| Show NORTHERN securities GRANTED ITS REQUEST dividends on northern pacific and great northern stock will be paid government is defeated st paul april 20 at noon today circuit court judge sanborn handed down the following decision granting the request of the northern securities company to pay great northern and rn to the northern securities company ine defendants defend anta have the right under the act of congress lo 10 appeal from the decree of the circuit court to the supreme court they have claimed that right ordinarily those vh have the right to review a judgment or decree of the coart also have tho right upon giving a proper bond to supersede the of the judgment or decree during the of the appeal but where as in the case at bar the decree awards an injunction the ordinary stays proceedings but docs not raise the injunction to enable the courts to prevent unnecessary loss or injury to the parties to litigation in such cases the fourt provided by rule 03 that when an appeal is allowed from a decree granting an injunction a audgo who took part in the decision may make an order suspending the injunction during the of the appeal upon dueh terms ai to bond or otherwise aa he may consider proper for the security of the opposite party it is the customary practice for the courts to exercise this whenever their action will not affect the rights of the party who has efured the injunction in this case that party is the united states the main purpose effects of the decree arc to prevent the northern te curi ties company from controlling and operating the great northern and northern pacific railroads and to accomplish com this end it enjoins that com pany from exercising any control over their operation and from acquiring or voting any of the stock of the railroad companies and it also enjoins the railroad companies from paying the borth arn securities company any dividends on their stock this sa nol an application to suspend this injunction the defendants ask only that the part of clift injunction which forbids the payment of the dividends lie suspended during tha of hie appeal it is not perceived how the payment or the retention of these dividends during the of this apical can injuriously affect any right it tho united states in this litigation and the only question here is whether these dividends shall be piled alio treasuries of the railway companies or paid lo 10 the stockholder to whom they legally belong and which must ultimately them whichever the final decision in this case may be these dividends still go to the stockholders of the northern company whether paid as thy are earned or after the final decision if tho railroad companies arc permuted to pay their dividends to the securities company that company wall pay them over to its stockholder the deerea permit the stockholders of the securities company to exchange their tock for i the stock of the railroad companies for which it is issued if the supreme court aniros this decision the stockholders of the northern tny can exchange their fetock for the stock of the railroad companies and can draw these dividends upon thi lattery if the supreme court the i parties cau draw dividends by refusing the petition while the ap peal is pending will not enhance ov speed the enforcement of any legal right of tec united states while it might inflict unnecessary loss and injury upon the stockholders who arc justly entitled to receive this dividend as soon 3 it is earned the order of ibe court will accordingly be that the operation of that por tion of the decree which enjoins aha railway companies from paying the dividends upon their stock which is hecl by the northern securities company shall be suspended during th of the appeal upon the giving of ap proved bonds in the sum of or by or in behalf of the defendants in tho eum of rf conditional to i their appeal with effect nd will pay all ilam agea which shall result to tha united states by of tills order that portion of the injunction contained in the final decree which forbid jhc thc northern pacific company and the great northern company from paying to the northern cunti cs company on account of stock in either of the railway companies which thai securities company claims to owa and hold or suspended during the of the appeal allow cd herein thia day all other portions of the decree and 0 o the injunction it contadini con taini remain in force and are unaffected by this order after the reading of the de ciMon the appeal was ith bond was filed this afternoon dividends do not belong and cannot in any event be paid to tia united states it docs not claim to j and it hm not any pecuniary interest in them its in in this buit and its interest in thu injunction are only thereby to enforce the law against illegal in restraint 0 trade kind to prevent ahn northern securities oni any from controlling direct hia owning operating or interfering with the railroads thin interest it will be noticed ia protected by that portion of the injunction which forbids the or t control of these by th n arih fern securities company and forbids it I 1 from voting or stock 0 o tepsa railroad companies tills portion of the injunction indeed every jurt of the decree and hia if in force and will continue in force during the of chii appeal in any chent this time the united hiki and will alii e under this portion of the decree which vill not lie modified or n remedy for any tion of the anti trust aft should it occur bot j by proceeding for under this injunction and by proceedings ander the penal clabo of the sacr man antitrust anti trust act tho appeal of this case will probably he determined by tho supreme court about november 1003 new york april 20 northern securities shares abold off to 04 78 7 8 early in tha d ay iy but just before mcw of th dec chii city the market turned and tho stock abold up to 00 31 of alie securities company expressed plea auro aver tha lewk col Cloi ir general counsel and fourth vice president said the tion bottno decleo nil to tho carrying out odthe companies regular bun incas including the payment of dividend ii J I 1 buryan would not comai ent on tho order pt th cottet cott rt t i J aft |
