The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-13

left after these petitioners are salts
fed. Because they cannot identify
their property, and the petitioners
can, they must suffer. And yet they
-.- Stock Sold for Cash.
''They claim, and it is disputed, that
they put in preferred stock, with the
agreement that they were to receive.
for it common stock. The preferred
stock was turned in for cash at a
high premium. They sold the stock,
pany, but to J. P. Morgan & Co., and
Mr.. Hartman testified to that fact
before the interstate commerce COM
mission. Whatever they may do at
other times, railroad presidents always
tell the truth to the Interstate COM
merce commission. We have taken
his TESTING ny from the record.
eff this was a legal holding Of
shares, how can they come in on prin-
ciples of equity that do not exist. If
it was an illegal holding, they were
participants in the wrong-doing and
are not entitled to relief. That is a
principle old as the bills"
The petitioners, in their brief, main
tain their right under the decision in
the Pullman case. Mr.. Johnson de-
voted some time to explaining this
case and distinguishing it in principle
from the circumstances of the case
at bar.
.- Great Drama Is Over.
''In this case" concluded Mr.. John
son, "a great drama has been played.
A giant corporation and the United
States government were the actors.
The nation was the audience. Your
honors, like the gods on high Olym-
! pus, sat aloft and awarded the prize.
| The attorney general, the guardian OF
| the public interests, comes In with
formal statement and says that he is
satisfied. The curtain has finally fallen
on the drama. But now comes the
Union Pacific interests, private own
ers, and claim that in some way the
public interest is being prejud1ced;
!, that there is some sort of combina-
ton behind it all. The great drama
is over. Their appearance in this role
brings us face to face with farce
/ comedy. ..-..1a- - ..5ss.sgt~tz. ---.-.,.,
THE trainers of this great corpora
ton, the Northern Securities compa-
n.y. had in mind great project, the
upbuilding Of our oriental trade, SO
as to increase the markets OF the
country, and to balance the volume
Of east-bound trade by increased ship
ments westward. The honorable court
believed there were other considera-
tons more important, and decreed q
| separate ownership Of the two great
systems. We bowed to that decree
and have obeyed it. With confidence
in the outcome of the present issue
we await your honor's determination
Guthrie Alleges Juggling.
A brisk exchange marked the close
of argument this afternoon, when viii.
liam D. Guthrie, for the petitioners
! stated that after the decree had beer
granted, the stock had been Juggled tc
permit the distribution Of the North
ern, Securities stock on the pro rata
} basis.
Mr.. Guthrie claimed that the
, Northern Securities company has Sc
cured $3O,O00,000 more of Grea
| Northern stock and issued $40, OOO.00(
Of it's own stock and that "accordint
. to Mr.. HilPs own affidavit introduced
! here yesterday, instead Of $171,O0O,
600 of Northern Securities stock is
> sued for Great Northern stock, tn.
:, real issue was nearly 212,000,000.'
He alleged that it was reasonabl
conclusion that the Northern Securi
, ties is not willing to take the conse
quences Of its acts"
A Retort by Root.
Mr.. Root, with the authorization o
: Mr.. Hill, who sat at his elbow, en-
> tered an emphatic denial. Mr.. Guth
. RE rejoined that his claim was base
!: only on evidence in hand and tina
I even If the Northern Securities had nc
e juggled the stock after the court
I decree, it had undoubtedly done S
in anticipation of the decree. He ais
0 severely arraigned Attorney Genera
Knox for sending his telegram of oh
\ lection. So far as the courts had gone
g he said, the Union Pacific, Orego
r Short Line and Northern Pacific wer
not parallel and competing lines, an
= if any combination were to be OF
n fered the northwest, the combinatio
s between the Union Pacific and tn
It Northern Pacific was infinitely prefer
t able to that between the Northern Pc
: cific and Great Northern. u Mr.. Hal
: riman were given two or thee week
l. and opportunity to examine forty {
fifty witnesses in New York he coul
soon show where and to whom all tt
Northern Securities stock had bee
! sold, thus allowing the giving tt
"a Northern Securities stock back
II original owners Of the stock in tt
), different roads.
~ In conclusion he said: eff there
!. one thing MIR. Hill and his associat
=, dread it is competition; II there is an,
= thing the people Of the northwest wa.
- and will get when Mr.. Hartman owl
p the Northern Pacific 1t will be cor
20 petition