The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-19
MORGAN IN CONTROL
OF FABULOUS WEALTH
LOVETT APPEALS
SUPREME COURT
His Plan for Dissolution of Pa
cihc Merger Not Satisfactory
to Wickersham.

New York. December 1s.-Robert
:. I.ovett. chairman of the executive
committees of the Union and Southern
Pacific Railroads. announced this
afternoon that he had arranged with
Attorney General Wickersham to APP
peal at once to the Supreme Court for
Instructions in working out the dis
solution plan Of the Union Pacific.
Mr.. Wickersham, the announcement
said. has refused to consider any plan
involving the distribution OF Southern
Pacific stock owned by the Union Pa
cifc TO the stockholders of the latter
In support of his contention that
Southern Pacific stock be distributed
among Union Pacific shareholders,
Judge I.ovett cites the Northern Sc
curities case and the cases OF the
Standard OIL and American Tobacco
COMPANIES These ne asserts. are
fundamentally comparative with the
Union Pacifc-Southern Pacific disso-
luton
In Interest Of All Parties
The unusual course adopted by the
Hartman officials is taken in the In
terests of all parties. Judge Lovett
saws. and in the hope that the decree
Of the Supreme Court may be facili-
tated.
Judge I.oyett's statement follows;
Immediately after the decision OF
the Supreme Court in the case In
volving the relation Of the Union Pa
cinc and Southern Pacific. the board
of directors appointed special COM
-,.ittee composed Of r. 6. Lovett. ". T.
Schifr and Frank A Vanderlip 20
work out and submit a plan for
as
conforming to the decision OF the
court and the matter was at once
taken I'D with the government. The
Acknowledgement Of the United states
has refused TO approve any plan in
volvine the distributisa OF the si2s.-
$50. 200 par value OF stock Of southern
pacific COMPANY owned by Union Pc
cifc Railroad Company exclusively TO
the stockholders Of the latter IN pro-
portion - their holdings whether hy
sale. dividend OF otherwise and has
declared that he would appeal In the
event the District Court should ap-
prove pro-rata distribution.
We End nothing in the opinion -
the supreme Court IN this case 70 war
rant the government IN denying 70
stockholders % the Union Pacific me
rights enjoyed BY the stocfholders 81
every other corporation that mas ''''
required 20 dispose - stock held con
trarv to the sherman act. whore
pro rata distribution was Praetieaoi'
as 81 Is IN this case.
Precedent. cited
Il, tie Northern Securities case
stockholders % the Northern SesII'-
tics Company received either Norther"
racisc and Great northern STOCK ~
proporsiou O. their holdings OF Nort.-
err securities stocks. and this ois's''
button vas specifically approved ~
tho supreme Court. m The standard
OH case the decree. which was az
armed ~ the Supreme Court provid-
ed for = Dr. rata distribution anonS
the stockholders % the standard OF
In the tobacco case. an unqualihed us
s~ibutiou Wa impracticabie because 81
com,Iieafions arisirc from outstard-
Ing mortgages. changes in plants. etc.
ard a division Of properties BY tne
American Tobacco Company With Two
neu corporations vas made. but the
entire stock - the new corporations
Us cold q the holders Of the CON-
----rsforr-d on second P1gs)