| Show WICKERSHAM ROVES UI u. P. P PROPOSAl Distribution of Southern Pacific Pacific Pacific Pa Pa- Pa- Pa Stock Owned by Other Harriman Lines Lines' Not Sanctioned Sanctioned Sanctioned Sanc Sanc- by Attorney General APPEAL TO BE MADE FROM HIS DECISION United States Supreme Court to Be Asked for Instructions in Working Out Dissolution of Railroads As Ordered NEW V MEW YORK Dec 18 Robert lB S S. S Lovett Lo chairman of the executive executive executive tive committee of the Un Union on and Southern Pacific railroads s announced this afternoon that he had arranged with Attorney General Wickersham to appeal at once to the United States supreme cot court rt for instructions in working out thu the dissolution plan piau of the railroads mil roads s Mr Wickersham the announcement continued has refused to approve an any plan ilau involving tho the distribution of r Southern Pacific stock owned by the Union Pacific In support of his contention that tha Southern Pacific Stock be distributed among amons Union Unton Pacific shareholders Judge LO LoVett ett sites cites tt S tho the Northern Securities Securities ties case a e. e and the tho cases of ot the Standard Oil all and American Tobacco con companies panl s. s Th These 6 ho no assorts asserts are fundamentally comparable With the c Union Pacific Pacific- Southern Pacific dissolution Tile TUe unusual course adopted by th the HarrIman officials al Is taken in the interests in tn ter ts of C all ail p e Judge a in v a ui dt de i a of ot the supreme court f may huts Inn be Judge Lovetta Lo Statement Judge Lovetts Lovett's statement follows Immediately after the tho decision of ot the court In the case cao Involving ing lag the reorganization of ot the he Union Pacific and Southern Pacific the tho board of or directors appointed d a special committee com com- composed of ot II It IL S S. Lovett M. M 1 L. L chaff and Frank A. A to workout work workout out and submit a plan for tor promptly and lull Sully fully carrying out and conforming to the tho decision of tho court and the matter matter mat mat- ter was at once taken up with the tho government gO t. t Tho The attorney general g of ot the tho United d States had refused to approve o an any plan plin Involving the distribution of ot toe tic 1 1 J- J par par value of ot stock of ur tt l Southern Southern South South- I ern ern Pacific owned L by the tho Union Pacific Pa Pa- Pacific Railroad company compan exclusively to the tho stockholders ers of ot the latter latter latter-In in proportion proportion pro pro- portion to their holdings s wh whether ther b by sale alo dividend or otherwise and und has bar hn declared that he ire would appeal In th tho Continued on Page Pago 11 Column I 1 RISES OBJECTION TO U. U P. P PROPOSAL tt General Disapproves Method Meth d Presented for Dissolving Dissolving Dissolving Dis Dis- solving Merger I Continued from Page One rent ent nt the district court should o to o rata distribution VO v i find nothing In the opinion of or oro to o e supreme court In this CAse to Wart war war- int nt t the tho government go In denyinG to of at Union Pacific tho the enjoyed b by stockholders of oC er e every per her corporation that has hag been reared re- re Ired ared to dispose of oC stock held conI coniry con- con I iry to tho the Sherman act where a pro prota to ta distribution was vas wasl practicable as it In this case t Northern Securities Plan Plen In the tho Northern Securities case or o ovary of oC the Northern Pacific received both Northern Pacific L Great Northern stock in proportion their holdings s of r Northern s 's and this distribution was WIlS approved Id b by tho the urt rt In tho the Standard Oil 1 company compan sc e. e the decree which was wa affirmed b by court provided pro for Cor a 0 pro prot t ik tb distribution among the i o of tho Standard Oil company Iu In the tobacco o case an unqualified was WR'S impracticable bo- bo u. u of or complications arising from s mortgages es changes In ints etc and a division 11 of tho the prop- prop ties tics b by the American Tobacco com com- iny ity with t two new ew corporations was de de but th the entire stock of ot tho the now was sold to tho holders of oC offe fe e e common s stock of the Am American ToccO To- To ccO company f In proportion to their dings In In the p powder case a plan of or dis- dis l n was ns n accepted b by tho the attorney which involved a n pro rata disco dl dis- dis co to fa the thc stockholders of or the theal al company L a th the mandate date of ot il the supreme rl has hoS' not yet ot been Issued wo have ranged ranged with the attorney general for p presentation 1 of oC of the matter r Imme- Imme itt f to the supreme court by motion pr r r Instructions to the district court in down the Ufe man mandate ate to that butt uti Wo Yo regard the lJ right ht of ot theton the theIon ton Ion Pacific stockholders Involved ol as ns JJ fun fundamental that we feel Ceel compelled carry the matter to the court |
