Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-07-15
Gets Preliminary Injunction Re-
Straining Distribution OfNOrth'
ern Securities Assets
MAIN POINTS NOT DISPOSED Of
J. ], Hill Is Absolutely Mum aud J. T.
Morgan & Co. Do Not Care to
Discuss Decision.

Trenton, n, j., July 15,--Judge Brad
ford today granted a preliminary in
junction in the suit brought by Ed
ward H. Hartman, Winslow Pierce
and others to restrain the proposed pro
rata distribution OF the assets OF the
Northern Securities company. This is
a defeat for the Hill interests. The
opinion is 30 type-written pages in
length
The decision OF Judge Bradford does
not dispose 0f the main points at issue
In the case, which were whether or not
Hartman and Pierce should have re-
turned to them the stock Of the North
ern Pacific company, which they put
into the Northern Securities company
or whether they should have distrib-
uted 20 them the stock of both the
Northern Pacific and Great Northern
companies on the pro rata basis pro.
ylded FOR by the directors Of the North
ern Securities company
Judge Bradford deyotes most OF his
opinion TO the discussion Of legal
question as to whether he should grant
q preliminary injunction, and he takes
the position that as long as there Is any
doubt IN the case and no injury can
come to the complaInants, a proimin-
AIRY injunction would be granted He
says, further that the failure to grant
a preliminary injunction would permit
the distribution of the stock in the
Northern Pacific company to when
Hartman and Pierce claim title, and
put the Complainants IN a position
whore they would be able to secure re-
lief 10 which they were entitled should
the case be decided I'm their favor on
final hearing.
The litigation turned largely on the
question as to the title to the Northern
Pacific stock which Il, H. Hartman
and WinslOw s Pierce put into the
combination. and which amounted to
about 1000 900. The contention OF the
Northern Securities company was that
the stock had become the absolute
property Of that company ana that II
was perfectly legal for the Northern
Securities company 10 carry OUT the
pro rata plan OF distribution upOn
which the company had agreed Hor-
riman contended that by reason Of the
corporation being declared illegal by
the United states supreme court. title
had rot been passed from Hartman
and Spoyer, and IN consequences they
f'Ni' NAlAiAi'N w Alcl w iFAilllfN 10 III fIll
the particular stock they had put into
the combination, and which involved
control Of the Northern Pacific com.
pany,
o The announcement Of the Northern
Securities decision caused a conclusive
bound IN Union Pacific TO 95M. and
Southern Pacific 10 ZIG Both stocks
then ran OFF, the former Y and the lat
ter n point The decision had been so
accurately and confidently f0reseon FOR
three days past that the disposition was
to take profits In the market after the
announcement and prices yielded AN
around under this influence. The en-
ormous absorption of Union Pacific
convertible bonds was a feature OF the
trading on the curb Northern secur-
tiles, after selling at l03N, dropped alb.
ruptly to l0l.
HILL is MUM.
New York. July t5--At the office Of
the Northern Securities company In
this Oily II was said that President
Hlll would not say anything on the
subject. until at least after me had read
the judges decision
Representatives OF j. r. Morgan e
Co., and h. II. Hartman said they dd
not care TO discuss the decision until
their attorneys had read 1t In full. 1t
was said at Mr. Morgans office, how.
ever that an appeal would be taken.