The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-04-24

ular business, including the payment
of dividends. ]. P. Morgan would not
comment upon the order of the court.
THE POINTS ON APPEAL.
st. Paul, Mimi, April 2O.-Thirty-
four points of error are alleged by the
counsel for the Northern Securities
Company and other defendants in their
appeal from the decision of the circuit
court. Exceptions are noted to every
paragraph in the decree and the court
is claimed to be in error in rendering
any decree save one for a dismissal of
the petition and proceedings. The prin-
cipal citations of error are as follows:
The court erred in finding and decid-
ing that the device of a holding COM
fany placed the control of the railways
of said two railway companies in the
hands of the Northern Securities Com
pany and destroyed every motive for
competition between said two railway
companies by pooling their earnings
for the common benefit of the stock
holders of both railway companies:
and erred in finding and deciding that
any such, or any pooling of earnings,
was ever contemplated or has ever been
made.
The court erred in holding and de-
Gliding hat every combination whereby
the power is acquired to suppress COM
Det1tiOn between two parallel and COM
peting lines of railway operating I'M
der state charters and engaged in in
ter-state is a combination
in violation of said antitrust act,
whether such power is exercised or in
tended to be exercised, or not.
The court erred in holding and de-
Gliding that it would have been q viola
tion of said antitrust act had the in.
dividual defendants, in pursuance Of a
previous agreement SO to 10, sold their
shares of stock in the defendant rail-
way companies to a natural person and
had induced their fellow shareholders
to do the same with the resulting ac-
QUESTION, by such individual, Of a ma
Jority of the stock of each railway
company.
The court erred in holding and de-
Gliding that the Northern Securities
Company controls the commercve of
both of the defendant railway COM
panies, though by h charter of each
company the management of it's bust
ness is vested in it's board of directors,
and the companies hav and must
have separate ard distinct boards of
directors.
The court erred in holding and de-
Gliding that the constitution and COM
position of railway companies charter
ed by states of organized under state
laws, but carrying on interstate COM
merce, are themselves a matter of in
ter-state commerce, and as such, sub
ject to regulation by congress.
The court erred in holding that con-
solidation of railway companies created
bv or under state laws and competitors
in Interstate commerce, are effectual
rstraints upon such commerce., and
that such consultations though eX-
pressly authorized by state charter, are
violations of said antitrust act and
illegal.
The court erred in defining inc de-
Gliding that the object and necessary
effect" Of the combination found by it
to exist in this case, sis to give a single
person or to a coterie of persons full
control of all the means of Transporter
ton owned by two parallel and COM
peting lines of railroad engaged in in
ter-state commerce, as we'll as the
power to fix h rate for the transpor-
tatlon OF persons and property.
The court erred in holding that the
said antitrust act was intended and
was and is effectual, to include and
prohibit virtual consultations of
of parallel competing railway compan-
les chartered by the several states, and
combinations looking to ucH virtual
consultations"
The court erred in holding tina the
proofs disclosed any contract, COM
blnation or conspiracy in restraint of
interstate or foreign commerce, or any
other combination than one to build
up and enlarge Interstate and foreign
commerce without any restraining of
either.
Finally the court erred in enjoining
the Northern Securities Company from
exercising any control over the other
defendant companies.