The Birmingham age-herald., 1908-02-21

must also show that by the doing of such act they will suffer a special injury to their civil or property rights. This cleo tion of directors at the coming meeting can work no legal wrong to the com plainants and no special injury to any of them is proved which calls for the in deposition of this court"
 The court then declared that the find ings and opinions of the interstate com merce commission are not evidence in this case, and declared that he had no power to enforce the Sherman act. and quoted numerous legal decisions in support of his assertion. The decision then continued;
 There is but one ground upon which this bill can be maintained if the Union Pacific had no right to buy, hold or own stock in the Illinois Central, or the Se- curities, or either of them, is intruding in this election wholly without right, then I think bona fide stockholders without al- leging irreparable injury may ask the court to throw them or it out.
 This brings us to the question, is there in the public policy of this state a pro- hibition against the voting by a foreign corporation of stock in a domestic cor poration, which stock it purchased and paid for and holds under an express pow CT granted to it by the state of its crea- tion?"
 Holding of Stock.
 The court declared that corporations per SC are not debarred from buying and holding the stock of other corporations and said that the fact that the purchaser might be a foreign corporation and the stock of domestic corporation could not change the rule of law.
 The court denied there is any rule of the American common law that one cor poration cannot hold stock in another cor poration when the first corporation has in its charter specific power to do so. In this case, he said, it was proved and not denied that the Union Pacific and the Railroad Securities company each had express power granted to 1t by the state of it's creation to buy. own and hoio stock in other corporations.
 The court then entered upon long and exhaustive discussion of various statutes regarding the holding of stock by cor poratons in other corporations. declaring finally that such holdings are not pro- hibited nor opposed to public policy. He then said
 .'The right of the Railroad Securities company to vote it's Illinois Central stock is impaired by the fact that the Union Pacific owns practically all of its stock So long as the voting power of the Secur- ities company is used in lawful manner and for lawful purposes, it Is immateriai who owns the stock
 The decision further declared that the Union Pacific and the Illinois Central are not competing, but connecting lines, and that the Union Pacific under it's charter and the laws of Utah has clear right to own shares of stock of Illinois Central which it purchased in 1906, and that it has the essential right to vote. that stock at meetings of the stockholders of the L. inois Central. unless the right is for bidden by the laws or public policy of H. iinois On this subject the court said:
 Such prohibition does not exist unless it affirmatively appears. It is not estab- lished by the mere lack of legislation upon that subject"
 Effect of Decision.
 In concluding his decision, Judd Ball said:
 .sThe usual office of a preliminary in junction is to continue the status quo until the final hearing. To sustain this preliminary injunction and thus to pre- vent the Union Pacific and the Railroad Securities company from voting their stock at the coming election, would be to change the status quo before the right of these corporations to own and vote such stock has been fully and finally de-