The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-11-09

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tho other accessory companies The
court says that this proposition is sound
but generally has boon proyid,d for in
a.. T., .,d',,,i,,a,I
''' P'"' 90
OBJECTIONS MODIFIED.
r.,;.,..; .;L Al. Ny,.,L.r,h,,,,,
Co'i'iiii"'s W" W.
o"JeC,lo.S anu NV '"'' '"'''"S7 '"'''
upon Judge Lacomb" SAYS.
In regard To the third objection, which is
That no one OF the corporations among
which the property and businesses now
in the combination are TO he distributed
shall during the same period retain or en-
ploy the same agency Tor the purchase
Of tobacco leaf or other raw material ct
for the salr Of tobacco or other products
as that Of any other "i such corporations
there should h" change "i rhraN'o'"Ey
IN TINS and some oi me "tn'r trG"es'7'
IL Is not ehUi'IN 'i'at Mh'th'r 'he Pro'
nonies or onIy 70 a rart Of them. # should
apply to all. After the words agency
Tor the purchase uere ehoH'u ne auu'u
the words III 'h" hl'"u NI"''S. ln'S
request WIN such nnouI'''a'''"' l. "p-
ProN'u'
fourln haI no oI' W 'ile 90, I'i' l,oi llo.s
among Nhl'h ,ne properly anu businesses '
enah le'a'n o' eu'i,.oS Wv eiii, ,'e, .'.'l '.a'
oI "'n'r "Ita"'"d' w" ", Wv r,S Wv S"''.o
once OF oIn'es IL any o'"'' VI '"e SAT" WI
Torh'ionN III
lmN HIFrUN,' VIZ" .''Ol' '''l, ''''i,
ein'ar '" 'noee ii"''a'e" ~ W '"e 'oNu's'
hehI aooNr, ..
rum In ia. no ol'e ". Ihe oo,poIa.'ons ,'p.aI1
AnonS Wnl'n 'no P'Ol'l'ee anu it, u's'neeeos
now III 'no 'oIu','n"',o" arr W. we "'S' '"'''eu
sual re'a'u an" "'lu 'ap.'"' e'"' III ""S
La also retained and held by any of the
other of tho corporations among which
such properties and businesses are 10 hc
distributed or shall purchase or acquire
any stock in any other of such corporations.
This ia approved. hut should contain
an exception upon which II Is understood
counsel are in accord in the single case
Of the Porto Rican Leaf Tobacco Com
many Counsel may agrea upon the phrase
olosy TO he inserted in the decree
1--WE iEAhS VI I"Dh'H"'hN 'fhNNiioN'
"Sixth--That no one of the corporations
among which the properties and businesses
now in the combination are to he distributed
shall during a period of nve years directly
or tndirsctly acquire any stock in any one
Of the others OF said corporations or pur
chase or acouire the propsrty or business
or bo,h ~ anv other of said cornora,ions
with a change Of phraseoIogy which will
mako this applicable to all the fourteen
comn.nias mis- reouest il annroved 4
.in,iIar rsoues, ia found among those sub
ynitt.c bv Other ohie,tors with an addi-
tionaI clause forhidding any one of these
four,eon con,naniss from making loans
or otbervise extending credit In" any Of
tho c.hers mi. suggestion ia a nroper
ono and may no embodied in the Attorney
aenersl's raouest
WHAT TIRE THFtE ffAR INJUNCTION GOWNS
Seventh To the end that the twenty
nine individual defendants in this suit shall
not increase their control over any of the
corporations among which the properties
and businesses now in the combination are
10 be distributed. pursuant to the plan
from. at any time within FIVE years from the
date OF the decree. acquiring. directly or
indirectly, the legal or equitable ownership
of any amount of stock in any one OF said
corporations in addition TO the amounts
which they will respectively hold II and
when the plan shall have been carried out
as proposed
This is approved but the phraseology
should be modified as already indicated
Upon the argument the Attorney -General
stated that he would be willing to suhsti-
tute three years FOR five years Such
change seems desirable as II would probably
result in more rapid distribution of present
holdings There should also be a provi 80
excepting from the operation OF this pro-
hibtion any and all sales and purchas
W "!oso '"eH'. nv ~
agree upon.
Itmay not be a wise public policy TO make
II easy for foreigners 20 take over the con-
troll OF the British American Company with
its large and growing business in foreign
countries. notably in south Africa and the
Far East. now in American hands. That
IA what would probably hannen n tho
tHenty-nine defendants be prohibited from
increasing their holdings of that stock.
We do not undertake TO determine this
question Of public policy. which is one for
the consideration OF the executive branch
Of the Government. II is sufficient to saw
that a further exception of the shares OF
that company from the operation of this
paragraph would not in our opinion make
the plan repugnant TO the law
Eighth. That the preferred stock OF the
American Cigar COMPANY. aggregating in
book value g., $50 .2Ie q. 40 held bv the American
SnufY COMPANY. and the stock and bonds
OF American Tobacco COMPANY. held bv the
American Snufr COMPANY be sold or other
wise be disposed of within one year instead
Of three wears as proposed in the plan. with
leave to defendants to apply to the court
to extend such period for not more than two
years"
There seems 10 be- no good reason for