Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-04-19

lnteresta az long as the government Is
present by its attorney general and ex-
presses It's disapproval of such intrusion.
The petitioners can intervene only for
their protection for their own individ-
ual interests and for that purpose only
In the event that they can obtain ade-
quate protection In no other way.
GOVERNMENT STANDS ON DE.
CREE.
THE United States stands on the de-
cree as affirmed and submits that the
court Is only concerned to see that II IN
faithfully observed by the defendants
according 10 Its terms. In view Of this
declaration on the part Of the United
States II Is 10 be presumed that the
government II disposed 10 permit the
stockholders of the Securities company
To formulate some plan for the equit-
able disposition OF the stock OF the two
railway companies, II they can do so,
which will not be In violation Of law,
feeling confident Of its ability to dis
solve any future combination in re-
straiht of interstate commerce should
one In fact result from any scheme
that may be devised for the disposition
Of the stock of the two companies and
preferring 10 challenge the validity OF
any such combination by an indepen-
dent bill rather than by further pro-
CeedIngs In this case"
The court, in referring TO the state
ment OF the attorneys for Hartman
that the stock Of the Securities com.
pany was In the custody Of the court,
says:
MAY INTERVENE, WHEN.
at may be conceded that 50 long rs
property remains actually in judicial
custody anyone asserting n right there
TO or interest therein may intervene,
although the case In virtue Of which
judicial custody was ACQUIRED has
passed to a final decree.
This court however, has never as
sumed the custody of the stock OF the
Northern Pacific and Great Northern
companies, but has studiously retrained
from doing so. II did not assume to
direct what should be done with the
stock In question when Il enjoined the
Securities company from voting It ana
the railway companies from paying
dividends thereon to the Securities COM
pany Nor was the bill, which was
filed by the government, one that plac-
ed the stock in judicial custody when II
was filed. The intervention cannot be
allowed on the ground last stated
COURTS CONCLUSION,
"Our conclusion is that the Petition
ers should not intervene and import in
10 the case new issues to be tried. The
due enforcement of the decree does not
necessItate such action and II Il so
happens that the decree Of this court
in favor of the government. creates a
situation which shall give rise to con-
trOyersies between stockholders OF the
Securities company as to how the hold
ings Of that company In the two rail-
way companies ought to be distributed
or what should be done with such hold
ings, these are questions which can be
settled among the stockholders them
selves who are more Immediately con-
cerned in these questions and accord.
ing TO those principles OF law and
equity which any court having general
common law and equity powers is COM
petent TO enforce.
Leave to intervene Is denied"
CLOUGH EXPECTED IT,
New York, April l9,--Col. W, P.
Clough, vice president and general
counsel Of the Northern Securities
company. when Informed of tn, denial
by the United States circuit court at
ST. Paul OF the petition by II. II, Harri-
man and Winslow Pierce regarding the
proposed stock distribution, said that
the result was just what he had ex-
pected, but beyond that statement he
refused to express himself. The news
aroused interest In financial circles al
though few of those that were directly
interested would express an opinion,
President j. j, Hill had not yet ar
rived at his office when the news Of the
decision was received here.
one of the counsel for the Northern
Securities company said the decision
at st. Paul will merely throw the APP
plicatOn for IN Injunction into court
and any appeal would not carry with
IL stay of the proceedings because II
IL did so much u stay would practically
grant the Injunction, The same Is
true. he declared, In the decision against
the Continental Security company rem
dered at Jersey City yesterday and IL
either case Is appealed the appeal viii
Tot prevent the holding of the meeting
OF the Northern Securities company on
Thursday, April Il,
Northern Securities stock advanced
q point and Il half on the curb on the
news that the petition had been de-
MED. Some $500 shares changed hands
in the first hour. In the general mar
ket Union Pacific declined to a frac-
ton under last nights closing but re-
covered and then again declined,
a representative OF Harrimans
said that the decision Is just what they
thought II would be, The suit was
brought merely as matter Of form.
eve did not expect that Mr. Harri-
mans petition would be granted and
learning the attitude OF the attorney
general we were sure that the applica-
ton would be denied Our attorneys,
however, thought 1t matter OF legal
dccency to bring suit there, We shall
now institute new proceedings but just
of what nature or when has not yen
been fully determined
II is probable that any new action
viii he brought in the courts OF New
Jersey, In which state the Northern
Securities company secured It's char
ter.