Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1902-05-16

tion relating to said matters shall be
vested in such board.
Every share of stock Issued by this
defendant has been issued TO the per-
sons and corporations receiving the
same in good faith, for full value paid
for it, either in cash or its equivalent,
and in accordance with the provisions
OF its articles OF incorporation, and
with the laws of the State of New Jer-
sey. No agreement, promise or un.
derstanding has been made between
this defendant and any of its stock
holders or between its stockholders
themselves or any of them, or be-.
tween said stockholders or any other
persons or corporations, that the
stock OF this defendant should be held,
used or voted other than by each
stockhOlder, separately and individ-
ually, and in such way as he should
see fit; and there has been no agree
ment, promise, or understanding be-
tween said stockholders themselves, or
any of them, or between said stock
holders and any other person or cor
poration, that they or any of them
should use, hold or vote their stock in
this defendant in association or for
any common purpose or object. The
owners and holders of stock OF this
defendant are more than thirteen
hundred Q,300) in number, and the
ownership of the stock is being
changed, from day to day, by sales
and transfers, in the usual course OF
dealing. The said persons who
formed or were otherwise concerned in
the formation OF this defendant have
never, all together, held, owned or
otherwise controlled an amount Of
stock Of the said company equal to so
much as one third of the whole
amount thereof how outstanding.
This defendant has no contract or
obligation to purchase or acquire any
shares whatever in either railway COM
pany, in addition TO those which it
has purchased or negotiated to pur-
chase, as above stated. Its author
lied capital was fixed by persons who
planned its organization to enable it
to give to each stockholder in each OF
the defendant railway companies an
opportunity to sell his stock to it.
should he see fit to do so, and should
this defendant desire to acquire it.
The sum fixed was deemed ample by
those who planned the formation of
this defendant to furnish the means
TO pay for all such shares as would
likely be acquired by it, and to leave
remaining a large amount to be used
for the purchase of stock in other
corporations, not common carriers,
which this defendant might consider
beneficial to acquire. This defendant
was not formed as a scheme or device
to evade the act of Congress known
as the antitrust act" or any other
law whatever. but solely for the pur.
pose hereinbefOre stated.
This defendant was not formed, nor
did any OF those concerned in its form.
alton, nor any of those who sold their
shares Of stock to it, have any pur-
pose or intention to restrain trade or
commerce, or to lessen competition
between said railway companies, or to
monopolize traffic in any manner
whatever; nor can any such results
follow from the formation or opera
ton OF this defendant. In point OF
fact, since the organization of this de-
fendant, rates on the defendant rail-
way companies lines, including rates
to and from points common to both,
have voluntarily been so reduced as to
decrease their earnings by upwards of
million OF dollars annually. For oil
interstate commerce on the lines OF
either the defendant railway com.
panies, except traffic beginning and
ending on their own lines, respectively
the rates are fixed by joint tariffs with
connecting lines. In respect to all
such traffic neither of the defendant
companies has ever had, or can have
any independent, rate.making power
or control of traffic or rates. All
joint tariffs with other companies to
or from points common to the lines ol
the defendant railway companies have
always been, and necessarily must be
the same. whether the traffic is car
ried by one or the other of said com
panies. The total amount OF al
other interstate traffic, that is, traffic
between common points on the two
roads, which is not competitive botf
as to rates and quality of service with
other carriers having equal rate-mak
ing power with them, is less than
per cent of the total interstate traffi,
OF the two companies.
The sale and transfer of propert,
whether in the form of shares of cor
porate stock or otherwise, has neve
been adjudged to be, and is not, il
violation of the act OF Congress o
July 2, 1890, known as the "anti-trus
act"
This defendant is not a railroa,
. company, and it has no power t.
. operate or manage railways or make o
control rates Of transportation, nor t
monopolize or restrain traffic OF an
kind. So far as intending to violat
any provision OF said act of Congress
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