The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-31
DECISION FAYORS HARTMAN.
WRIT or CERTIORART IN NORTH
ERN SECURITIES CASE.
Tho supreme Court Of the United states
Decides TO Review the Decision OF the
Circuit Court OF Appeals In Favor
Of the Northern Securities Company.


Of the Northern Securities Company.
WASHINGTON. Jan. so.-The Supreme
Court to-day granted the application OF
! Z. II. Hartman and others for writ Of GER
tiorar to review the decision OF the Circuit
Court OF Appeals in favor OF the Northern
Securities Company. and assigned the case
for hearing on Feb. 20.
The lower court granted an order re-
straning the pro rata distribution OF the
shares OF the Great Northern and Northern
Pacific railroads held by the Northern Sc
curities Company. This injunction. how
ever. was dismissed on appeal TO the Circuit
Court OF Appeals.
l.ast MONDAY counsel for Hartman, Pierce
and Others fled an application with the SUI
preme Court asking it TO take up and review
the action of the Court of Appeals, alleging
among other things that the effect Of it's
judgment was a notification Of the decision
Of the Supreme Court in the Government
suit declaring the merger combination in
restraint Of trade and commerce.
The petition ers also allege that they
would be deprived OF the 7l7.320 shares Of
Northern Pacific stock repres entlng the
original property Of the Oregon Short Line
Railroad Company. which they had de-
that under tho pro rata plan OF distributing
tn stocks held by the S Securities Company
they would be compelled to take proper
tomato shares OF Great Northern stock,
which they did not want.
No opinion as TO the merits OF the case
was expressed by the court to-day. II
merely granted the writ of certiorari di-
rected the entire record OF the courts below
to be certified 10 the Supreme Court, and
assigned the case for argument on its merits
IL. h.. Ql fnQ akA-
signed for that day.
SETS THE STOCKS INVOLVED VIBRATING.
For at least two hours before the decision
OF the Supreme Court, was handed down
Wall Street was sure that the decisi n
would turn out in favor OF the Hartman
contention. although how any animation
of tlis situation had reached the Street
could not be discovered just at the open
ing of the market Union Pacific sold up 20 a
new high point at l23 and on the curb
Northern Securities als1 touched a new
record at l56. but az tie convlotio te-
came widespread that the decision would
be adverse to the Hill plan. Northern Sc
curities sid of under heavy offerings TO
i4s while Union Paciic on ain ilarly big
offerings sold down to li9 Later IN the
day both stocks rallied vigorously, Union
Pa iao regaining practically all of its earlier
The effect of the decision. according
to lawyers who have been connected With
the prosecution here, viii Re 70 trng be-
fore the supreme Court at its sitting on
Feb. 20 all the facts which have so far been
DEVELOPED before the lower courts and
after scrutiny Of this evidence tie court
may deoi de that tie iniunt ton was properly
iss1lved-which would allow theHill plan
10 20 into effect at one or that the pro-
posed pro rata distritu ticn was Illegal
Which Is tie Hartman contention.
Under the latter decision, the practical
outcome Of proceedings would be such a
dissolution of the Northern Securities Com
pany az would assure the return to the
Union Pacific interests Of the Northern
Pacific stock which they turned in at the
formation OF the company, and therefore,
presumably the control Of the Northern
Pacific Railroad.
A representative Of the Union Pacific
interests made this authoritative statement
yesterday:
The effect Of the granting of our prayer
for A writ Of certiorari Is TO stay all action
under the decree OF the court below. In
other words. as lawyers technically term
it, the writ Of certiorari operates as super
sedeas That IS to say, It supersedes the
opinion Of the court below and the whole
case is now before the Supreme Court
That court NAV render n decision which
will dispose Of the whole litigation. or 1t
NAV send II back for trial on the merits,
so that witnesses may be examined 80
far the case has only been heard on afiidayits
and the parties have not had the opportun-
ity to orally examine and cross examine
witnesses and TO produce the books and
documents.
James j. Hill would say only that the
matter would probably soon be determined
and that he thought there was no question
rs to the ultimate decision.
1t is expected the since the Supreme
Court has decided that matter IL important
enough to review. it will also render an
early decisio on the merits OF the case and
thus wind up the long litigation. In the
meantime the assets Of the Northern Secu-
rites Company will remain undistliLuted
dividends will accrue as they have accrued
for the past eighteen months. and stock
holders Of Northern Securities Great North
ern and Northern Pacific will have to await
the Supreme Court s action before receiving
the profits or equities contained in their
investment In the new stock. Both interests
said Yesterday that they were anxious for
an early determination Of the matter and
reiterated their assertion that there would be
no settlement Of the case outside Of court.
The Northern Securities meeting, which
his been postponed from time to time
a waiting a decision, was again adjourned
Yesterday until Feb, 9
There was much interest IN London yes
to-day over the courts action and many
brokers remained after the close Of the
market there TO get the news.
THE PRESIDENT PLEASED.