any action in regard to the reduction 81 us
capital stock. The motion for the order was
made ly Charles d. Thompson, rs counsel for
tho Continental Securities Company. IN the
judges private room. only The Nice-Ch2ncellor
aua Nj Thompson were present. The affidavit
submitted by Afr. Thompson says that the Cont
mental Securities Company is the holder OF 500
shares or the stock OF the Northern Securities
Company. il prays that the court shall order
the Northern Securities Company 10 return 20
the original stockholders the Northern Pacific
ard the Great Northern stock on the same
terms as those on which the Northern Securities
Company acquired the stock q the two railway
companies. The bin says the complainant does
not know anything about the balance % the
assets Of the Northern Securities Company after
dseucriug for tie distribution Of the Northern
Pac!ac and Great Northern stock. or whether
the assets are worth S3554 o0o. IS alleged. or
that ut The proposed meeting 10 he held IN
Hobol.cn or April y. The stockholders viii be
called upon 20 vote "a recommendation Of the
directors 10 wit: that 90 per cent Of outstanding
shares OF tie Northern Securities Company be
called IL for surrender and cancellation. that
the capital stock he reduced from @.51+."ob
shares 10 $3.50 shares. ana for each share Of
stock Of thc Northern Securities Company sur
rendered there shall he delivered SO .. Of stock
81 the Northern Pacilc and $50 i Of the Great
Northern stock and r-oportionate amounts for
fractional shares Of The Northern Securities
stock surrendered"
Tho co11l,lasnt saws that the naucity OF details
concerning she proposed recommen dation leaves
no Judgment 20 the conplaiuants whether they
shall remain IN the Northern Securities Company
or not.
When the news Of this LEGAL move reached
Wal Street much curiosity was expressed as
10 the identity Of the complainant corporation.
II was soon learned that the complaint had been
verified by @ Il. Venner. VINO described him
ser as president Of the Continental Securities
Company. n corporation organized under the
laws Of New-Jersey. and that the counsel for
the company were Be6le. Edwards & Thompson.
OF Jersey City. The Continental Securities
Company. il was further learned. was incor-
poratcd at Trenton On March =. 1893, by Frank
J.. Williamson and William 4. Martin. OF Jersey
City. and 7. Fraser Reid OF Newark: the attor-
neys being Dedie. Edwards & Lawrence. Its
authorized capital stock was Sloaeo0 and it
began business with S1.JUn Its officers now
are president. c. i. EcuGeI. and secretary and
treasurer. George Nenner; .hase TWO with T. z.
Williamson constituting The board Of directors.
Al the Office q the Northern Securities Com
Iany Il WAS said that the transfer books showed
that 800 shares OF Northern Securities stock
had been transferred TO the Continental Sc
Curities Company on March = last This date
is subsequent 10 that of the handing down of
the United States Supreme Courts opinion on
The Northern Securities case. which
March Il. and also TO that OF The issuance Of the
plan Of stock distribution complained Of. which
WAS on March 30 The petition flied by =. II.
Hartman and Winslow :. Pierce in the United
States Circuit Court in 81. Paul on April is
returnable on April u, and among its prayers
IS one lor the issuance Of an Injunction against
the Northern Securities Company. restraining
II. pending the hearing and determination Of
the manner in which such decree of this court
shall he executed" from distributing its pres
CIT holdings OF stock q said Northern Pacific .
Railway Company, under The plan of distribu-
ton proposed Peg ii or otherwise than by re-
turn.' The petition Il the Continental Securi- .
ties Company is also similar 10 that Of the
Union Pacific interests .a asking that the
northern securities Company shall distribute .
its <oI- aeln Pacific ana Gre5t Northern shares .
10 thelr Original Owners. IN the Continental .
securities case the order 10 The Northern So
curitles Company 20 SHOW cause is return .
allie only thrca days before the cate set
Tor the meeting Of Northern Securities Stock 4
holders. and nCa T. week after the Har- .
1iman-l'iel-e case cones uo fJr argument in +.
-. Paul Gne litigation uevuu by cnc CONT +,
nru- al SeCu-irirs Crr-E.ar- was r0I taken very
seriously yesterday in t.0 financial district.
The g. II. Geunrr Eanb.ag Jcmpanv. of BCs-
Ion ana Calvin - Eoer. as the owners OF - 4
shares or The Annals mated Copper Company J
stock. out ri total 90 80 coo shares Began +
PROCEEDINGS ia tne spring of 1871 .D New-.Iersev
20 restrain 11e Ai1-.Ea-l1t-i fr0fl D1Ic3la si,..
The Boston and Montana a-d Butte a1t Boston Z
NopIar Mining cOmpauies. AiCe-C'hanCc-.. 4
Ii;rey discharge The te0rrcra-~ restraining or
der. with costs
Ia May. 1902. The O. Il. Nanue~ Corrar. and 4
games POLITE, ~ the owners Of seven hundred /
eaaI, cf 1itef S'2tes steel Coruor-tiol Stock. +
aTpltee - tho Cour,S for am injunction restrain
ms the stool Corporation from issuing 500
trfDH" Of . psr cent bends and 4t tie same
lime r"tr-DC similar amount az preferred .
Sioct The opQ.icf ton WAS denied on June hy 4
judge L1c0mbe. IN the Uaited States Circuit .
Court
IN January. 1852 bin IN equity was filed IN
the state courts -0 Illinois hy G.. II. Nearer T. .
Co. Il Boston. attacking tie valiGitv Of tho le-
Etst"n. a-legiD~ fIcrd and asking for the an F..
pointD,1t 80 receiver Tor fna stool. u~o7c-t les
4 dir"-toc 0i tho Rock Island coinuary was .
cuc.ed as declaring that this action was based /
on ire ownership - one hundred shares Il 4
Rock island stock. bought ;hree months after
the hnarcial plan complained OF was r.ora5ed /
AID TWO months af,er ID was made operative.