The Birmingham age-herald., 1911-11-01

any sgeh penalty upon our client, saiG Mr Nicoi But we have yielded. Yet there comes into this court two protes1- ants who charge that we are attempting to avoid the law
 How the reorganization swould result in the restoration of competition, MT. Nicoll sought to show by analysing the segrega- ton of the American Tobacco company into four big corporations of IA com panies The minority interests of each group. he declared. would be different. Tie plan of the opponents as outlined in MT Brandeis remonsTanee. Ar. Nicoll declared, if carried into effeet would give the independents a speedy monopoly o1 the market.
 in approaching the task of disintesrat- ing the trust, Attorney General Wicker sham said the first subject of thought was as to the size of units to he taken from the trust. In this connection he quoted from court decisions holding that ''magni- tlde does not constitute a monopoly
 That the general plan of reorganization is practical, the Attorney General eX- pressed belief The objection that the pro- posed division of brands would not permit Of competition he appeared to believe to be unfounded.
 We think if this plan is safegua eded that it will restore competition he said We are dealing in a measure in conJec- ture, and have for that reason asked that for a period of five years the government reserve the right to seek further relief
 Joseph II. Choate. representing the C Ter cent bond holders of the American company announced that if there is ineor- porate6 in the reorganization plan the suggestion of Attorney General Wlekef- sham, that the government be granted the right to appeal to the court for further relief at any time within five years, none of the bondholders would consent to the dissolution plan and that it surely would fail.
 Ledyard Speaks
 Mr Ledyard declared that not only tn9 bondholders but the stockholders Wouht relusp to exchange their property Wllh a government club hanging over them.
 "These stockholders are to turn over $37, 7,000000,' he said, and that hold up would spoil the plan .,.,.
 "PoIitics is an unknown quantity in thls country A new and interruptions Attof, hey General might be in power AeXl year." MT. Ledyard declared, who would abuse this right to interfere with our warrant Politics is a force which is drlV- ing us to disaster ths country and such dangerous whip as this in the hands ot an unworthy Attorney General would De dangerous indeed. The effects of this In junction would hold stocks and bonds in an iron grip and furnish bar to tho proposed reorganization"
 Argument was then closed and the court took the case under advisement
 Frankfort, Ky October 31.-Attorney General James Breathitt of Kentucky gave to the press this afternoon a state ment in reply to Delaney Nieoi, who, in his argument today in the United States circuit court of New York on behalf Ct the American Tobacco company. said that the attorneys general of Virginia, of the Caroinas, Kentucky, Wisconsin and New York had appeared protesting against the disenfegration plan, adding,
 T have heard it said that these men are attempting to build for themselves trust busting records for future cam paigns
 q have never filed any formal protest nor appeared to protest against the plan said Attorney General Breathitt. How ever l cid not feel that the disintesratiol plan goes far enough.'