The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1903-04-14

lit of the stockholders of both com.
and, according to the familiar
rule, that everyone is presumed to
intend what is the necessary conse-I
cuence of his own acts, when done
wilfully and deliberately, we must con-
Guide that those who conserved and
executed the plan aforesaid intended
among other things to accomplish
these objects"
On the point whether the present
case comes within the inhibition OF
the antitrust act, the court discusses
the meaning of the word trust in the
act and adds that congress was care
full to declare that a combination in
any other form, if in rast'a n. .. inter-
state trade or commerce, that is, it it
directly occasioned or effected such
restraint, should likewise be deemed
illegal.
In Restraint Of Trade.
Moreover says the court, "in
cases arising under the act it has
been held by the highest judicial au-
thority in the nation and it's opinion
has been reiterated in no uncertain
tone, that the act applies to inter-
state carriers Of freight and passen-
gers as we'll as to all other persons,
natural or artificial; that the words
in restraint of trade or commerce.
do not mean in unreasonable or par
tial restraint OF trade or commerce,
but any direct restraint thereof; that
an agreement between competing
railroads which requires them to act
in concert in fixing the rate for the
carriage of passengers or freight over
their respective lines from one state
to another, and which, by that means,
restricts Temporarily the right of any
such carriers to name such rates for
the carriage of such freight or pas
.sengers over it's road, as it pleases,
is a contract in direct restraint of
commerce within the meaning of the
act, in that it tends to prevent COM
petition; that it matter not whether,
while acting under such a contract
the rate fixed is reasonable or unrea-
sonable, the evidence of such contract
or combination being that it confers
the power to establish unreasonable
rates and directly restraints com.
merce by placing obstacles in the
way of free and unrestricted cOmpeti.
ton between carriers who are natur.
ally rivals for patronage, and finally
that congress has the power, under
the grant of authority contained in
the federal constitution to regulate
commerce, to say that no contract OF
combination shall be legal which shall
restrain interstate trade or com
MERGE by shutting off the operation
of the general law of competition"
To Suppress Competition.
Under these propositions it is also
held that il the stock had been en-
/ trusted to one person, with instruc
lions how to vote it, the result would
have been a combination in direct
restraint of interstate comerce," be
cause it gave power to suppress com
petition.
The organization of the Securities
company, it is helu, "accomplishes the
objective, which congress has de
nounced as illegal, more effectually
than by other methods" The cour'
continues: $50 far as the New Jer
sey charter is concerned, the ques
ton broadly stated, which the cour
has to determine. is whether q char
ter granted by a state a be used tt
defeat the will of the national legis
lature as expressed in a law relating
to interstate trade and commerce, o
which congress has absolute control
Presumably, at least, no charte.
granted by a state is intended to have
that effect, Or to be used for such
purpose and in the present instance
it is clear that the state of New Jer
sey did not intend to grant a charte
under cover OF which an object de
nounced by congress as unlawful
namely, a combination comforting tn
power to restrain Interstate com
merce might be formed and maintain
ed, because the enabling act unde
which the Securities company wa
organized expressly declares tina
three or more persons may avail then
selves of the provisions of the &C
and become a corporation for an,
lawful purpose
Must Be Lawful.
"This language is not merely pei