The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-04-22
PRESENTS PLAN
ORuNNERC|NC
/ PACIFIC ROADS
rcuit Court Judges Inclined
30 Grant Extension of Time
Until July /, Asked by
Chairman Lovett.
sATTER is LEFT TO
HIGHER TRIBUNAL
:nopsis of the Dissolution
Management Given Out by
HE Court After Adjourn
i ment of Hearing.
kTTER is LEFT TO
HIGHER TRIBUNAL

IT. PAUL, April 21.-The presenta-
N of a motion for an extension of
4 until July l, which was taken
Ter advisement by the court, ard
Einformal presentation of the re-
ID plan for the dissolution of the
on Pacific and Southern Pacific
ray merger, marked the confer.
b here today between Robert S.
4ett of the Union Pacific and
He'd States Circuit Judges Walter
1Sanborn, William c. Hook and
Ter l. Smith.
Il. Lovett's motion for an exteu-
was at first denied, the judges
hR undecided whether the court Of
eals had the jurisdiction to grant
,extension under the mandate of the
feme court Of the United States,
I later it was decided to leave the
lstion to the supreme court.
I'll three OF the judges expressed
lir opinions that the extension
lid be granted, believing that the
way was doing all in its power to
leent a plan of dissolution that
Id be acceptable TO the supreme
lft and to the attorney general
Reynolds Willing.
q a telegram to District Attorney
C. Houpt, which was read TO the
It, United States Attorney General
Reynolds declared his willingness
1krant the desired extension.
pom information to the supreme
r as to the jurisdiction of the
nit judges. the court of appeals
i reconvene to act on Mr., Lovett IS
ION. 1t may be some time, how
Z. before this is done.
II. Lovett and his associates left
today for Washington to place
time extension motion before the
feme court.
pilowing his presentation of the
ion Mr.. Lovett informally pre-
Ted to the court tentative plans for
dissolution.
:n0psis of Plans.
&te this afternoon a synopsis of
*e plans was given out by the
yes, the principal points being as
oWs:
'kne amended plan In brief is that
\ entire Sl2G, $4,000 In Southern Pa
stock TO be distributed shall be de-
lked with a trustee and disfranchised
10 SO held; that certificates off IN
shall be issued by the trustee
1pst said shares which shall carry
Avoung right and which Shall be ex-
pgeaole for Southern Pacific shares
U ny the trustee. only upon the filing
n affidavit by the applicant for such
pange, showing that such applicant
n not own 1000 shares or more OF
[pn Pacific stock; and that these GER
@tes Oh interest shall be offered for
'c7ption and purchase to all Union
TIC stockholders ratably at a distri-
3 sPn ratio not less than So per cent.
Ivy Holders Excluded.
rskno largest Union Pacific stockhoId-
H9oS IN number, according 10 the Sep
7 'er STOCK lisi, which was before the
F9me COURT are Cy this amended plan
: rely excluded from the acquisition
my OF ihe Southern Pacific shares
spe distributed They may purchase
tF fatab'e share OF the certificates OF
!, 4est' oni they cannot themselves
'S.fert the certificates OF interest into
TReposlted Southern Pacific shares. be-
nre OF heir inability to swear that
Q DO not own 1000 or more shares OF
>pn Pacific stock.
ffpe exchange cannot be efrectaJ foy
through ZONE dummy or agent. be-
re The proposed affidavit requires the
Hcant 10 swear that he Is the bona
& owner of the certificate OF Interest
/epted for conversion.
pIds Objections.
re objection expressed in the su-
courts opinion Of January 6. 1918.
Pte' Is absolutely avoided, for III.
mon Pacific stockholders. TO whom
TIC ooJection pertained, Instead OF
entitled as their pro rata shares
per cent OF Southern Pacific stock.
heing theoretically able ,n incrca 90
rolding by acquisition OF rights from
n nailer Shareholders. are not entitled
quire one single share uf Southern
IA 5c STOCK to be distributed. but arc
4, sf,.+'Dsa'y y, Da' disqualified from such acqui-
He amended plan continued:
ot even II II be assumed that any
(Continued on Page Three.)