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

- T. PAUL, April 3.--None Of the at |
y torneys for the defendants in the
suit of E. II. Hartman and Wins
low Pierce and the Oregon Short Line
Railway company against the Northern
Securities company, notice Of which
was served yesterday, would make to-
day any extended statement with
reference thereto. It was admitted,
however, that the suit was a step in
the struggle for control in the North
crn Pacific Railway company which Is
being waged between j. II. Hartman
and allied interests, and James J.
Hill. j. =. Morgan and others. That
some step was anticipated the at
torneys seen admitted, but each stated
that the filing of the petition on Satur-
day came as a surprise and he was
unable 70 state what course would be
pursued until the principals had been
CONSULTED.
The citation i'm the suit is directed
10 the Northern Securities company.
the Northern Pacific. the Great North
ern Railway, J. J. Hill, J. =. Morgan
and others. and gives notice that on
April u. Hartman, Pierce and the
Oregon Short Line Railway company
will apply to the judges of the United
States circuit court for leave to file
petition of intervention in the suit OF
the United States against the same de-
PENDANTS. with reference TO the cNeCu-
tion of the final decree Of the court.
which was filed April ., 1908
Held as a Pledge.
The petition states that the North
ern Securities stock assigned to the
petitioners I'm exchange for Northern
Pacific common and preferred stock is
held intact by the Equitable Trust com
pany of New York, as pledge for bond
issue OF the Oregon Short Line. and is
available for exchange. 1t is alleged
that the plan proposed for the distribu-
tion Of Northern Securities assets by
the pro rata return of Northern Pacific
and Great Northern stock would leave;
the control of the two roads in the
hands OF the same people. who are
now in control and would in effect de-
feat the decree of the court. 1t is asked
that the directors Of the Northern Sc
curities company be directed 10 return
10 the petitioners the Northern Pacific
common stock originally exchanged by
them and the additional Northern Pa
cidc common stock created by the con-
version OF the preferred stock of that
road exchanged for Northern Securities
stock. and that the directors Of the
Securities company be enjOined from
Of distribution. until the court acts
upon this petition.
The Petition.
'.First-Your petitioners. Hartman
and WinslOw Pierce. are now, and ever
since November Is. 1901. have been the
registered owners and holders Of $50
1851 par value Of the capital stock OF
the defendant Northern Securities
conpauv and such holding of stock by
them IS. and was as trustees for the
enuse and benefit of your petitioner, the
NOregon Short Line Railroad company
which company was and still is the
owner thereof.
.Second-Your petitioner, the Oregon
short Line Railroad company. by
indenture dated July L. 1902. pledged
$50. 4gl 900 par value Of said stock viii
the Equitable Trust company of New
York as trustee for an issue of bonds
for your said petitioner, of SS2.2Oo,O0
face value have been certified an'
issued. but under the terms of sale
trust indenture the stock so pledged
and standing in the name of your peu
TONERS, Hartman and Pierce, is avail
able 10 your petitioners for the pur
pose Of tender. return and restoration
of the status quo as hereinafter al
legged and prayed. which Will fully ap
near b. reference TO said trust linden
ture to be produced on the bearing
Millions in the Deal.
..-rhird-As your petitioners are advise
and believe over 9Si2 per cent of the out
standing capital stock Of said Norther
Securities company was issued 'h cA
change for shares of the capital stock a
thc Northern Pacific and Great Mortimer
railways respectively. and less than oht
half per cent Of said stock was ISSUE,
Tor other nronerty. They are further ~
formed and believe that about SllS,2s4.h
par value Of the stock of said Northel
Securities company was issued IN g
stock of the Northern Pacific Railwa
company and about 1260O,0oO par VAIN
Of said Mort hern Securities company stoc
was issued in exchange for Sis PAPA pa
value of the stock Of the Great Norther
Railway company.
"Fourth-The SS2.43lC0O par value
stock of the Northern Pacific stock. no