State ex rel. Bowling Green Trust Co. v. Barnett

149 S.W. 311, 245 Mo. 99, 1912 Mo. LEXIS 220
CourtSupreme Court of Missouri
DecidedJuly 2, 1912
StatusPublished
Cited by15 cases

This text of 149 S.W. 311 (State ex rel. Bowling Green Trust Co. v. Barnett) is published on Counsel Stack Legal Research, covering Supreme Court of Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
State ex rel. Bowling Green Trust Co. v. Barnett, 149 S.W. 311, 245 Mo. 99, 1912 Mo. LEXIS 220 (Mo. 1912).

Opinion

GEAVES, J.

— This is an original proceeding, the purpose of which is to prevent the respondent herein, judge of the circuit court in and for Audrain county, from further proceeding in a cause in said court pending, wherein the Continental Securities Company and [106]*106Clarence H. Venner are plaintiffs and the relators in this case are defendants.

In the application for onr writ the relators have set ont in full the bill in equity in the circuit court case, as well as the different attempts at service upon the several defendants in the bill named. The sufficiency of the bill itself to confer jurisdiction upon the circuit court is challenged, as is also the sufficiency of the service upon the respective defendants in that case. The bill pending in the circuit court is exceedingly voluminous, but counsel for relators have given us as succinct and fair an analysis of it as we could make, and their analysis, not being criticized by counsel on the other side, we adopt. It thus reads:

“The petition states:
“(a) That the Continental Securities Company (herein called the Continental Company) is a New Jersey corporation, with its place of business in the city of Jersey City in that State; that Yenner is a citizen and resident of the State of New York; that the Wabash Railroad Company (herein called the Wabash Company) is a corporation consolidated under the laws of Ohio, Illinois, Indiana, Michigan and Missouri, with its place of business in the city of St. Louis; that the Bowling Green Trust Company (herein called the Bowling Company), the Equitable Trust Company (herein called the Equitable Company) and the Metropolitan Trust Company (herein called the Metropolitan Company) are corporations of the State of New York, with their places of business in the city of New York; that the St. Louis, Iron Mountain & Southern Railway Company (herein called the Iron Mountain Company) is a Missouri corporation, with its place of business in the city of St. Louis.
“ (b) That the Wabash Company on July 1, 1889, executed a mortgage (herein called the debenture mortgage) whereby it conveyed to the Mercantile Company as trustee (we quote from the petition) £cer[107]*107tain lines of railroad, roadbed, rolling stock, rights of way and other property, both real and personal, as in said mortgage more particularly described, a large part of which said real property, and much of said personal property then were and are now situated in Missouri,’ to secure debenture A bonds of the par value of $3,500,000, and debenture B bonds of the par value of $26,500,000, to bear interest at six per cent, but to be paid only out of the net income of the company as defined by the mortgage; that the debenture bonds, debenture mortgage, and articles of consolidation, and by-laws of the Wabash Company provided that the holders of the debenture bonds shall have the right to elect one-half of the highest even number of directors of the Wabash Company and that the stockholders shall have the right to elect the other half; that the directors thus elected shall have the right to elect an additional director, who shall become president of the company, but in the event that they fail to agree, the Mercantile Company shall select the additional director, who shall become president of the company, and that the holders of the debenture bonds shall have the right to cast one vote for each $100 par value of bonds held by them at all stockholders ’ meetings.. of the Wabash Company.
“(e) That during the year 1896 to 1899, inclusive, the net income from the property covered by the debenture mortgage applicable to the payment of interest on the debenture bonds, was more than-$600,000, gnd since 1899 has been several million dollars ; that one per cent was paid on debenture A bonds in the year 1896, and six per cent in each of the years 1900, 1901, 1902, 1903, and three per cent in the year 1904; that prior to July 1, 1907, no interest had been paid on debenture B bonds.
“(e) That on the 29th day of June, 1906, the board of directors of the Wabash Company unanimously adopted a resolution authorizing the,creation [108]*108of an issue of fifty-year four per cent refunding gold bonds, to not exceed in amount $200,000,000, to be secured by a mortgage on its property, for the purpose of making provision to refund and retire all of its outstanding indebtedness and obligations secured by lien, including tbe exchange of debenture bonds.
“ (f) That on August 16, 1906, the Wabash Railroad Company by order of its board of directors, called a special meeting of its stockholders and debenture bondholders, to be held at Toledo, Ohio, on the 22d day of October, 1906, for the following purposes: To obtain authority to create said issue of four per cent fifty-year refunding gold bonds; to increase the preferred capital stock by the amount of $16,500,000; to increase the. common capital stock by the amount of $81,500,000; to authorize the issue of preferred and common stock not exceeding $16,500,000 of each, as might be necessary to.effect the exchange hereinafter mentioned of the debenture bonds; to authorize the exchange of debenture bonds for new bonds and preferred and common stock, upon conditions authorized and approved by the board of directors, and to authorize all necessary action in the premises by the board of directors and the officers of the company.
“(g) That pursuant to said call, the majority in amount of the stockholders and debenture bondholders of the Wabash Company at special meeting, approved and authorized the carrying out of said plan for the exchange of the debenture bonds.
“(h) That on the 30th day of October, 1906, the committee of the holders of debenture bonds advertised a plan for the exchange of debenture bonds for new four per cent bonds, and preferred and common stock of the Wabash Company, as follows: For each thousand dollars par value of debenture A bonds, $795 of new bonds, $580 preferred stock, ajid $580 common stock; and for each one thousand dollars par value debenture B bonds, $750 of new four per cent [109]*109bonds, $520 of preferred common stock, and $520 of common stock of the "Wabasb Company.

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Bluebook (online)
149 S.W. 311, 245 Mo. 99, 1912 Mo. LEXIS 220, Counsel Stack Legal Research, https://law.counselstack.com/opinion/state-ex-rel-bowling-green-trust-co-v-barnett-mo-1912.