The Birmingham age-herald., 1912-12-20
SPECIFIC DECREE
 IN DISSOLUTION OF
 ROADS IS ASKED
Supreme Court Will Take Motion of Attorney Gen eral Wickersham Under
 Advisement

Washington, December 19.-Motion for a more specific decree in the Union Pacific merger dissolution was made in the supreme court today by Attorney General Wickersham. Chief Justice White formally declared that the court would take it under advisement.
 The tribunal took the case under ad- visement on a combined motion of the government and the Union Pacific rail- road attorneys. It requested a specific decree as to the rights of Union Pa eifc stockholders in the ordered dis trlbution of the $12G,650,00O worth of Southern Pacific stock owned by the Union Pacific Railroad company
 The railroad attorneys want the Union Pacific stockholders exclusively to be permitted to buy the stock. The government is opposed to such an eX- elusive privilege as asked.
 The railroads attorneys said that they considered the only practicable method for the stock to be distributed without irreparable damage would be for the Union Pacific company to offer the shares to it's own shareholders pro rata according to the amount of their holdings for purchase at a fair value, or to distribute the same as a dividend to the holders of it's stock entitled to dividend. They declared that the~At torney General was opposed to such a plan
 Would Damage Shareholders
 The offering for sale upon the open market of the Union Pacific's holdings of Southern Pacific shares aggregating over $126, ,00O would not only cause great damage upon the Union Pacihe's , shareholders but would cause a serious financial disturbance by over supply ing the market demand for securities of this character, consequently depres- sing the price not merely of the South ern Pacific's shares owned by the Union Pacific, but also of the shares of the Southern Pacific held by others and even of the securities of other corpor- ations dealt in on inc market during and for a long period after the of fering of these Southern Pacific shares ] for sale according to the statements 5 delegations.
 The attorney argued that if the stock i owned by Union Pacific was distributed among the shareholders, the so-called controlling interests would get only per cent of the total capital of the Southern l Pacific company, or an infnitestimal dot.
 Mr Wickersham filed a memorandum l with the court in opposition to the raIl- road plan, attacking it as an incorrect | restriction upon the power conferred upon the district ocrut He expressed willing ness that the Union Pacific stockholders s.4a. t.. -l&n f., ft,a .lf tribution of the Southern Pacific stock with the Southern Pacific stockholders.
 Effect Problematical
 The effect of mere pro rata distribn- ton of the stock among the Union Pa. cific stockholders is wholly problematical the Attorney General said. The stocl lists afford little clue to the owner I is d well known fact which an inspection of the stock list confirms that larg' amounts of stock stand on the books II the names of banking and brokeras g houses he said.
 Tt Is true the stock Is distribute' among some 22,oO0 holders, but Mrs. F h. Hartman, as sequester, kuhen, Loci
 X Co, the directors of the Union Pacli
 railroad, including the Chicago ant
 Northwestern railroad company, repre- | sented on the board of directors by Mar win EIughett, together hold Sil,25l,0O0 o it's stock 16 bankers and brokers eaci holding 1000 shares or over hold N32, ,7S6 S00." the Attorney General added 'in doed 363 holders together hold stock to l talling $ls96, ,259 800. or 62.5 per cent of tn
 whole It is the remainder of stock il enormous figures that is distributed be | tween nearly %, 900 holders. The Southern Pacific stock aside from that now hel' by the oregon Short Line Railroad com
 pany, in the hands of the public amounts to S146,040 630. This amount is distribute, among upwards of 15,O00 holders"