The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-22
Time EXTENSION
ASKED BY LOVETT
Judges Believe Railway Doing
All 1t Can to Present Plan
of Dissolution.

St Paul. Mimi, April 2i-Prcsenta-
tion of Il motion for an extension OF
time until July I. which was taken
under adviscment by the court. and In
formal presentation of tho revised plan
for the dissolution OF tho Union Pa
cihc and Southern Pacific Railway
merger marked the conference hero to-
day between Robert S. Lovctt OF the
Union Fbcific. and United States Cir
cult JudgCEr Waller ii. Sanborn. Will
liam c. Hook and Walter I. Smith.
Mr.. Lovett's motion for an extension
was at first denied, the judges being
undecided whether the Court OF an
peals had the Jurisdiction TO grant an
extension under the mandate of tho
supreme Court Of the United Stn tes. hut
later 1t was decided to leave the cues
ton OF Jurisdiction to the Supreme
Court and to the Attorney General.
McReynolds Is willing.
In telegram to District Attorney
c. c. Houpt. which was read to the
court. Attorney General McReynolds
declared his Willingness for the desired
extension.
Upon information from tho Supreme
Court as to the jurisdiction OF the cir
cult judges the Court of Appeals may
reconvene to act on Mr.. IIovett's mo-
ton. 1t may be some time. however.
before this Is done.
Mr.. Lovett and his associates left
late to-day for Washington to place
the time extension motion before the
Supreme Court
Following his presentation OF the
motion. MIR. Lovett informally pre-
sented to the court tentative plans for
the dissolution. A synopsis OF these
plans was given out by the jud ses, the
principal points being as follows:
The amended plan that the entire
to be distributed shall be deposited
with n trustee and DISTINGUISHED while
so held; that certificates of interest
shall be issued by the trustee against
such shares which shall carry no vot-
ing right, and which shall he eX-
chnngeablc for Southern Pacific shares
held by the trustee, only upon tho fill
ing OF an affidavit by the applicant
for such exchange, showing that such
applicant does not own 1000 shares or
more OF Union Pacific stock; and that
these certificates of interest shall be
offered for subscription and purchase
to all Union Pacific stockholders rata
bly, at distribution ratio not less
than 3S per cent
The largest Union Pacific stock
holders (36S In number, according to
the September stock list, which was
before the Supreme Court are by this
the acquisition of any OF the Southern
Pacific shares to be distributed" says
the statement.
The objection expressed In the STU
preme Courts opinion OF January 6,
1913. therefore, is absolutely avoided,
for the 36S Union Pacific stockholders,
10 whom alone the objection pertained
Instead OF being entitled as the pro
rata. shares to % per cent OF South
ern Pacific stock and being theoreti-
cally able to increase this holding by
acquisition of rights from the smaller
shareholders, are not entitled to ac
quirc one single share OF Southern
Pacific stock to be distributed, but are
specifically disqualified from such ac-
QUESTION"
The plan also provides for the sale
to a syndicate or on the New York
Stock Exchange of any certificates OF
interest not subscribed for by the
Union Pacific shareholders. The GER
titicates Of interest. however will still
be subject to the conditions that can
not DO converted into stock by any
Union Pacific shareholder holding 1000
shares more.