Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1907-01-02
minnesota WOULD :
BAR STOCK issue
ATTORNEY GENERAL YOUNG BE.
GINS ACTION AGAINST GREAT
NORTHERN RAILWAY.
ROAD MUST FIRST
COMPLY WITH LAW

Permanent Injunction Restraining
Defendants from Carrying Out
Plan Is Asked For-Statue on Sub.
ject to Be Tested.
st. Paul, Mimi, Dec. 27.-Attorney
General Young and r. A. Stone, as
sistant attorney general Wednesday
afternoon began an action in the Ram
sey county district court on behalf
of the state of Minnesota against the
Great Northern Railway company ask
ing for permanent Injunction against
the company, it's officers, agents and
servants from proceeding in any man
ner with the proposed issue of capital
stock recently authorized by the board
of directors in New York. Also asks
that the order restrain the defendants
from receiving or collecting the
amounts due on any subscriptions
which may have been, or which will
hereafter be made, or from taking any
action to carry out these plans until
the Great Northern Railroad company
shall first have made application in
writing to the railroad and warehouse
commission of the state of Minnesota
and procured it's consent to that issue
Of stock. It also asks for a temporary
Injunction pendente lite.
Former Increases Made.
The attorney general in his bill Of
complaints says that after reciting
the fact that the Great Northern is a
corporation of the state of Minnesota
and that it's original authorized CAPT.
tai stock was $30,O00,0O0 that being
the limit fixed by it's charter says:
That between February 1, 1890, and
March !, 1896, the defendant made
several large increases Of its capital
stock until on March 1, 1906, it's cap
ital stock aggregated substantially
$3.50, 100000. That all of these in
creases were first made without appli-
cation to and obtaining the consent
Of the railroad and warehouse COM
mission of the state of Minnesota as
required by chapter 265 of the gen.
eral laws of 1887; general statutes of
1894, sections 2739-42; revised laws
1905, section 2872.
That prior to December II, 1906,
the defendant determined to increase
its capital stock to $210,000,000 by an
additional issue of $60,000,00O, notice
Of which was served on it's stockhold-
ers by its president, James J. Hill,
who invited them all to subscribe for
their pro rata share of same.
That the defendants officers are
now preparing to sell and issue this
stock to it's stockholders of record on
it's books of January 4, 1907, and who
have duly subscribed therefore prior
to that date. Continuing the petition
says that all necessary arrangements
for the issue and sale of the stock
had been made.
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
railroad and warehouse commission
and: thereby depriving the state and
it's officers of the right and 0pportun-
ity of investigating the said proposed
stock issue and examining into the
propriety and purposes of the same.
All of which the complaint says is
contrary to the state laws.
Steps Taken to Test Law.
Attorney General Young in a state.
ment given out for publication re.
garding the petition says:
This matter has been fully consid'
cred by Mr.. r. A. Stone, of this Office
and myself, and as it is now apparent
that the president, directors and other
officers of the Great Northern intend
to proceed with their proposed $780,,
100000 stock issue without first max
Ing application to and procuring the
consent Of the state, through the rail
road and warehouse commission, il
had become my duty to take steps tc
test the law on this subject and il
possible prevent the proposed enor
NOUS increase until the law has been
complied with. The action is a very
simple one for an Injunction to pre-
vent the proposed action until the
company has made written applica
ton to the railroad and warehouse
commission and shown the necessity
for the increase in its, capital stock
and procured the consent of the com
mission after a public hearing as pro
vided by statute" Service was had
on the Great Northern official Wednes
day afternoon.
5000 Of One Town to Emiarate.
New York, Dec. 27.-A cable dis
patch from Madrid published here
says that 5000 Of the inhabitants Of
the town of Bejar, which is As miles
south OF Salamanca, decided some
time ago to emigrate. A meeting was
held Monday which approved the offe,
Of the presidents Of Uruguay and
Nicaragua to supply ships and funds
for the transportation of these emf
grants.
Four Killed In Train Wreck.
Tacoma, Wash, Dec. 27.-An inter
urban train from Seattle and a work
train were in collision q mile north
Of Milton, near Edgewood, Wednes
day morning. Four persons were
killed and IL injured. Conductor
George Ross is among tho dead. The
motorman was fatally hurt "A Aaoman