The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-11
Leads all North Carolina Daies i'm News and Circulation

conspiracy, the Northern Securities Com
pany, was organized and stocks of the
Great Northern Railway turned over to
it on basis Of $3.50 share, and of the
Northern Pacific Company at $115 q
share.
The Northern Securities Company, it
is alleged, is now holding, as owner and
proprietor. substantially all of the cap
ital stock of the Northern Pacific Rail-
road Company and as complainant be-
leves a majority of the capital stock
of the Great Northern Railway Company.
BY reason whereof, a virtual consolida-
tion under one owneship and source of
control of the Great Northern and North
ern Pacific Railway systems has been
effected, a combination or conspiracy in
restraint of the trade or commerce
among the several States, and with for
eign nations formerly carried on by the
defendant railway companies independ-
emily, and in free competition one with
the other has been formed. and is in
operation, and the defendants are there
by attempting to monopolize and have
monopolized, such interests and foreign
trade or commerce. in violation of the
act of Congress of July 2, 1890, entitled
IAN act to protect trade and commerce
against unlawful restraints and mono-
polies.'
eff the defendant, the Northern Sc
curities Company, has not acquired a
large majority of the capital stock of
the defendant, the Great Northern Rail-
way Company ii is because the indiyid-
ual defendants named have purposely
discouraged and prevented the transfer
and exchange of stock of the Northern
Securities Company, all for the purpose
of concealng the real scope and object
of the unlawful combination or con-
spiracy and of furnishing a ground for the
defense that the Northern Securities
Company does not hold a clear majority
of the stock of the Great Northern Rail-
way Company.
1.-The Northern Securities Company was
not organized in good faith to purchase
and pay for the stock of the Great
Northern and the Northern Pacific Rail-
way Companies. 1t was organized solely
to incorporate the pooling of the stock
of the said companies and to carry into
effect the unlawful combination or con-
spiracy aforesaid The Northern Securi-
ties Company is a mere depositary, GUS
JOuIdH, uOIuGF ana LIuSLCG III the SbOchS
of the Great Northern and the Northern
Pacific Railway Companies, and its share
of stock are but beneficial certificates
issued against said railroad stocks to
designate the interest of the holders in
the pool
IF the Government fails to prevent the
carrying out of this combination or con-
spiracy not oniyrawllI a RIrraaa' ca
do "a h. 4,xto
tinental lines with the practical pooling
of their earnings. be effected, and a
monopoly of the interstate and foreign
commerce formerly carried on by them
as competitors be created and all effec-
tice competition between such lines in the
carrying of Interstate and foreign traf-
fc be destroyed, but thereafter, to all
desiring to use it. an available method
will be presented, whereby. through the
corporate scheme or devise aforesaid.
the act of Congress of July 2 1890. may
be circumvented and set at naught, and
ali trans-continental lines, indeed the en-
tire railway systems of the country, may
he absorbed, merged and consolidated.
thus placing the public at the absolute
mercy of the holdingC corporation"
The petition prays, that the Northern
ticers, etc, be perpetually enjoined from
purchasing, voting, ETC., any of the
shares of the capital stock OF either the
Northern Pacific or Great Northern
companies, and that a mandatory injunc-
tion may issue requiring the Northern
Securities Company to recall and cancel
any certificates of stock issued by it in
purchase of, or in exchange for any of
the shares of the capital stock of either
of the said railway companies, surren-
dering in return therefor the certificates
of stocks in the respective railway COM
panies in lieu of which they were issued.
1t is also asked that the defendants, the
Northern Pacific and the Great North
ern Railroad Companies, their officers,
stockholders, ETC., be perpetually enjoin-
ed from in any manner recognizing or
accepting the Northern Securities Com
pany as the owner or holder of any oe
the shares of their capital stock.