Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1890-07-04
THE SUGAR TRUST DowNEo.
"A Decision Which Disturbs the Have
meyer CORPORATION,

meyer Corporation.
Ihe New York court of appeals has
handed down a decision affirming the iudg.
meut OF dissolution against the North
River Sugar Refining company and declar-
Ing the sugar trust an unlawful combina-
ton. Confusion arose about this result on
the street because the court sitting at Sara
toga, had also handed down q decision on
a subordinate point in the litigation and
the news got out somewhat IN this order:
First, the decision is adverse to the sugar
trust; second, but it is. only on a minor
point; third, but there is another decision
on tbs main issue which declares the trust
illegal. The price of the certificates varied
slightly in accordance with these
items, but there was no trouble. Exactly
what plan the trustees have in hand for
recognizing the trust can as yet not be
learned. Those interested wanted to see
the opinion Of the court before speaking.
The procedure which it is supposed the
att~orney-general will follow will be.to treat
each corporation in the trust as he has
treated the North River company and sue
for revocation of its charter. Gen. r. A.
Pryor. who was associated with the
encouragement in the litigation, said on
hearing of the decision: This was q test
suit against trusts, and the courts have
decided that q trust to increase prices is
not only illegal, but that a company by
becoming a member of such q. trust
forfeits its charter. We have been
fighting this trust for over two years
now, and 1 am very glad the matter is
settled. The first thing 1 did was. to
draw up a bill for its suppression, whichI
presented to the legislature, but it did not
take me long to find out that our legisla-
tors in Albany were not as much opposed
to trusts as I was, so I dropped that end
Of the matter. Then I tried the law and
found that by its application L could have
the trust dissolved. The special term of
the supreme court sustained us and al
though the sugar trust people brought the
case to the general term IN appeal and
latterly to the court Of appeals, every
judgment has been in our favor" Gen.
Pryor said the receiver of the North River
Sugar Refining Company would probably
sell out its property as, soon as he could
get a fair offer. The decision in the sugar
trust case was written by Judge Finch, and
says:
The question to be determined is whether the
conduct OF the defendant company in aiding to
form the trust was illegal. In all of the points
which were reviewed it is found that the corr
poration was doing q public injury, and In
avoiding the state law which compels reserva-
ton of corporate rights proved unfaithful to
its charter and duties. It is a violation of low
for corporations to enter into.n partnership. as
shown in the.case of Whittenton vs.. Upton, 10
Gray, sos, which furnishes the reasons at
length. If the trust had been, properly
formed as d corporation under the laws,
the twenty separate companies, would
have been dissolved, and not remain in
existence as in this case. The present
corporation or trust puts upon. the market
a capital stock defiant of actual values and
capable of unlimited expansion. If corporations
can combine and mass their forces in o solid;
trust with little added risk to, capital already
in, without limit to magnitude, a tempting and
easy road is opened to enormous combinations,
vastly exceeding in number and streng b any
possibilities of individual ownership. The law
seeks to protect individuals rather than. COM
blnations. The defendant corporation has VIC.
lated its charter and failed in the performance
of its corporate duties and that in respects so,
material and important as to justify ajudgment
of dissolution.