River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1903-08-06

ton which might control. manage and OPP
crate it. and a purchase of the same
stock by an individual or individuals
though holding whatever amount of stock
in the same rival railroad company. The
@eDoubtIess these stockholders COT the
acquire by individual purchases a ma
jority or even the whole of the stock
of the -eorganized tNorthern Pacifc)
company and thus possibly obtain its
ultimate control, but the companies
would still remain separate corporations
with no interests, as such in common
curities company is merely an investor
in the stocks of these railroad corpora
tions, not being itself railroad corpora
ton, and being without franchise, power
or authority to manage,s-control or op-
crate any railroad, its ownership of ma
jority of the stocks of these two railroad
companies does not come within the pro-
hibitive language of the statute of 1874.
Separate Corporations.
'"The two companies still remain sep
arate corporations with no interests, as
such, in common me case would not be
dant capital should invest in the majority
of the stocks Of one of these companies,
and another like person should invest in
the majority of the stocks of the other
company The interest of the two, if
they chose to act in harmony, would be
the same as the interest of one person
OWNING the WHOlS'
State Fixes Rates.
.'The policy of the state in respect to
the operation and management of rail-
roads is disclosed by its statutes; espe-
cially by sections BY TO 4OS, vol. !, Gin
heading of Railroad and Warehouse
Commission which closely follows the
provisions of congressional legislation re-
speeding interstate commerce, and under
clearly specified regulations places the SUI
pervision, oversight and control of those
matters, particularly the rates for trans
portation in the hands of the designated
state officials
ut is plain from these statutes as con-
strued by the supreme court of the state,
that it is the policy of the state that the
railroads, with their rolling stock and
appliances shall be kept in a high state
of safety and efficiency; and that rates
of TRANSFORMATION while kept ample to
secure such result, shall always be fair
reasonable, stable and uniform. Sched-
ules of rates are to be kept publicly post
ed at every station. ana no change or de-
Walton from such published rates is per-
mitted, nor any rebates allowed or adj
vantage to one shipper over another, and
no change in such rates is permitted un-
til after ten days previous published no.
tice has been given.
"Under this system shippers can count
accurately the cost of transportation as
an expense in their business, with the
assurance that others engaged in like
business must incur exactly the like ex-
tween rival railroads resulting in rate
wars, sporadic struggles for particular
contracts or consignments, as well as all
rebates, open or secret, all alike unfair or
ruinous to carriers and shippers, are pro-
hibited under penalties, and intended to
be entirely eliminated and done away
with: leaving as the only bases of COM
petition between rival carriers the fur
nishing of the better accommodations
and the greater safety and celebrity of
'Aii complaints that published rates
are unreasonable are heard and deter
mined by the state officials, who may fix
cessarily making rates. uniform as be
tween rival railroads AS a result of this
policy, and the absolute power of the
state officials to fix rates, and keep them
at the lowest reasonable figures, COMPETE
ton between rival railroads no longer re-
duces rates, as it did when railroad COM
panies alone controlled them, On the
| contrary where two or more railroads di-
| vide the transportation between two
places the necessity of considering great
er fixed charges and greater cost of ad-
ministration and operation may make the
! reasonable rate for transportation greater
! than if the whole business could be done
| and was in fact done b. one railroad.
No Law Violated.
However that may be, the Northern
| Securities company is but an investing
stockholder in these two railroad compa-
MES, without power to consolidate them
| or to interfere WIFI the management OF
| control of either. Because of it's large
holdings of these stocks it may elect the
board of directors of each, who must be
| composed of entirely different persons.
each board will appoint the officers
and control the business and affairs Of
its own corporation and will naturally
seek to increase it's business and proper
ty. Neither has any power to control the
other nor to contract with the other in
restraint of trade. There is no presump-
ton that either will disobey the law or
be guilty of the commission of penal Of
lenses. Should they do these things, then
the anti trust act of Minnesota will be
for the first time violated and the rail-
road corporations and their offending Off
Gals will be amenable to punishment, and
to appropriate legal or equitable proceed
| ings.
| EDecree will be entered dish. issng the
bill. William Lochren, Judge.