Deseret Evening News | 1906-04-18 | Page 11 | Electric Companies Merger Decision

ELECTRIC COMPANIES MERGER DECISION St SI Paul April 17 Judge Sanborn In Inthe Intile he tile court of appeals today handed down own an nn opinion In the case of Morgan one appellant versus tho the Missouri company et lOt nl at Tile The nae Involved the merger of ot nil all elec and power companies of St Louis Loul md timid If It the statements of ot the plaintiffs are nrc true Involves an attempt to freeze out nut by b means of alleged atlon latton sonic sonio of ol the minority era 1111 em from the merger Tim The circuit court below helow the demurrer arid and the decision of sit Judge Sanborn today re reo rues that decision The alleged facts sol set forth In the thc ap up pellan brief In nr are that the he North C a no Jersy ersey corporation o 0 on cm nil all the electric light and power companies s operating In St fit Lotus In one company thereby dispensing with com corn petit ion n The North American company no so cured shares of or the time stork of the participating companies anti and It Is IR alleged then began a scheme to deprive Jones Jonts and anut a II few lew others of ot the minority rs r who owned preferred stock atuck of tIC their equity A corporation was ns formed Common stock was bought up and ond the preferred depreciated de It t fell tell to about 60 50 O per cent of ot Its par IJar ar value and at lit the same lame time limp effort was twing made to 10 Increase the value of ot time the lie common stock The plaintiffs ni III nitre lege tre tills this Is IR nn an Injustice to their hold holt hugs The demurrer held that the pe petition pee did not state facts acts to constitute causes of or action netlon Judge Sanborn practically holds that there here U 18 I basis for nn an action and while the Issue was waR not exactly tho the legality of or the corporation the time forming of ot that merger r was legal under the Missouri laws as J 1