The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-10
Court Decides Against the h1''
Northern Securities Go.
OPINION WAS Y u N NANlMOU!S'5
An Appeal Will Bel AIKEN TO the United
States Supreme Court for Final 5al 8a8
Adjudcation-J. E. Morgan Says ] 3isS8
tits No B BIoW to railroads. lsss ils4

de Z 4 4 /,
Associated Prcss.),

j . -
8 ST. PAUL, MIN NJ, "A April5 St he posi-
ton OF the United States 6 government In
the suit brought against the N Northern
Securities Company the y orthern!5 q cltlc
and Great Northern Railroads and lndl-
8vidual officers and directors Of those COM
panies, 9s was sustained In the decision. n
handed down In the United States Circuit
Court Of. Appeals In this city to-day The
case was ssoriginallyb brought In the United tl
States District Court here. but t}under a
special act OF Congress was taken Fl II g t
once to5the Courtsof Appeals, which court
was to expedite the hearing and decision.
ot the case in every manner .sIhe
taking 81 testimony in this city and N,
New York lasted for several weeks and
the arguments in st, Louis be fore Circuit
Judges Caldwell, Sandborn, Thnye and
Nan Deventer5 took several days; IN
THE decision was written by Judge!
yIhuyer and was filed to-day. An appeal
Is the United States Supreme Court VIII;
be taken Immediately All four jud ges
8concurred 5InSthe conclusions of the court,
which & were M stated Hi by Circuit Judge
sThayer. 1T "a J. 5.,,
Judge Thayer, in the opinion, recltes the,
8DetltlOnStWuB -
act Of 1900. and adds that under tho act
5os February II. 1905 this case, being OF
i'general public Importance. has been
Given fprecedence over others and IN every
way expedited, It Is declared that from
tho admissions OF the pleadln s., the mat
tiers Of fact are that the roads were par-
allel5 and competing lines; that hey had
Jointly secured control OF the Burllngton;
That IN 1900 n holding company had been
formed by large owners of the stock OF
the Northern Pacinctnnd Great Northern,
and the court holds thnt4the s. theme Whlch3
was thus devised and consummnted led
Inevitably to the following results;
5l'irst--It placed control OF me tWo
reads In the hands OF a single person, to-
Wit: the Securities Company. by virtue
of Its ownership OF the large majority Of
the stock of both companles, second, Y
destroyed every motive for competltlon
between the two roads engaged IN inter-
state traffic. which Were natural compet-
ltors for business. BY pooling the earn
ings or he3two roads forth common ben
ont Of the stockholders of both companies,
and, according to the familiar rule that
every one Is presumed toBintend what IS
the necessary consequence of his own acts.
when done wilfully and deliberately. we
must conclude that those who conceived
and executed tho plan aforesaid Intended.
among other things, to accomplish these
objects. .l5s .S,s = tl
THE WORD TRUST.
on the point whether the present case
comes within the Inhibition Of the anti
trust act, the court discusses the mean
Ing OF the word trust as used In the act
and adds that In cases arising under the
act II has been held BY the highest a,i-
thority In the nation and It's opinion
has been reiterated. In no uncertain terms.
that the act applies to Interstate carriers
Of freight and passengers as we'll as to,
all other persons, natural or artificial;
mat the words "in restraint OF trade or
commerce'' do not mean unreasonable or
partial restraint of trade or commerce.
hit 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 pas
lines from one State to another, and
which by that means restricts temporarl-
ly the right of any other such curriers'
to name such rates for the carriage OF
Continued on Eighth PaGe.(