Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-04-13
JUDGE THAYER,s DECISION.

The decision of the United States
circuit court which knocks out the
plans of the Northern Securities Com
pany is the most important court de-
cision that has been rendered in recent
years. In the language of Judge Thay-
er who wrote it, it presents entertain-
ing reading, but its length would dis
courage the average reader. hence the
Times Republican will attempt to give
in brief installments the courts ruling
on each point involved.
The Restraint Of Trade.
Moreover in cases arising under the
act, it has been held by the highest
judicial authority in the nation, and its
opinion has been reiterated in no un-'
certain tone, that the act applies to
interstate carriers of freight and pas
sengers as we'll as to all other per-
sons, natural or artificial; that the
words in restraint of trade or COM
merce' do NOT mean in unreasonable
or partial restraint of trade or COM
merce, but ANY direct restraint there
of: that an agreement between COM
peting railroads which requires them
to act in concert, and fixing the rate
for 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 one Of such carriers to name
such rates for the carriage of such
freight or passengers over it's road, AS
A to-,
DIRECT RESTRAINT OF COM
MERGE WITHIN THE MEANING OF
THE ACT, in that 1t tends to prevent
competitions; that it matters not wheth-
er, while acting under such a contract,
the rate fixed is reasonable or un-
reasonable, the vice of such contract
or combination being that 1t confers
the power to establish unreasonable
rates and DIRECTLY RESTRAINS
COMMERCE by placing obstacles in
the way of free and unrestricted COM
petition between carriers who are nat
ural rivals for patronage; and finally,
that Congress has the power. under
the grant of authority contained In
Federal legislation to regulate COM
merce, to say that no contract or COM
bination shall be legal which shall re-
strain interstate trade or commerce
by shutting oft the operation of the
general law OF competition. Omitted
States VS.. Trans Missouri Freight As
ISOLATION, 1876 U. S. 290. United States
VS.. Joint Traffic Association, III U. S.
sos; Addison Pipe and Steel Co. VS..
United States, IT'S U. S. 21D.
Taking the foregoing propositions
for granted because they have been
decided by court whose authority
is controlling, it is almost too plain for
argument that the defendants would
have violated the antitrust act If they
had done through the agency of natu-
raj persons what they have accom-
plished through an artificial person of
their own creation. That is to say, If
the same individuals who promoted the
Securities company, in pursuance of "A
previous understanding or agreement
so to do, had transferred their stock
in the two railroad companies to a
third party or parties and had agreed
to induce other shareholders to do
likewise, until a. majority of the stock
of both companies had been vested in
a. single individual or association of
individuals, and had empowered the
holder or holders to vote the stock as
their own, receive all the dividends
thereon, and pro rata or divide them
among all the stockholders of the two
companies who had transferred their