The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-04-10
CASE WILL GO To
SUPREME COURT
Morgan Not Satisfied With the
Opinion Handed Down.
LAWYER SEES ASLIGaT FLAW
MAIN CONCLUSION OF THE
COURT RENDERED MIGRATORY.

New York. April 9.-One Of the lead
ing counsel in the Northern Securities
case said:
"As yet this is an undigested opinion,
but from the hasty glance I have given
60 i call your attention TO the closing
phrase of the judges order, which
practically nullihes the whole effect OF
the decision. IL provides that the
Northern Securities company may
/ transfer and assign the stock of the
Northern Pacific and Great Northern
railways now held by it 90 such per-
son or persons as are now holders and
owners of original stock In exchange
for the stock Of the said companies.
This right of transfer is vital and, IL
I seems 20 me. renders nugatOry the
main conclusions of the court
A representative Of j. F. Morgan q
co. said the decision put a new light on
the entire matter and would enable the
lawyers of the Northern Securities
company TO work along new lines.
Morgan's Opinion.
j. p. Morgan said. Until I see the
fun text of the decision / shall not
care 90 express an opinion on it. This
much is certain. however, it will not
rest where it is.
THE question of the right of two
. or more railroads 20 be operated by
holding company viii be taken up 10
[ the United States supreme court. In
stead of looking upon the decision of
the court today as a blow 20 railroad
enterprise. I should say that the re-
verse is the case.
Capital AN over the country is anN-
lous 90 know it's rights i'm the matter
. of railroad construction and operation.
Railroad men want to know where they
stand.
THE decision today is just one step
closer tO a decision from the United
| States supreme court. which shall be
. final Tor even if the securities company
had won today. the government would
probably have appealed.
An Appeal Certain.
THE question was of such import
ance that an appeal was assured, no
matter who won, These facts are GER
tain. Both railroads held by the
Northern Securities company still eX-
list and are doing a good business.
when railroad men know exactly
how the law is 20 be Interpreted they
viii probably find good ways to see
that the properties are operated eco
nomically and probably"
A conference of leading financiers
was held this afternoon in the office
of j. p. Morgan a. Co. TO discuss the
details of the decision and its bearing
upon railroad properties I'm the future.
President j. j. Hill Of the Northern
Securities company went 20 his Office
this afternoon, where he was in con-
ference with W. Z. ClOugh. general
counsel and fourth vice president of
the company Mr.. ClOugh said he had
received only the most meager and un-
satisfactory advices from st. Paul. and
that he could arrive at no clear under
standing of the situation until he had
learned the full text of the decision.
He declared, however, that the case
would be carried to the court of last
resort.
EX-Judge William II. Moore, who is
one of the dominant factors Of the
Rock Island company, is quoted as say
ing:
The decision IN the securities case
win in no way affect the Rock Island
Frisco deal They are not competing
lines and the case is in no way sim
liar"