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Show IMPORTANT RULING IN SECURITIES CASE Jersey City Holds That Eailroad Stocks May Bo Distributed at Will. NETW YORK, Ai?rll 18. Tho bearing in the suit against the Northern Securities Securi-ties company asking: a restraining order apalnst the announced method of 'distribution 'dis-tribution of that company's holdings of Great Northern and Northern Pacific railroad stocks was begun in Jersey City today. E. T. Nichols, secretary and treasurer of the Northern Securities, Securi-ties, filed an affidavit very similar to the one filed in the Minnesota suit, the only new thing: being that the Continental Continen-tal Securities company began a stockholder stock-holder of record of 500 shares on March 28th, six days after the distribution of stock had been decided upon. Counsel for Mr. Venner" demanded the production of the books, to which demand de-mand the counsel for the NorLhern Securities Se-curities company objected and the argument ar-gument was protracted. Thomas Thatcher, representing 60,000 shares of stock, objected to any extension being granted. Counsel Thompson, for the petitioner, argued in support of the requested injunction in-junction and former Attorney-General John W. Rlggs replied on behalf of the Northern Securities company. At the conclusion of the arguments Vice-Controller Berger dismissed the application of the Continental Securities company for an injunction against the meeting of the stockholders of tho Northern Securities company on April 21st. The vice-chancellor stated that there was no question of tho right of the Northern Securities company to reduce re-duce its capital stock, which action was conceded to te legitimate; that no proof had been presented that tho proposed method of distribution of the stocks would be an injury to the complainant; that the decision of the United States Circuit Court of Appeals and of the United States Supreme court did not order any distribution of the Northern Paclflc and Great Northern railroad stock or describe any method for their distribution, but that the decree simply prevented the Northern Securities company com-pany from getting any benefit from the holding of these stocks; that the stocks of those railroads are actual assets of the Northern Securities company and may therefore be distributed to stockholders, stock-holders, as In the opinion of the court their sale in the market would be tremendous tre-mendous injury to the public welfare; and that the methods adopted and heretofore announced for such stock distribution is perfectly fair. He said he would have to sustain the contentions conten-tions of the Northern Securities company, com-pany, and he further remarked that any interference on the part of the court was unwarranted and would work a hardship on the stockholders of the company. No Decision Before Thursday. ST. PAUL. April IS. No decision was handed down by the United States Circuit court In the motion of E. H. Harrlman and W. S. Pierce for leave to Intervene in the settlement of the Northern Securities company's affairs. Judge Sanborn Informed the Associated Press that the decision would be given on or befors Thursday, April 21st. The decision is In course of preparation. |