The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-04-20
GRANTED.
Northern Securities Company
Will Be Permitted
To Distribute Dividends to It's
Stockholders.
KNOX STOOD FIRM.
Ordered the q. s. District At
tOrney at st. Paul
To Oppose Petition for Modif-
cation of the Injunction.
A Little Over S4,OOO,OOO Was
Being Held Up.

st. Paul. April 2o.-At noon today Cir
cult Court Judge Sanborn handed down
the following decision granting the re-
quest of the attorneys for the Northern
Securities company to be permitted to
pay Great Northern and Northern Pa
cific dividends to the Northern Securf-
ties company.
The defendants in this case have the
right under the acts of congress to ap-
peal from the decree of the circuit court
to the supreme court They have
claimed that right Ordinarily those
who have the right to review judg-
ment or decree of the circuit court also
have the right upon giving a proper
bond to supersede the effect OF the
judgment or decree during the penden-
cy of the appeal But where, as in the
case at bar. the decree awards an in
junction the ordinary supersedeas stays
proceedings but does not raise the in
junction.
To enable the courts to prevent un-
necessary loss or injury to the parties
to litigation in such cases the supreme
court provided by rule $50 that when
an appeal is allowed from a final decree
granting an injunction a judge who
took part in the decision may make an
order suspending the injunction during
the tendency of the appeal upon such
terms as to bond or otherwise as he
may consider proper for the security of
the~ opposite party It is the customary
practice for the courts to exercise this
power whenever tfeir action VIII not
injuriously AFFECT the f1sSlstsr0f tie par
ty who has secured the injunctioisr~44ll
this case that party is the United
States. The main purpose and effect OF
the decree are to prevent the Northern
Securities company from controlling
and operating the Great Northern and
Northern Pacific railroads and TO ac-
complish this end it enJoins that COM
pany from exercising any control over
the operation and from acquiring or
voting any of the stock of the railroad
companies and it also enjoins the rail-
road companies from paying the North
ern Securities company any dividends
on their stock. This is not an applica-
ton to suspend this injunction. The
defendants ask only that the part of the
injunction which forbids the payment
of the dividends be suspended during
the pendency of the appeal.
These dividends do not belong and
can not in any event be paid to the
United States. 1t does not claim to
have and it has not any pecuniary in
terests in them. It's purpose in prose-
cutting this suit and its interest in this
Injunction are only thereby to enforce
the law against illegal com binationS in
restraint of trade and to prevent the
Northern Securities company from con-
trolling. directing, owning. operating,
or interfering with the competing rail
roads. This interest, it viii be noticed.
is protected by that portion of the in
junction which forbids the manage
ment or control of these railroads by
~ nd
forbids it from voting or acquiring any
stock of these railroad companies.
This portion OF the Injunction. indeed
every aart of the decree and this in
junction. is in force and viii continue in
force during the tendency of this APP
Deal in any event. During this time
the United States has and VIII have
under this portion of the decree. which
will not be modified or suspended. Il
complete remedy for any violation of the
Sherman antitrust act should it occur.
both by proceedings for contempt under
this injunction and by proceedings un-
der the penal clause of the Sherman
antitrust act
The appeal in this case viii probably
be dete1 mined by the supreme court
about November, 1903.
New York. April 20,-Northern Sc
curities shares sold off to 945s early in
the day. but just before official news
of the decision reached this city the
market turned and the stock sold up 10
9o$z.
Representatives of the Securities
company expressed much pleasure over
the news. Colonel Clough said the
modification of the decree removes all
obstacles to the carrying out of the
company's regular business including
the payment of dividends. j. P. Nor
gan would not comment upon the order
Of the court
St. Paul. MINI. April 20.-Before Uni
ted States Circuit Judge w H San
born today appeared attorneys for the
Northern Securities company and the
Northern Pacific and the Great North
ern companies to present their request
that the recent decree against the
Northern Securities be so far suspended
as to permit the payment by the rail
roads of the regular May dividends to
the Securities company. They main
tain that the money would ultimately
reach the same individuals whether
paid to them directly or through the
medium OF the Northern Securities COM
pany. On all other points of the decree
no modification was asked. The attor
neys presented their petition to Judge
Sanborn on Friday but United States
District Attorney Haupt. under instruc-
tions from Attorney General Knox OBJ
iected and the case was set for argu-
ment today A little over 81 900 win
be released for the May dividends if the
petition is granted and nearly $4,000 oe0
would be paid out before a decision can
be secured from the supreme court of
the United States
Further instructions from Attorney
General Knox this morning were 10 the
effect that he should continue te op-
pose the petition and not agree to any
suspension of the decree.
Judge George b Young appeared for
the Northern Securities company. n. D.
f1loFFer for Great Mort nern and