The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-04-04

staudine in the names Of said Hartman |
and Pierce. was part OF the Original lssuc
OF the stock Of said NorIaern oeCu, H.. ~
company. and was issued directly TO them
by said Northern Securities company OF |
or about Nov. Is, 1901 ia exchange loL
81 OBJ coo par value OF the common stOCS
and ii0S5.o09 par value of the preferred
stock Of the Northern Pacific Railway
company: and at the time OF such eN-
change there was also paid 10 them py
or on behalf Of said Northern SECURITIES
cornpanv the sum of SS.9l5.629 in cash
The original certificates issued 10 them
are stu registered In their names ana
are now actually in the custody OF saio
trust company as pledges and aVaiiaoie
for tender, return and restoration
Agreement Was Mada-
s.F;ftb-At the time of such exchange
IL was understood and agreed that the
Sal .0S5. 900 par value Of the preferred stock
should he converted into common stock
OF the Northern Pacific Railway COM
many: and thereupon after the exchange
of preferred stock for STOCK OF the NOrtr-
ern Securities company. preferred STOCK
was converted by the Northern Secur
ties company into common stock OF the
Northern Pacific Railway company %
the same value. and certificates for sucn
new common stock substituted in lieu OF
the certificates for preferred stock. and
Northern Securities company now holds
all the common stock so originally re-
ceived from your petitioners and the
common stock into which said preterre1
stock was so converted.
"Sixth-The final decree ia the above
entitled cause entered i'm ihiS court on
the 9th day of April 1905. was on Mon
day. the 18th day OF March, 1908. dulF
affirmed by the supreme court OF the
! United States and i'm the decision then
announced affirming such decree II Was
directed that the Judgment Of the SUI
pTeme court Of the United States was
/ that the decree below is hereby at
/ firmed. with liberty 70 the circuit court
| to proceed in the execution Of its decree
I 4 lei IN q
THE mandate upon sucn decision OF
! the supreme court of the nited states
/ has not yet issued and under the rules
/ will not issue until the expiration OF
! thirty days from the date of decision,
; unless by special order.
Did Not Wait For Order.
/ "seventh-Immeiiateiy upon the rendi-
/ ton of the decision by the supreme court
OF the United States affirming the de-
I cree Of this couri. the individual defend
ants above named aud the NortheTp Sc. Sc,
I curities company determined without
waiting for the issue OF the mandate OF
/ the supreme court Of the United states.
/ and without any order OF this court, IN
I execution OF its decree to distribute and
/ divide the stocy of the Great Northern
! and Northern Pacific Railway cOmpa-
MES held by the Northern Securiues COM
] pauy, pro rata among the stockholders
Of the Northern Securities company, ac-
/ cording to their holdings or its stock. and
not 10 return and transfer to the stock
holders OF the northern racine EdliWet3
! company and the Great Northern Rail
way company. respectively. any and all
/ shares OF stock i'm either CT these railway
companies which the Northern Securities
! company originally received from such
/ stockholders in exchange for its own
| stock. nor to transfer and assign the
stock in either Of the railway companlcs
/ TO any such person or persons as may
now be the holders and owners of its
/ own stock originally issued in exchange
or in payment for such stock of said
HnH nHa.as
Legality Doubted
"Eighth-Upon being informed Of sucl
purpose and intention 10 distribute the
stock OF the Northern Pacific and Grea
Northern companies pro rata among th'
stockholders Of the Northern Securiue.
company. your petitioner submitted tn
matter 20 counsel and were advised tha
there We're serious doubts as to the le
gality of the proposed plan The fac
that they bad been 80 advised wal
, promptly communicated by your petition
er 20 the Northern Securities company
with the request that the meeting of tn
board of directors OF said company Wnlci
had been called for March -. 1904. be ad
,iourned fer a few days so as to affor'
an opportunity for further consideration
by your petitioners and their counsel. bu
such request for adjournment was no
granted and AT such meeting held IN IN
city OF New York on said Gate. notwlth
standing the request for an adjournment
b was submitted. the following preamble
and resolutions were adopted. your peti
TONER Hartman. being present as a III
rector Of said Northern Securities com
! pany. but declining TO vote viz.
" Whereas. Tn the course Of its busi
/, ness this company has acquired and nov
holds .59f shares in the capital stoc
z Of the Northern Pacific Railway cOmpan
, and l1Sl2i2 shares in the capital stoc
: Of the Great Northern Railway company
4 1 and.
Enjoined From Voting.
p Whereas, In a suit brought by tn
u United States against this company. tn
said railway companies and others. thi
@ company has neen eujoined from votin
y upon the shares OF either Of the sal
e railway companies and each Of the sal
K railway companies has been enjOined froI
r paying TO this company any dividend upo
y any OF the snares of such railway con
pany held by this company. and.
s. CONTINUED on Page p