The daily morning journal and courier., 1902-03-11

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 Northern systems and to place restraint upon all competitive interstate and for eign trade or commerce carried on by them, and to monopolze or attempt to monoplize the same and to suppress the competition heretofore existing be- tween said railway systems In said in ter state and foreign trade or com merce through the instrumentality and by the means following, to wit:
 "A holding corpora ton to be called the Northern Securities company was to be formed under the laws of New Jersey, with a capital stock of S40O, OOo.- 900 to which in exchange for it's own capital stock upon a certain basis and at a certain rate was to be turned over and transferred to the capital stock, or a controlling interest in the capital stock of each of the defendant railway companies.
 In this manner, the individual stock holders of these two independent and competing railway companies were to be eliminated and a single common stockholder the Northern Securities company, was to be substituted; the interest of the individual stockholders in the property and franchises of the two railway companies was to terminate, being thus converted into an interest in the property and franchises of the Northern Securities company. The in- dividual stockholders of the Northern Pacific Railway company we're no longer to hold an interest in the prop erty or draw their dividends from the earnings of the Northern Pacific sys- tenn, and the individual stockholders of the Great Northern Railway company were no longer to hold an interest in the property or drawn their dividends from the earnings of the Great Northern sys- tenn but having ceased to be stock holders in the holding corporation, both were to draw their dividends from the earnings of both systems, collected and distributed by the holding corporation. In this manner, by making the stock holders of each system jointly interest ed in both systems, and by practically pooling the earnings of both systems for the benefit of the former stockhold- CTS of each and by vesting' the selection of the directors and officers of each sys- tenn in a common body, to wit. the hold ing corporation, with not only the pow CT but the duty to pursue policy which would promote the interests, not of one system at the expense of the other, but of both at the expense of the public, all inducement for competition between the two systems was to ba re- moved, a virtual and foreign commerce formerly carried on by the two systems as independent competitors established.
 'In further pursuance of the unlawful combination or conspiracy aforesaid, and solely as an instrumentality through which to effect the purposes thereof, on or about the 14th day of November, 1901, the Northern Securi- ties company was organized by the election of a board or directors and the selection of president, James J, Hill, and other officers, who with their asso ciate stockholders of the Great North ern Railway company, assigned and transferred to the Northern Securities company a large amount of the capital stock of the Great Northern Railway company. constituting a controlling in- terest therein, and complainant believes a majority thereof upon the agreed ba- sis of exchange of one hundred and eighty dollars par value of the capital stock of the Northern Securities com pany, for each share of the capital stock of the Great Northern Railway compa- ny, and the defendants, J. P. Morgan, and his associate stockholders of the Northern Pacific Railway company as- signed and transferred to the defend- ant, the Northern Securities company, a large majority of the capital stock of the Northern Pacific Railway company, upon the agreed basis of exchange of one hundred and fifteen dollars, par value. of the capital stock of the North ern Securities company for each share