The Marion daily mirror. (Marion, Ohio) 1892-1912, 1911-10-31

| AtlOTHtN 1tHtIdl NltktISlltiii Wdl
T, the next speaker. Wickersham de-
clared he had considerable sympathy
for the Independents and expressed
surprise that the attorneys for the
trust should express such Indignation
over their appearance in the case.
Wickcrsham recited that the SUI
| preme court had held that the organ
iaatlon OF the American Tobacco CON-
pany and its practices were in re-
straint of trade and pointed out that
the supreme court had sent the work.
ing out of a reorganization plan back
to the circuit court because of the
enormity of the trusts actions in the
past.
The attorney general declared he
had done all he could to help in work
ing out a. satisfactory disintegration
plan, as he realized the dire con-
sequences" of a receivership of the
issuance of an injunction by the cir
cult court. He said he had all along
insisted that the units in the new
plan be made as small as possible.
Wickersham asserted that mutual
ownership of securities under the to-
bacco plan was practically unavoid-
able and that there were several pre-
cedents for such ownership, as in the
dissolution OF the Northern Securities
company. He declared, however, that
as an abstract proposition, he did not
favor such ownerships. Ell
In the early portion of his speech,
Wickersham neither opposed nor
sanctioned the reorganization plans
proposed by bhe company. He rarely
spoke I'm defense of the company's
plans. nor did he, at the beginning at
tack them.
Wickersham called the special at
tention of the court to the fact that
under the proposed reorganization
plans control of the American To-
bacco company and its subsidiary
would be transferred from
the common to the preferred stock
holders.
Wickersham was asked by Judge
Noyes how the present stockholders
would be prevented from gaining con-
trol of the various dlsintegrated COM
panles in the future.
by injunction proceedings" answ-
cred the attorney general. AN In
junction extending over, say three or
five years, restraining tn estockhold-
ers from increasing their prorata
holdings in the integral companies, Is
a safeguard against the extension of
their influences I'm the future"
The attorney general admitted that
the entire matter must be dealt with
now merely as a matter of conjecture.
If. at a later date, 1t was found at
a later date that mistake had been
made in the plan of dissolution, he
wanted the circuit court to hold the
doors open for further proceedings.
Wickersham demanded that the
be completely severed
from the United Cigar Stores COM
pany. an organization, which he de-
clared was driving out small deal
ers. He said that although the Unit
ed had not, In ITSELF been held IL
legal, 1t was Illegal that II should be
owned by the American Tobacco com
pany.
Reviewing the case from every
angle. said Wickersham, 81 believe
that. with the provisions referred by
the government included in the plan
VI ulSIlteBIdtloli lne pan VIII ne dV-
ceptable to the people of the country.
Joseph H. Choate, representing the
six per cent bond holders of the
an injunction such as was proposed
by Wickersham was granted, the
bondholders would decline to surrend-
er their bond.
Colonel l.. c. Ledyard then started
his final reTly for the American To-
bacco company udge Lacombe an
nounced tSnt This would be the clos
Ing address. Ledyard contended that
the court was without power to Is
sue such an Injunction as demanded
by Wit6crShcn. The supreme court,
he said, had delegated only one power
to the circuit court--to formulate a
plan OF disintegration.
This Is not the first trus to go
through the process of disintergra-
don he iaid and from present pros
poets it will not be the last. What
must be settled for all the time is
the question; Is the business of the
country to be regulated by the execu-
tlVes OF the country to suit their po-
litical fancies.'