Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1901-12-27

and to exercise all the powers, rights
and privileges OF ownership. Its cap.
ital stock is fixed at $4OO. 100000. 1t
has already acquired and now controls
a majority of the stock capital of the
Northern Pacific Railway and the
Great Northern Railway, and under
some arrangement, the details OF
which and the reasons for which are
not made public, it, or the individuals
controlling it. also control the Union
Pacific Railroad and the Burlington
Railroad.
The latter railroad does not reach
into our territory and we are not con-
cerned with it. But the three trans
continental railways which serve our
State, and which control all the local
railroads in our State, are by this de-
vice put under q single head, with
power to control their management
and operation in every respect. They
are thus erected into one single system
OF railroads. 1t is hardly necessary to
argue that such result defeats the
purpose OF the national government
which aided one OF them with the loan
OF its credit, and endowed two of them
with munificent land grants, includ.
ing grants OF right OF way, and that it
also defeats the purpose Of the State
government which loaned its sover.
eighty to enable the third to force a
right of way through the State from
border to border. It also defeats the
just expectations of the several COM
munities which aided the building Of
this third railway through the State
in the belief that it would give them
competition and result in . reduction
OF exorbitant freight rates. do not
know how it was with other commu.
mites, but I know that my home city
OF Spokane gave the Great Northern
Railway in money and property. over
million dollare, on the distinct and
unequivocal promise of the president
OF that road to give them terminal
rates. or better, boon which they were
not then enjoying, which they do not
now enjoy and which they never will
enjoy under the influence Of the Nor
thern Securities company.
The Northern Securities company
then is = device adopted by the owners
Of the msjority interest in these three
trsnscontinental railroads whereby,
under one management, competition
may be avoided and = scale Of rates
for freights and fares put into effect
and maintained under which each one
Of these corporations will be enabled
to pay Handsome dividends on It's
swollen and well-watered capitalize.
ton.
The Northern Securities may be in.
Vulnerable 70 attack IN New Jersey. l
believe that 1t 10 20 under the decisions
OF their courte. But neither it, nor
the corporations which it controls, are
invulneraoIe TO attack in the States
which created the subsidiary corpors-
t'ons. Under the lava OF most OF the
STATES - under ours, one corporation
WILL not be permitted TO obtain the
stock Of another corporation and thus
control It. So under the laws Of MIN
nesotA and Wisconsin, which States
created the Great Northern Railroad
COMPANY and the Northern Pacific
Railway company. respectively. when
'ne No oecusataes company
so"es .n'. 'uen Jutl'o'oslon - so'e
- coossol o' snese compsoiss' the
coor.' =. 'nose o'sses may conssol u
.au 'olD'd ~ oo'ng %. 90 hkewise'
'ne couls' " 'noso o'Ases' on sne COM
P'Alns u minority ssocknoioers IN the
'"o suos'o'.sy companies may treat
'.e ''.ns'sF 2! 'ne ssock OF sne nor.
'"ola oecul's'es company - siraud
On INC l'sn" o. sne minori'y' ana put
'ne .o.us 'nso 'ne nsnds OF Fecsivers.
Al A.ooe.oss' no"eve1' tnefe are con-
a'u'.on"' p'ov''l0ns ssa'nss sne COM
o'na..0n sno conso''dss'on OF compel
.s nus ~ l.n.' sna 'ns es.ss'
'".o's. =. Su,e. =" Omcel' my m
'v.e '.'e .'u " '"e oousss V oo'se
.u "''. sp s"y ."wsy company
~, sre1 - - .n'0u .''''er o'.sc''y
= ,oS.'y ''o.-. ''s'' Ps0'"'on'
= ' ...1- ~
II VIII % seen o once that neither
OF 'nese remedies - open 70 us' %
csuse mons OF snese compeoses owes
~ existence 70 our iaw, ana We can
not 8S6aCE t0em OlreCtIys unless, DOS