The daily banner. (Cambridge, Md.) 1897-2008, 1922-05-30
P. & R. PREFERRED
HOLDERS WIN
Entitled to Participate in Dis
tributiOn Of Assets,
THE PLAN Is MODIFIED
Ease Bail Held Immune From Anti
Trust Laws Government Wins
Fight Against Southern Pacific.

Washington, May 30-Preferred
Stockholders Of the Reading company
Will participate with Ri. common
Stockholders in The distribution nf GER
tain assets Of the Philadelphia and
Reading Coal and Iron company un-
der decision by The supreme court.
The plan OF dissolution was declared
10 he inadequate by Chief Justice
Taft.
The justice. acting for lns court,
accordingly entered all order nndi-
flying rhe plsn of dissolution by 4 de
parturc from the contracr provisions
of the general mortgage and in uIher
particulars. The coull Also declared
that in HE original decision ii MAS
found thar The general m"rr%aye VT.
the Unlawful instrument /" RESTRAIN IN
ltr~raic commerce..
The issue decided by Tie c"urr arose
from HE decision handed down IN HE
same c"Hrl on April 2t. 1920. IN The
lnng-'lrHMn suit for dissolution of the
>"-ra!itd Coal Trusi.@ the cnntiHrt Of
the coal business by HE Reading rail
way The court ordered Ire railway
am! coal companies 10 separate. and
Il plan Wa> prepared for the d.srrihu-
rjon OF the stock of the Philadelphia
and Reading Coal and Iron company
ami The formation Of new company
Ia handle The coal business.
Commit eeS Of preferred and com
mon Stockholders were formed to look
after The interests OF each class. Suit
WAS brought i'll the district court al
Philadelphia and The court decided
the TWO classes should have equal
rights in the distribution. The COM
mon Stockholders. headed by Seward
Pro>>er. Of New York. were allowed
an appeal 10 The supreme courr. which
now has ruled against them and up
held Judge Thompson. in The district
court.
The effect of the decision is 10 re-
qujre further proceedings before the
lower courts. in which all parties viii!
be heard on the modificationS of Tia,
Dissolution plan suggested by the
court
Organized base ball. as conducted
by professional club- under the nl-
ti"nai agreement, the supreme court
h@''' ; not interstate commerce. and
the clubs are NOT liable under The
Sherman antitrust law
The decision Of the court WAS vic
tory for organized baseball as against
the claims o" the Baltimore club OF
the defnnct Federal League and SETS
aide the verdict of the District OF
G." umbia supreme court awarding the
Baltimore club damages Of S240.h1n
against organized ball.
Justice Holmes in rendering The
opinion of the court, declared that per
s"nal efforts not related to production
are not interstate commerce. A law.
yer Sent to another state to argue a
case is not engaged in interstate com.
merce. nor is q Chautauqua lecturer
engaged in Interstate commerce, lie
added.
The government Won in the sup eme
court in lis suit 10 have the southern
Pacitlc companyS ownership Of the
Central Pacific railways declared I'm.
lawful.
The court in deciding The case-lhe
last of HE great trust dissolution suits
brought 10 the supreme courr-revers
ed the decision Of the federal court il
Crah which had he'd agsinst The gov.
eminent.
The decision Of the supreme court
Justice Day stated. means the South
ern Pacific will be required 10 dvesl
itself of all stock ownership il the
Central Pacific lines o. orher control.
which ii has held since 1881 by lease
and 1898 by purchase