Show ij mM I Im Circuit Court Refuses es to Let Lei L Ii 1 a Them Intervene in itt the North Northern Northera era ern cm Securities les Case W NO s o 0 Oe Oae Hut United States May Mu Ia As hk That PlaD of Settlement be Jc Enjoined COURT CUSTODY OF STOCK To T Protect Any AD Pecuniary Interest or orE E Equity Eity Petitioners May Ma l Have are Inter Intervention Is Not Sot Necessary Ft Et Paul April Api 1 In n t the United Hales Et tes court flan Ban Urn tern er and Ind Hook nan ly denied the application ol oC 0 t nail anid Pierce and tho the Oregon Eb rt line ll company for tor leave lease to t Intervene IH In 11 the case clee of or the tho United U Hilts the Northern North In en CR n the following Grounds Frt the Hie plan iian of the directors of ot the theom company om 11 for fOl the distribution ot or the tho dock Itol of th Northern Pacific Great Northern Hallway Hall companies In I not sto of or the tho decree In the Northern So Se curl cuttIe lie case ciC second no niu 10 one but the tine States tin tE tn rul to tho the court to I he execution of ot that plan on onti ontie tie ti ground that U it I Is In 11 violation of ot the tho antitrust net and tho United eH satisfaction with wih tho the went dull 11 e Third the stork of ot the two to In IA Ii not in II tho the custody of ot tilt the court Fourth an nn Is 19 I not nece ury W ur to malk naIle the to protect my a fl i Interest or c equity they have tm I Judge Thayer delivered tb opinion I of oft a aI ofte t t I te e t court url Th formal entry Int of tho the court Is IB ns as ni follows The application of II It I Harrl i ban H 5 f PIerce mid Ild tho tim Orew Ores Ore Olf w Short Line 1111 company for Irm ka e to Intervene In II thin thlu LIW us usar IS h heard ar rj before this court coutt on 01 April lii II 12 and U 13 I 1904 14 and alil after due dine consideration It Ii is hereby that application ho hoad hod and ad d la Jd i hereby herel er hY denied wnm 8 S AMoS 1 AV W v WM W f I 1 HOOK 1 Circuit Judges APPLICATION UNUSUAL The court In II tho tl tI reasons for the tho decree d ree titter reciting the put Iut forth by h anti fierce for le r to Hays I atoll for Cor leave le to Intervene In I rao ca a r aC entry of n a final do Ilc 1 arc arl stry They fh are arc lre panted is aH i a matter of at if course tU and 11 ti tul ow o Ing to 10 the tw th tendency 1111 1 of or Huch a ppl to RiO da and tuni uld tho th t he lit 1 I t l I Plon pilton th ought ou hl not to lo ho granted unIes m It u Is IN s necessary to do tO HO lo 10 to pro pre J frH ne some right which cannot other t IM tR I I be protected or to tl avoid I vol l some that Is to mise The prin ri u I ground gro U n f OR It I t seems en or which the t he ICI It to icis ii rl It I p their application to Inter tutor ens ne I fo tbt u It I IH IM I iry to the Ito duo 1 nt of ot f the tho l decree leeree tl t they Hicy be the cn o ns as P oar pur te and nJ i allowed ni owe I to 10 raIo rl e further Issues IAUN H It I Ii tutu i 1 II In 1 it bill un M i lio te n d m t hl Il III II n a 1 case cuse after a ni I html 1111 de lIe do ret me for 1 the 1 of ot full tully executing tuly lu J after the tho boyce Is ls rc iun Ita ms boin beu tuk token loken m or for PI 1 ha hap occurred 1 which will Ir IN wil ull H further lurther or U lo MIO Bull are given But Wr w f ri to ti Jal Perceive ri further ot 01 den deu er lre arc I H ar In the Iho lo case se In to 10 In ur Ihl the e rUl of or tho the do rOe IB to 10 H ls Its The decree o M ai U w 1 i U It 1 enjoined tho dOing dome In of If V t ic aunt so sots lt o one 81 t e ts n MO ate not Ml done It out cn eone ii lores tulti no further notion action look Ing to HH ls i IH h deemed tal 1131 II eUI IM m STOCK leree vas It nl 1 the Iho li court w when the the Ih Iok i valueless m In of 01 hue Securities the e Bockin company t able il ot it that co l ny some Ild m M B o P S to make dl le itol nt ot tho stock stoel which dr f r o a th Ih h 1 01 i of the ena b tj f tore store woul ii p i faIr fah ami just Ju t anti would ID to t Where I th t or of f the tho would world OlId Ih n a H l Ita ad on or of I u ti huto 1110 ole value tie In II hlll a It 1 dl that tine the ii u y ot of thus t tl e of ot It co coull 1 bc be loft leC to tn tov of the tho Securities f t cam n v and anI i OI Fn iM fiat If In O the I o l I 10 y no 1 ot of u lt of this I ii is fin not 0 lo fl In ln al tJ h I lint t had been ore CIO 1 I derio It l he H n con conn It n i Ihal i L ot of y M Properly form tho t Ito suit 1 i n tUel elk III Immediately Inter Inlet It tJ J I I pull In Bument that ono purR r n t the thu lh th t cIu In Is II to have ho vo w e ot of the tho 10 dOOIN which IH Is II now nl Bui ur tt ahe vc mandatory thI i be to 10 modify the tho lOi ns o 0 a Wy cern cerner c I h decree which JiltS his now lie he er M by atti U 11 Ii I make mako an 11 it t ter ih O t expressly anti on full d It when dren fl tho 10 fl to tio 10 M u o ni This w we 0 mu t dc tie Iti of f the Iho or of n Hal liar I of that tho ln ihor IC t the stock of tho rf ag Irn nm fluId Northern would t UJ In living leaving tho the nt f 1111 tin p two 0 ot jf In II the thew io tern who w W te In InO the Court O laid ald company tho the anie lail Ih are Irl lh th ot of tact the t which 1 th artIa noil WoUld UJ be i e c entitled l to vt hIPS 1 10 t I ncr after leave INO two dt l ne in to 10 nfl All granted and wn wrt R Ra Rne a v II i ni 01 i them or the tho all 01 u Oi on this thia moton motion thom CANNOT At to well veil wel rules the tho petitioners I cannot canno Intrude tUtU Into Int this thia 11 Ilon merely merel to protect the public nubIle nfl aut ni long lotic 1011 as the government la is II present by b Its Ita Ia attorney general and ex I dl of such Intrusion IntrusIons petitioners can COl Intervene only anI for their protection for tor their own ual ull Interests and for tor that purpose only ani In the tho event that they ther can cau ade adequate quate protection In no ito other way wa STANDS STANIS ON DE DECI CUKE CI Tho The United States stands on the dc lie cree as a affirmed and that the lie court Is II t only concerned to see that It Is in faithfully observed by hy the defendants according to Its Is terms In view of or this thin declaration on 01 tho the part of at o the United States It U II to bo be presumed d that lint the UK In IR II disposed to permit the tho of ot the Securities company l to formulate some MIM plan for tor or the lie equit equitable equitable able oble disposition of ot the tho Ito stock of ot the two tWI railway companies If Ir they thc can do Ito 10 to ro P which will wi not nut be he In violation of at law ll feeling confident of Its iA ability to dis Folva Folt oIs any on future combination In II re ro of ot Interstate commerce should houll one In Iii fact fiet result resul front from any scheme schema that may In ina he be devised for tor the tho disposition Ils of ot the tho stock of at If the two companies and preferring to challenge chalen 1 the validity of oC any nn such combination by 13 h an on Independent dent lt till bill il rather rither than by h further pro In this thin case Tim The court in II referrIng to the thc state ItAle men meat I of at the he attorneys for that the thc stock Flock of or the tho Securities com eom company pony pany was In the custody custod of ot tho court courtEn En MAY lA Y TI lt m WHEN It I may mi bo ho conceded that hat FO so long bug ns an m property remains actually In 11 judicial custody anyone asserting a it I right rl t there thereto to or Interest therein may In Intervene although the th case cu o In virtue of ot which Judicial custody was tas acquired has Ia to u it I decree This 11 Is court rOUt however has his never nel as assumed u mcd the custody of the stock of ot tho thin Northern Norther and Ind ireat Ireat Northern orther companies hut but has haR studiously front from doing coln so 50 fO It I did not assume to ta dIrect what hll should houll be bi IonIc done with the stock In Inc ton when It I enjoined the SecuritIes company front from voting soling It U and nfl the tho railway companies front from frol paying dividends thereon to 10 tho the Securities com corn company pany Nor was wan the bill hil which was nl lal Sited fed by h the government one on that placed ed ett tho thue stock In Judicial custody when It Wan Wil tiled fed The Th Intervention cannot be ho allowed on un the ground last stated CONCLUSION Our conclusion Is that thin the petition petitioners ers crl should hould not Intervene and Import In Into Into Into to the hue case new le Issues to be ho tried Thu Tite duo due enforcement of at the decree does docs dos not necessitate uch Huch action l ton and old If I It II so 10 happens that tho the decree of this court courtIn In 11 favor of ut tho the government creates a n asI situation 11 sI which shall hl give HIe rise to tl con Colt controversies between stockholders of ot tho the company as 11 to how the tho hold holdIngs lOWS Ings of oC that company com pal In the two rail railway rai way vay 1 com pan leu ought to bo ho distributed or cir what whal t should Ire be done dono with wih such Much hold holth h Jugs Inge llA these are arc questions which can be bo settled suit tIed among the lie stockholder them themselves selves Helel who ho are more Immediately rout con concerned COl corned cernell In lit 11 these questions and Ild accord accordIng lag Ing In lo In those thoM principles of lt law anti which any court having general enell common law and equity Is II com coin competent to enforce Leave Iele to lo Is denied J XII IT ITNe Now Nest Ne 1 Col W V P Plough plough PC C lough v Uv hl Ii t and amid general I counsel of oC the Northern Norther 1 company when Informed of ot tit denial by hy the United StatcH Hiltel circuit court coul at atI St SI I I Paul of ot if the by 1 h K H II I Harri man and 1 tho the proposed stock 11 I t said fad that the hIt ssan juL what he lie had ex CX x but hilt beyond that statement he hue to tu express himself t Tho The aroused 8 rOuse ii I ut In I It financial II hIt 1 roles circles ci nl II a I though few of ot those tho 1 that lint were directly Interested would express e an nn opinion President J J 11 Phil Inid not hot yet ar nr arrived II rived nt nl his hil when tile Wo of ot the tho decision wits was 11 received here Otto Ono of lt the hue counsel for fO the tho Northern Norther Securities company said lall the Incision II cl lol at St HI Paul 1011 will wi merely throw thin tho ap up application for ro in ut Injunction Into 1110 court courtn n II 1111 ml tiny any appeal would not carry cairy crr with wih It a stay Itay of tho the proceedings because c If It It did 1111 so much a it I would practically grant giant Int tho thio Injunction Tho Thin IB io true title ho In the decision t the I lie Continental Security company COlpany iou Iel dered at itt lt Jersey City It yesterday and amid lul If I either cao IH is II appealed the appeal will willot wi willot ot prevent the holding of ot tho thin meeting of or the Northern Norther Securities tt company on Thursday April 21 Northern orther Securities stock advanced a n point and a II half on 01 the lie Ihl curb urh I on the tho had been heen de do denied news that the tho petition etton le piled nied Solute Homo WOO 3 O shaves changed hands 11 In n the thin hour In Jut n tho the general mar marjot jot hot Union Pacific declined to a 1 frac tlC LIon under last closing hut re recovered reo recovered covered ton and OI then again declined A representative Ite of ot I Hahl aIti that thin the decision Is 19 Just what they thought It I would be 11 The Tho suit was wan brought hru lt merely ns us a a nuttIer matter of ot form Corm formo o 0 1111 did not hot expect that Mr Ir hr horn mann petition would ho granted and lul learning the tho attitude of oC the hue attorney wo WI were tern cr mire euro that the tho application tion would bo ho denied Our attorneys attorney however hoeser tOI thought It IL a a matter of legal decency to bring suit there We Ve shall now Institute new ibis lew proceedings hut but Just JW of what or ot when has not nol yet yen been beit hell fully determined It Is la probable that any new nets ne action noton will I be lie brought ht In the tho courts curts of ot New Now Jersey J wi rIC In which state tho the Northern rn Securities ier tel f or company secured Its I char charier |