From continuing or carrying into further effect after said fifteenth day of December, 1912, the combination adjudged illegal in this suit, and from entering into or forming among themselves or with others. any like combination or conspiracy, by any method or device whatsoever, the effect of which is or will be to restrain interstate commerce in explosives or to renew the unlawful monopoly of such commerce obtained and possessed by the defendants as adjudged herein, in violation of "Act to Protect Trade and Commerce Against Unlawful Restraints and Monopolies," approved July 2, 1890, and especially:

1. By causing the conveyance of the factories, plants, brands of business of either of said two new corporations to the other corporation to E. I. duPont de Nemours Powder Company or vice versa after the segregation of the properties among said corporations shall have taken place as herein provided; by placing the stocks of either of said corporations in the hands of voting trustees or controlling the voting power of such stocks by any device:

2. By making any express or implied agreement or arrangement with one another or with others relative to the control or management of either of said corporations, or the price or terms of purchase, or of sale of explosives or relative to the purchase, sale, manufacture, or transportation of explosives which will have the effect of restraining interstate commerce; or by making any agreement or arrangement of any kind between said corporations under which trade or business is apportioned between said corporations in respect either to customers or localities.

3. By offering or causing to be offered or making or causing to be made more favorable prices or terms of sale for the products manufactured by them or either of them to the customers of any rival manufacturer or manufacturers than they at the same time offer to make their established trade, where the purpose is to unfairly cripple or drive out of business such rival manufacturer or manufacturers or otherwise unlawfully to restrain the trade and commerce of the United States in any of said products; provided that no defendant is enjoined or restrained from making any price or prices in the sale of said products, or any thereof, to meet or to compete with prices made by any other defendant, or by any rival manufacturer; and provided, further, that nothing in this decree shall be taken in any respect to enjoin or restrain fair, free and open competition.

4. By either of said corporations retaining or employing the same clerical force or organization, or keeping the same office or offices as any other of said corporations.

5. By either of said corporations doing business directly or indirectly under any other than its own corporate name or the name of a subsidiary corporation controlled by it; provided, however, that, in case of a subsidiary corporation, the controlling corporation shall cause the products of such subsidiary corporation which are sold in the United States and bear the name of the manufacturer to bear also a statement indicating the fact of such control.

It is further ordered, adjudged and decreed that said defendants cancel and annul:

a. Agreement of October 2, 1902, between William Barclay Parsons, of the City of New York, and the Delaware Securities Company. Petitioner's Record, Exhibits, Volume 4, page 1984.

b. Agreement of October 6, 1902, between H. deB. Parsons of the City of New York, and the Delaware Securities Company. Petitioner's Record, Exhibits, Volume 4, page 1986.

c. Agreement of the second day of October, 1902, between Schuyler L. Parsons, of the City of New York, and the Delaware Securities Company. Petitioner's Record, Exhibits, Volume 4, page 1988.

d. A like and identical agreement made about the same date between J. A. Haskell and the Delaware Securities Company, described in Petitioner's Testimony, Volume 2, page 1012.

It is further ordered, adjudged and decreed that during a period of five years from the date hereof each of said corporations, the E. I. duPont de Nemours Powder Company and said other two corporations, their stockholders, officers, directors, agents, servants and employees, be hereby enjoined and restrained as follows:

1. None of said corporations shall have any officer or director who is also an officer or director in any other of said corporations.

2. None of said corporations shall employ the same agent or agents for the sale in interstate commerce of explosives which might be sold in competition with each other; provided that any one of said corporations may sell its products on commission through a merchant or dealer who is similarly employed by either or both of said corpora

tions.

3. None of said corporations shall directly or indirectly acquire any stock in another of said corporations or purchase or acquire any of the factories, plants, brands or business of such other corporation.

It is further ordered, adjudged and decreed that each and all of the individual defendants by this decree adjudged to be engaged in said combination, while holding stock in said two corporations and E. I. duPont de Nemours Powder Company or any two thereof be enjoined and restrained from at any time within three years from the date hereof acquiring, owning or holding, directly or indirectly,

any stock or a legal or equitable interest in any stock in either of said two corporations to which said properties shall be transferred, in excess of the amount to which he may be entitled under the provisions of the plan herein mentioned when the same shall have been carried out as proposed; provided, however, that any of said individual defendants may notwithstanding this prohibition acquire from any other or others of said defendants, or in case of death, from their estates, any of the stock held by such other defendant or defendants in said corporations and may acquire their proportions of any increase of stock.

It is furthed ordered, adjudged and decreed that any new company or companies organized for the purpose of taking property under the provisions of this decree or otherwise, necessary to the carrying out of this plan, shall, after their formation and by appropriate proceedings, be made parties to this cause, and subject to the provisions of this decree and bound by the injunctions herein granted.

It is further ordered, adjudged and decreed that any party hereto may make application to this Court for such orders and directions as may be necessary or proper in relation to the carrying out of such plan and the provisions of this decree.

It is further ordered, adjudged and decreed that the twenty-seven (27) defendants hereinabove mentioned, do pay to the United States Government its cost in this cause.

It is further ordered, adjudged and decreed that jurisdiction of this cause is retained by this Court, for the purpose of making such other and further orders and decrees as may become necessary for carrying out the plan herein set forth.

It is further ordered, adjudged and decreed that after the plan hereinabove mentioned shall have been carried into effect a report shall be made to this Court for its approval, setting out the manner in which said plan shall have been carried out.

REFUNDING WITHOUT THE AID OF A BANKER1

CHICAGO ELEVATED RAILWAYS

TWO-YEAR FIVE PER CENT. SECURED GOLD NOTES

To the Holders of Said Notes:

The above obligations were issued July 1, 1914, as part of a plan of temporary financing. Since that date, the City of Chicago has appointed a Commission of eminent engineers to study transportation conditions and to formulate a concrete plan for the unification of all the elevated and surface lines in the city. This Commission is now actively engaged in its labors. Pending the promulgation of such plan and of appropriate municipal action in the matter, it is neither practicable nor desirable to undertake permanent financing; and an extension of the maturity of said notes to July 1, 1919, is advisable and necessary.

The Chicago Elevated Railways has arranged to materially increase the value of the security for all extended notes, and proposes such extension thereof under the provisions of an Extension Agreement upon the following terms:

1. The interest on the extended notes will be increased from the present rate (5%) to six per cent. (6%) per annum, payable semiannually. New coupon sheets to evidence such future interest will be attached to each extended note.

2. The sum of $15 in cash will be paid in respect of each $1,000 face amount of extended notes.

3. In addition to and by way of material increase of the value of the security for said extended notes:

(a) Chicago Elevated Railways will acquire and pledge as security under the Extension Agreement promissory notes of the Railroad Companies, shares of whose capital stock now constitute the sole collateral securities pledged under the Trust Indenture of July 1, 1914, under which the Gold Notes were issued. These promissory notes will aggregate, approximately, $1,070,000; and, until so acquired and pledged, they rank in priority to the collateral securities under the Trust Indenture of July 1, 1914;

(b) Chicago Elevated Railways will cause to be similarly pledged under the Extension Agreement as security for the payment of the extended notes, claims or notes representing additional floating indebtedness of the Railroad Companies amounting approximately to 1 Advertisement in New York Times, June 21, 1916.

$1,000,000, incurred principally as a result of betterments made to the railroad properties, and now likewise ranking in priority to the collateral securities pledged under the Trust Indenture of July 1, 1914; and

(c) Chicago Elevated Railways will procure an agreement with Commonwealth Edison Company whereby all claims for power supplied to the Railroad Companies after June 30, 1916, and until the Extended Notes shall have become due, will be assigned to a trustee and will be paid only if and as other floating debt of subsidiary companies (except capital debt), is not increased. In case other collateral securities pledged for the Extended Notes shall upon sale prove insufficient to pay such Extended Notes in full, the said power claims then unpaid will be placed on a parity with the Extended Notes.

Except only as the same may be modified and supplemented by the Extension Agreement in respect of Noteholders assenting thereto, the provisions of the Trust Indenture of July 1, 1914, will remain in full force and effect.

The extension of the notes has not been underwritten. The success of the proposed extension depends therefore solely upon the cooperation of the noteholders in availing themselves of the substantial benefits above outlined. The extension does not involve the payment of commissions, and all incidental expenses will be borne by the Chicago Elevated Railways.

Holders of Gold Notes may become parties to said Extension Agreement by depositing of said notes, having first detached therefrom the July 1, 1916, coupon, with the Depositary: The National City Bank of New York, New York; or with either of the following sub-depositaries Illinois Trust and Savings Bank, Chicago; International Banking Corporation, London.

All deposits must be made on or before July 15, 1916, or such later date, if any, as may be prescribed therefor in the exercise of the discretion and in the manner in the Extension Agreement provided. Should the Extension Agreement not become definitive and effective as therein provided, the deposited notes (or an equal face amount of the same issue), in either event in unextended form, will be returned, without charge, to the holders of certificates of deposit, on surrender of such certificates to the Depositary which issued the same. The July 1, 1916, coupons will be paid at maturity.

New York, June 19, 1916.

CHICAGO ELEVATED RAILWAYS.