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

question has arisen, that one person OF
number of persons might acquire a
majority interest in each of these
roads and thereby completely con.
troll their policy to common end and
therefore that there is no reason why
q corporation ought not to be per.
mitted to do the same thing. But the
fact that an individual or number OF
Individuals might do this, does not
lessen its injurious consequences, and
because We cannot control the in.
furious action OF an individual is no
ressow why We ought not to control
the like injurious action Of corpora
tion which is q creature of the law
and can be controlled by it. More
over, there is no one individual in the
world with wealth enough to buy up
and hold, as be would be required to
do to control all of these corporations,
a majority of the stock of each of
them. There are very few combina.
tions of individuafs with wealth
enough and stability Of purpose
enough to do so. Are the States then
to lend their assistance in the shape
of convenient corporations To make
easy to do injurious acts contrary to
public policy, which would be hard, il
not impossible, Tor individuals to do
without such aids.
To show what an aid this Northern
Securities Company is to the purpose
OF the gentlemen who formed it, il is
only necessary to reflect that that cor.
poration, by owning majority Of the
stock in each Of these railroad com.
panies can control it, and that by re-
tanning . bare majority Of the stock
in the Northern Securities Company
the gentlemen who formed it will still
be in absolute control OF the railroad
companies. As individuals they would
be required to keep $400. .O0O, 900 abso.
lutely locked up in the railway se.
curities, If they wished to insure to
themselves control OF the railways.
But they may sell their Northern Se-
curities stock down to = point where
they have but bare majority of il,
and still insure to themselves the
same control. In the one case they
must have $4O0. .O0O. 900 invested. In
the other, only fraction over half
that amount.
And this suggests another reason
why the employment oi this Northern
Securities Company 70 control these
railways is . fraud on other stock
holders. The beneficial ownership Of
a fraction over one-quarter their stock
is thereby enabled to control them
absolutely.
=. -. ..:. .,,..:.
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loose its hold on our productive
energies The Northern Pacific Rail-
way company il : corporation created
under the laws Of Wisconsin. The
Great Northern railway 10 . corpora
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