Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-04-09

lhlttslhte commerce, because II gdN'
pcwer to suppress competition,
The organization of the Securities
company II is held, Accompanies the
object, which Congress has denounced
as Illegal more effectually than by
other methods" and continues:
NEW JERSEY CHARTER,
$50 far as the New Jersey charte,
Is concerned, the question broadly stat
cd. which the court has to determine
H. whether charter granted by a state
can be used 10 defeat the will Of the
national legislature az expressed In "A
law relating to Interstate trade and
commerce, In view Of which Congress
has absolute control Presumptiyely at
least no charter granted by a state Is
intended to have that effect or to be
used for such a purpose and In the
present Instance II Is clear that the
state Of New Jersey did not intend to
grant charter under cover Of which
an object denounced by Congress as
unlawful, namely a combination con-
fcrring the power TO restraining inter-
state commerce might be formed and
maintained because the enabling act
under which the Securities company
was organized expressly declares that
three or more persons may avail them
selves Of the provisions Of the act and
become a corporation for any lawful
rulpose.' Laws of New Jersey, 1893,
4. t3."
This language Is not merely per-
functory, II means obviously that
whatever powers the inCorporatOrs saw
ht 10 assume they must hold and eXer-
else for the Accomplishment OF lawful
objects. The words IN question operate
therefore as a limitation upon all the
powers enumerated I'm the articles OF as
ISOLATION which were filed by the pro-
motors OF the securities company, so
that however extensive and compre-
hensive these powers may seem to be,
the state Of New Jersey mas said, you
shall not exercise them so as to set
at definance any statute lawfully on
acted by the Congress Of the United
States or any statute lawfully enacted
by any state wherein you see ut to ex-
erclse your powers.
The contention that whatever re-
straint upon interstate commerce there
maj. he is Indirect and remote and
therefore not 20 be forbidden by Con-
gress, Is not found 10 be well sustain
ed.
The contention that II the existing
Ia In violation Of the anti
trust act. then that act unduly restricts
The rights Of the individual to make
contracts and Is Invalid, is declared to
be entitled TO little consideration. The
court says:
CONSTITUTIONAL PROVISION.
"The provision Of the Constitution
lOes not, as we believe exclude Con-
yress from legislating with regard to
contracts of the above nature while In
he exercise of Its constitutional right
O regulate commerce among the states.
IN the contrary We think the provision
egarding the liberty Of the citizen Is
o some extent limited by the COM
nerce clause of the constitution and
hat the power Of Congress 20 regulate
Interstate commerce comprimises the
light to enact law prohibiting the
itlgen from entering into those specific
which directly and substan-
ally, and not merely indirectly, re-
iotely, incidentally and collaterally
egulate 10 a greater or lesser degree
among the states"
The further contentious that the au-
thrust law was not intended for such
as this, that this com
nation had been consummated before |
he bill was filed. and was in reality !
! aid OF commerce and not to restrain |
q, are held to be clearly untenable as |
, the first point and that the second |
ONT Is novel not 10 say absurd in |
Of the antitrust act and |
s to the last contention II is said TO |
p possible, but not a matter for de- |
sion of the court.
The decree Is entered, as already given |
bove. Circuit Judges Caldwell. SAN
)rn, Thayer and Vandeventer heard |
le case and all concurred in the
Union. which was written by Judge
hayer and filed In the United States
rcuit court OF appeals In this city.
The defendants are the Northern Sc
lreties company, the Northern Pacific.
e Great Northern Railway company.
j. Hill William p. Clough. D willis
mes. John $. Kennedy, J. p. Nor
m Robert Bacon. George f. Baker
ID Daniel Lamont.
A copy OF the decision In the North.
n Securities case, which was handed
'wn al noon today, was filed with the
'rk Of the court In St. Louis
CASE WILL BE APPEALED.
New York April 9.-The case Of the
lrthern sucureties company viii be
pealed.
COMMENT on DECISION.
New York, April s.-one Of the lead
counsel In the Northern Securities y
Sc said.
AS yet this is an undlgested opinion,
! from the hasty glance ! have given
] call your attention TO the closing
fase Of the judges order, which
lcucally nullifios the whole effect IL
decision. IL provides that the North
SECURITIES company may transfer
q assign the stock OF the Northern
enc and Great Northern railways
" held by Il. TO such person or per.
IS as are now holders and owners OF
ginal stock In exchange for the
OK OF the said companies. This right
transfer Is vital and ii seems TO me
Iders nugatory the main conclusion
the court"
representative Of ]. p. Morgan q
said the decision put a new light
the entire matter and would enable
lawyers Of the Northern Secure.
company to work along new lines.
. T. Morgan said "Untn sec the
text OF the decision ! shah not care
axpress an opinion on Il. This much !
certain, however. Il viii not rest J
ere Il is ,
The question OF the right Of two }
more railroads TO be operated by a /
ling company VIII be taken up To | Il
thited States supreme court. In G
ID OF looking upon the decision Of I
court today as blow to rail- l
d enterprise, should say that the I
erse is the case. :