The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-12-28

torney General Young and r. A.
Stone, assistant attorney general. this
afternoon began an action in the
ramsey county district court on oe-
half Of the state Of Minnesota agaius,
the Great Northern Railway Company
asking for a permanent injunction
against the company, it's officers.
agents and servants, from proceeding
III any manner with the proposed is
sue OF capital stock recently authoriz-
ed by the board Of directors in New
York The attorney general also asks
that the court also restrain the de-
1endants from receiving, and collect
ing the amounts due on any SUD
scriptions which may have been, or
which will hereafter be made or. from
taking any action to carry out these
plans until the Great Northern Com
pany shall have first made application
In writing to the railroad ana ware
house commission Of the state Of Min
nesota and procured the commissions
consent to the issue of stock A tenn
porary injunction pedentc lite is also
asked for.
The attorney general in his bill of
complaints. after reciting tina. the
Great Northern is corporation Of The
state OF Minnesota, and that the COM
pany's original authorized capital
stock is $50, 900 OOO that being the
limit fixed by the company's charter,
says that between February /. 1890,
and March l. 1896, the defendant
made several large increases of capi-
tai stock until on March I, 1906, the
total aggregated substantially $780,
O0O,OeO; that all of the increases were
made without applying to and obtain
ing the consent Of the railroad and
warehouse commission of Minnesota
as required by law; that prior to De
cember IL, 1906, the defendant deter
mined to increase the capital stock
to S210,0O0,O 900 by an additional issue
Of $60, 200, 900, notice of which was
served On the stockholders by Presi-
dent J. J. Hill who invited all to
subscribe for pro 1ata share Of
same; that the defendants officers
are now preparing TO Sell and issue
the stock to stockholders Of record
January 4, 1907.
The bill Of complaint further states
that unless prevented by an injunc~
ton, the defendant will issue and sell
the stock without first applying TO and
procuring the consent OF the state
railioad and warehouse commission,
|. thereby depriving the state ana its
officers Of the right and opportunity
OF investigating the proposed stock is
sue and examining into the proprHty
and purposes Of the same. All .
which the complaint says Is contrarE
to the state laws. The bill further
says
IF the defendant increases its stock
as now proposed the aggregate there
of will be s210, 900, ,069; that the defend
ant has been and it is now paying an
nual dividends at the rate Of per
cent Oh all of its capital stock and
| will. pay dividends at the same rate
on all Of its present capital stock, if
| this increase is consummated as now
| intended that this increase Of s60.010.
| 0O0 if effected will therefore increase
the fixed annual charges OF the defend
ant by the sum Of 81, 200 ,00a. 4 great
| portion Of which will have to be paid
| by the defendants Minnesota patrons
as charges On freight and passenger
| traffic local 10 Minnesota; and, that il
| is further alleged that if thhsse plans
! are consummated they VIII be ef1ecte3
| without the surveillance. or the consent
! Of the state Of Minnesota
| The bib alleges that the reasons for
| this increase Of stock is unknown 10
| the officials Of the state Of Minnesota
| and that they are unadvised OF the
necessity and pTopriety OF the SAME
The petition alleges that By its will
full and wrongful neglect and refusal
to make application to the state rail-
road and warehouse commission before
proceeding with the preparations fol
the proposed increase Of capital stocs
the defendant will deprive the stats
OF Minnesota IN the premises and pre-
vent that scrutiny and publicity con
templaoed by the law.
Service was had On officials Of III
n a{l "a