Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-03-11

have monopolized. such interstate and
foreign trade or commerce, to the great
and irreparable damage of the people of
the United states, in Gerogation of
their common rights andIin violation of
entitled An act to protect trade and
commerce against unlawful restraints
and monopolies.
Good Faith Questioned.
The Northern Securities
Company was not organized In good
faith to purchase and pay for the
stocks OF the Great Northern and the
Northern Pacific Railway companies.
1t was organized solely to incorporate
the pooling of the stocks of said COM
panies and to carry into effect the I'M
lawful combination or conspiracy
aforesaid. The Northern Securities
Company is a mere depository custo-
dian, holder and trustee of the stocks
of the Great Northern and the North
ern Pacific Railway companies and it's
shares of stock are but to designate the
interest of the holders In the pool. The
Northern Securities Company does not
have and never had any capital suffi-
csent to warrant such a stupendous OPP
GRAFTON. It's subscribed capital was but
$4,000, and its authorized capital stock
OF Si00 100000 is Just sufficient. when all
issued, to represent and cover the ex-
change value OF substantially the en-
tire stock of the Great Northern and
Northern Pacific Railway companies,
upon the basis and at the rate agreed
upon. which is about s122, 900 in ex-
cess of the combined capital stock of
the two railway companies taken at
par
If the government fails to prevent
the carrying out of this combination or
conspiracy, not only will a virtual con-
solidation of two competing transconti-
mental 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 eff
fective competition between such lines
iii the carrying of interstate and for
eign traffic be destroyed, but thereafter
to all desiring to use it an available
method will be presented whereby. thru
the corporate scheme or device afore-
said the act of congress of July ., 1890.
may be circumvented and set at
naught. and all transcontinental lines.
indeed, the entire railway systems of
the country, may be absorbed, merged
and consolidated, thus placing the pub
lie at the absolute mercy of the holding
corporation
The petition prays that the Northern
Securities Company, it's stockholders,
10
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 in
junction may issue requiring the
Northern Securities Company to recall
and cancel any certificates of stock is
sued by 1t in purchase of or in ex-
change for any of the shares of the
capital stock of either of the said rail-
way companies, surrendering in re-
turn therefor the certificates OF stock
IN the respective railway companies in
lieu of which they We're issued 1t is
also asked that the defendants, the
Northern Pacific and the Great North
ern Railway companies, their officers,
stockholders. ETC., be perpetually en-
joined from in any manner recognizing
or accepting the Northern Securities
Company as the owner or holder of any
OF the shares of their capital stock, etc.
The petition is signed by Milton d.
Purdy, attorney of the United States
for the district of Minnesota: Philan-
der c. Knox, attorney general of the
United States, and John K. Richards,
general of the United States.