New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-28
BLOW At TRUSTS IN ILLINOIS
DECISION OF THE SUPREME COuRr Az
VERSE 20 THE GAS MONOPOLY.
THE COMBINATION LOOKING FOR WAY TO

EVADE THE DECREE-SToCkS DEfhh9o
Chicago, Nov o7-The decision of the United s'''e,
Supreme Court at ottawa yesterday in the case ~
the people against the Chicago Gas Trust ConiP'"'
has aroused much interest here Proceedings VIZ
begun about a year ago against the gas companies, "
determine whether or not, under the laws oi "''
State and within the scope Of their franchises, II W.
their legal right combine for the purpose Vi i9 80
the price OF gas. In the decision, whioh 10 . D.
one Justice Magruder gives trusts In lnlhoS "a
blow The validity of the company is recosiho g.,
its right TO sell and manufacture gas dnn anv
the right to buy and sell the capital stock Oh "',s
otbar comnanies s denied OF what avail Is IL say
the Judge. that any number of gas companies mo-
be formed if a giant trust company can DO 0,o'He
with the power of buying up and holding s'ooh
property Of such companiesl' p the Juuse u
that TO create a corporation for such purposes % ~
onIv opposed to the public policy but Is IN co"'
,vertion of the spIit If not the letter OF the Oon
stuton. .-.,,, in
The adverse decision had a decidedly depressing III
auence on tho stock of that company on the ChcasO
stock Exchange. That stock declined nine poin'S -
An rallied and closed at 4j IL. The ony suppl
which # received was from the Union National pam
Columbus r. Cummings, ifs president, Is ONO u :,
heaviest holders of Gas Trust stock. a meeting w ~
n,n rulings nresldent of the Gas Trust Charles l.
vertes and other stockholders and the lawyers W -
cordv and F. : winston, was held to-day for 'he P'
NOSE Of agreeing on feasible and legal pa. u9
which to reorganlze the gas comPa'SS & SrcIne Court
VIZ. MOI wholly unexpected by the interested peop!u,
tbey say 1t became evident TO ther ,h ninh h com
,rocks aqo that the documents under WhIcn uip ia
h,ustion existed would not stand tho scrutiny OF or.
Sprrmc Court, and ever since that UNI , nc w.
bayo hecn busiy engaged in examining mo tno In
10 - euhicct With view of formulating new Plaii
Of combination which would meet with 'he app'o''
oi % he ef Of their abors was that three plans We
hit upOn either OF which would provo ~ pIine
and The meeting to-day was ior an LT nr"nosed II Is
indnrtood ir that Mr Billings favors one while cp
is favored by Mr ferFSs anu be maintains is the
most feasible They failed TO agree upon ali oil oil
~ Tho nlans proposed and It Is understo thae al
vi On ho Pnrescncd 10 the stockholders OF the four cg
nanics I'm a circular and mailed 10 thehl AZ 1i'D -,
final decision will be reached on DeIeioc1 LIN bc held
Th nor"onS Who we're present al the meeting reIusc
10 disclose the contents of The documents wrn rnb1ne
more fhan that the three plans had been dscusSn,
General J. X Edsall. OF counsel for ihe CiuIno ~
Contee, ,n "' wod NOT express himself at any great
length prefering he said 10 resrNu s iihord
until such dc edcc al suppose though he adj
mjtfed "that the Trust will got around the o.l'p
ill''e; ,rar our next business is TO SCI that me
~ Hrer is sustained before the Circuit Court ana
NAT tbc decision Is followed up What we WI w ,I I
after that will be determined ny Ih atSum tter cer
Truet I suppose their plan VIII be 10 transfer 'ol
tgcatcs of Stock I'm the Trust pro rata TO thosc o
thc stockholders who have stock IN inc ooinpa''''
Assistant Corporation Counsel Darrow sharen aJ uiJ
general opinion that the Trust would SllIe drVu' C
thc decision in some such way aS ue''ii0'U - 00
II haven't read the opinion thoroughly sad hn Mr
| harrow hut from my knowledge Of It cannot Du'
eee that II will not hurt the Trust 10 any er1d ea
tcnt They still retain their monopoy, anu viz .s
more do they want! MunIcph saS"'iN' 'i0 "'
only solution of this question - a.,.o, 49, NJ
The Gas Trust people at pIcscn.i as s'1SH oy '
narrow have complete monopoly In ChlcaSo, a;
thew control not only the gas companies but arc asC
tbo chief stockholders in the company organized tC
nine natural gas from Indiana 10 Chicago: Their plan
Is to use the distribution OF the natural ga
Gas Company which they bought 7. n. ray, ias
president of the Gas Trust resigned that placs 70
organize and manage The natural gas ocpar'HcnV VI
the Gas Trusts possessions. ,,., l., 49,
Among citizens generally much satisfaction Is @ e&
pressed at the position taken by the supreme Courl
In the matter The Evening Journal says; 49,.
The adverse decision Of the State supreme Colil1
in the Gas Trust case had the effect of suspending
business in gas securities and running the price ul
Gas Trust down nine points on the call. NO bl,
were made for gas bonds though gas 5s were offered
at 90 and Consumers al 90"