The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1901-12-12


Capital to Control the Transportation
Interests of the Country-If we are
to Have a Northern Securities Com
pany Why Not Southern Securities
Company With the Southern Rail
way, Atlantic Coast Line and Sea-
board Air Line Railway Practically
Under One Management?
Enron GOLD LEAF:-One OF the most
startling and threatening evidences oil
the determinations OF the mOneyed men
Of this country to absorb, and absolutely
control, our transpOrtatlng or carrying
interests, is plainly evident III the organi-
cation Of The Northern Securities Com
pany@ for the purpose OF buying ana
holding the controlling interest OF the
stocks Of the Great Northern, Northern
Pacific and Chicago, Burlington & Quincy
Railroads. These lines parallel each
other and some Of the States through
which they run have laws prohibiting
the consolidation, or merging, OF parallel
or competing roads. The laws OF these
States do not it seems, provide against
the purchasing by one or more persons,
or Il corporation OF a maIOrlty OF the
stock OF each OF these companies, whereby
a unity OF interest would be created, that
while it could not be construed as con
sOlidating, or merging, 1t would com
plctely effect the same result, because 1t is
plain to see that if "a" controlled a ma
jOrity Of the stock OF one, 'B OF another,
and &C. OF the other, it would be Il very
simple problem for a & 4 e. to form IL
copartnershp whereby their interests
would be SO unified that a virtual merger,
or consolidation. would be effected, and
the true intent and purpose OF laws pro
hbiting consolidation or merging, avoid
ed. Now il Il corporation can be formed
under the laws OF one State that Will
have the power to nullifv, or avoid, the
laws OF other States, passed for the pro
lection OF the. transportation interest OF
their people, what may we next expect?
The State OF North Carolina has Il Rail
road Commission, with certain powers,
and the rulings, or decisions, OF this body
are respected and Obeyed 10y the trans
pOrtatiOn lines of the State. but should q
foreign corporation secure control OF Il
majority OF the stocks of the Southern,
Atlantic Coast Line and SeabOard Air
Line, and said corporation should set up
its authority as against the Railroad
Commission, who would have to decide
ton would not come within the jurisdic-
ton of the State courts. and. il not, then
the rights OF the people Of North Carolina
and Of their Legislature would be aid
Indicated by Federal Judges. Plainly
speaking, Invaluable rights OF the people
OF North Carolina are threatened and
unless some step is taken to prevent nn
| Indirect as we'll as Il direct consolidation
| OF the transportation lines OF the State
| serious and dangerous results will soon
occur.
The same mOneyed interests that pro-
| pose to control the Northwestern lines
| by indircctiOn can and will seek other
! fields to conquer, as soon as they have
| forged their monopoly chains ON the sec
| tOn they ar" now operating Ill.
| The cost OF assembling the Legislature
| OF the State to pass laws that would
| absOlutel Y forfeit to the State the charter
and property OF any corporation in the
| State the controlling stock of which
passed into the hands OF IL foreign cor
| pOration for the purpose of avoiding the
| laws OF the State prohibiting the merg-
| ing, or consolidating, OF competing or
| parallel lines, would be the wiscst money
ever expended by the people.
| 1t will not do to wait until Governor
Van SAINT has made his fight and lost or
| won.
North Carolina is the gateway between
| the North and South Atlantic sections
and til" corporation that can secure
absolute control OF her present lines of
railroads will forever dictate the trans
| pOrtatiOn interests OF her people
| The great question of the future is,
"WiIl the people or money and railroads
| control" OMAN.
! New York. Nov 20, 1901.
| The above communication was in
tended for publication last week but
was inadvertently omitted.