The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-07

ST. Paul lawyers express the opinion
that the Northern Securities COM
pany would consider the decision in
the light OF a mandate to dissolve.
An attorney who has been connect
ed with the Northern Securities ever
since Its inception had the following to
say as to the decision:
Effect of Decision
1.-The effect of the decision announced
by the supreme court yesterday in the
Northern Securities case was to affirm
the order OF the circuit court of ap-
pealS diSsolving the temporary injunc-
ton issued by Judge Bradford in the
circuit court and to make permanent
the dissolution of the injunction.
The suit was brought by the Har-
riman interests to restrain the North
ern Securities company from distribut-
ing its assets in accordance with the
plan proposed by Mr.. Hill and his as
sociateS. The temporary injunction
was issued by Judge Bradford restrain
ing the distribution according to this
plan.
THE Northern Securities company
appealed from the order of Judge
Bradford, granting the injunction. to
the circuit court of appeals, which
court reversed Judge Bradford's order
and directed that the injunction be dis
solved From this order the Hartman
interests appealed to the United States
supreme court, which court affirmed in
the decision handed down yesterday
the decision of the circuit court of ap-
peals.
1T is understood, OF course, that if
the distribution was made in accord
ance with Mr.. Hills plans he and his
associates would retain control of the
Northern Pacific, Great Northern and
Burlington roads, the fight between the
Hartman and Hill interests being for
the control OF these roads.
The contention of the Hartman in
terests was that they, having turned
into the Northern Securities company
| Northern Pacific stock, were entitled
| on the distribution, to the return of
the identical stock. If this plan had
| succeeded Hartman would have con-
troll of the Northern Pacific or near
| ly so.
Mr.. Hills plan is to distribute Great
Northern and Northern Pacific stock
| irrespective of the parties who origin
! ally owned the stock. giving to holders
| the Northern Securities stock in eX-
| change for their holdings, a fraction of
a share of Great Northern and North
| ern Pacific for each share of Northern
| Securities stock. This plan will leave
| Mr.. Hill and his associates in control
of the Great Northern. Northern Pacific
and the burlington railroads.
1T was contended by Mr.. Hill and his
| associates at the time the decision of
| the supreme court was handed down
| necessitating the dissolution OF the
| Northern Securities company that in
| asmuch as the stock of these three
| railroads was exchanged for Northern
| Securities shares the holders of this
| stock were entitled TO share alike in
| the rise or fall in the markets of the
! stock OF the Great Northern and
| Northern Pacific. This could be ac-
| complished in but the way as set forth
| by Mr.. Hill and that was to pro rate
| the stock of the Great Northern and
| Northern Pacific on the basis of value
| at which this stock was taken by the
Securities company. and on the disso-
| luton of the company return to each
| shareholder for each share of Northern
| Securities a fractional share each OF
| Great Northern and Northern Pacific
| stock"
j. ]. Hill and family are out of the
| city.