The Minneapolis journal., 1903-04-21

ing and deciding that under the scOm-
merce clause of the constitution congress
has power to prescribe who may andsWho
shall not be shareholders in such COM
panies, and how much stock any one
stockholder or com bination of stockhold-
ers may own in any such company, and
to authorize and forbid the consolidation
of such corporations or any OF them.
'.And erred in holding and deciding that
the ACQUISITION and holding Of stock In
such railway companies, and all matters
Of their internal constitution and com
position, are not matters over Whlch the
state Incorporating such company has ex-
elusive power of regulation. And erred
in holding that the authorizing or for
bidding of the consolidation of any two ,
such railway companies is not within the |
exclusive power of the state or states by
or under whose laws they have been IN
corporated. ...E.I. - -.
Restraint Of Trade.
'Seventeenth-The court erred in hold
ing that consultations Of railway COM
panies created by or under state laws and
competitors in interstate commerce, are
effectual restraints upon such commerce
and that such consultations, though ex-
pressly authorized by state charter, are
violations of said antitrust act and IL
legal. "@'~:',' Fl >. :%Es~s r.. p. r-1g
'Eighteenth-The court, erred in hold
! ing and deciding that any Of the defend
! ants have ever attempted to interpose
| the New Jersey charter Of the Northern
Securities company as shield between
themselves and the law, and that such
. charter is about the only shield that can
| be so interposed. ~ -.
"Nineteenth-The court erred in find
ing and deciding that 'the reasoning
which led to the acquisition of that ,(the
| said New Jersey charter was that while
| as individuals the promoters could not,
| by agreement among themselves, place
| the majority of the stock of the two COM
| peting and parallel railroads in the hands
| of single person or a few persons, CIV
ing him or them the power to operate
| the roads in harmony and stif1e compet1-
| ton, yet that the same persons might
create a purely fictitious person termed
| a corporation, which could neither think
nor act except as they directed, and by
! placing the same stock In the name OF
such artificial being, accomplish the same
| purpose .:.. = -
"Twentieth-Th court erred in holding
| and deciding that the shares of the two
| defendant railway companies held by the
Northern Securities company have mere
| ly been placed in it's name by the former
holders thereof, and that it Is not the alb
solute owner Of the same in its own sole
right.
"Twenty- -t1rst-The court erred in hold
ing and deciding that, so far as the New
Jersey charter is concerned, the ques-
ton which the court has to determine Is
whether a charter granted by a state can
be used to defeat the will of the national
legislature as expressed in a law relating
to interstate trade and commerce over
which congress has absolute control.
"Twenty- y-second-The court erred in
holding and deciding that the existing
combination gives to few men acting
in concert and in the name Of the North
ern Securities company and under, cover
Of it's charter the power to control all the
means of transportation Of the defendant
! railway companies, and to directly con-
troll said companies and all their COM
merce.
'"Twenty- third-The court erred in de-
fining and deciding that the object and
necessary effect Of the combination
:, found by it to exist in this case, is to
give a single person or a coterie of per-
sons full control of all the means of trans
porta ton owned by two parallel and COM
+ peting lines of railroad engaged in inter-
state commerce, as well as the power to
fix the rate for the transportation Of per-
sons and property. ....-,,..-.
! Sherman Laws Validity. : ;4.T
"Twenty -fourth-The court erred II
! holding and deciding that the said anti
trust act, if construed as .forbfdding OF
restricting the shareholders Of the two
:, defendant railway companies from selling
y their shares to the Northern Securitie!
:. company, or exchanging them for share:
y of that company, or forbidding or re
" straining that company from making sucF
purchases or exchanges and holding tn
, railway shares thus acquired as it's own
is valid law and not in conflict with tn
fifth amendment of the constitution of tn
u United States. - - s.>-.~ =, - Il.
: "Twenty- -fifth-The court erred in hold
+ ing that the said antitrust act was in
) tended and was and is effectual to includ
yi,rf1,
IS allel and competing railway companie
y chartered by the several states, and com
2, binations looking to such virtual consoli
dations.' ~.
ID ''Twenty-sixth-The court erred in hold
J. ing and deciding that this proceeding ca;
10 be maintained under section of sal
" antitrust act, altho it is alleged in tn
e. petition itself, and appears by the proofs
l. that whatever the combination or con
i'd spiraoy complained of was formed to d
10 had been fully and completely done an
10 effected before this proceeding was begur
To "Build Up Trade"
IS ssTwenty- ty-seventh-The court erred /
- disregarding as iInrnaterial the averment
- of the answers and the proofs in supper
81 81 thereof, showing that the combination
% question was not a combination in re
-. straint of CONNIE cree; that its purpose wa
m u. and it's effect has been to very largel
=. o. build up, increase and protect the inter
w state and foreign commerce or the tW
railway companies. And erred in consid
- ering not all the effects of said combina
ton upon such commerce, but only II
ne possible effect in restraining minute POI
q tion Of such commerce-an effect at tn
Ut most incidental-and in unduly magnify
~ ing the extent and Importance of sue
40 incidental restraint, and holding the san
90 to be the principal, if not the only pul
n, pose and effect Of such combination.
ne Twenty -eighth-The court erred
holding that the proofs disclosed any col
ng tract, combination or conspiracy In r.
ce straint Of interstate or foreign commerc
is or any other combination than one
by build up and enlarge interstate and foreig
commerce without any restraining
either. 81.
- Twenty -ninth-The court erred in d.
-, Gliding and decreeing that the defendan
:. have heretofore entered into a combin;
-. ton or conspiracy in restraint OF trade
~ commerce among the several states, SUI
W.. ~ as an act of congress, approved July
20 1890, = : denounces as illegal.
~ "Thirtieth-The court erred in decidi1
~ and decreeing that all OF the stock
: either Of the defendant railway companie
ns claimed to be held and owned by the d
ne fendant Northern Securities company, w
H. acquired and is now held by the North
" Securities company in virtue of the cor
lch bination or conspiracy mentioned in t
ne last preceding assignment, and erred
d decreeing that any Of said stock was a