River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1903-04-16
CALLS IT ILLEGAL.
Northern Securities Company Re-
ceives Hard Blow.
United states Circuit Court at ST.
Paul Declines to Allow Merger
of Northwestern Railroads
to stand.

ton of the United States govern
ment in the suit brought against the
Northern Securities company, the
Northern Pacific and Great Northern
railways and individual officials and
directors of those companies, was
sustained in the decision handed
down IN the United States circuit
court Of appeals in this city Thurs
day. The case was originally brought
in the United States district court
here but under a special act of con-
gress was taken at once to the court
of appeals, which court was to expe-
dite the hearing and decision of the
case in every manner possible. The
taking of testimony IN this city and
in New York lasted for several
weeks and the arguments in st.
Louis before Circuit Judges Caldwell,
Sanborn, Thayer and Vandevanter
took several days. The decision of
the court was written by Judge
Thayer and was filed in this city,
where the original action was insti-
tuted. An appeal to the United
States supreme court will be taken
Immediately. All four judges con-
Cured in the conclusion of the court,
which were stated by Circuit Judge
Thayer. The substance of the de-
cision is stated in the decree as fol-
lows:
The Decree.
"a decree in favor of the United
States will accordingly be entered 20
the following effect: Adjudging that
the stock of the Northern Pacific and
Great Northern Railway companies,
now held by the Securities company,
was acquired in virtue of a cOmbina-
ton among the defendants; in re-
STRAIT of trade and commerce
among the several states, such as
the antitrust act denounces as IL
legal; enioining the Securities COM
Ijany from acquiring or attempting
TO acquire further stock of either Of
said companies; also enjOining it
from voting such stock at any meet
ing of the stockholders of either Of
said railroad companies or exercis-
ing or attempting to exercise any
control, direction or supervision or
influence over the acts of said COM
panies or either of them, by virtue Of
its holding such stock; enjoining the
Northern Pacific and Great North
ern companies respectively, their
officers, directors and agents, from
permitting such stock to be voted by
the Northern Securities company or
any of it's agents or attorneys on It's
behalf at any corporate election for
directors or officers of either of said
companies and likewise enjoining
them from paying any dividends to
the Securities company on account
of said stock or permitting or suf-
fering the Securities company to ex-
ercise any control whatsoever over
the corporate acts of said companies
or to direct the policy of either; and,
finally, permitting the Securities
company to return and transfer to
the stockholders of the Northern
Pacific and Great Northern compan-
les any and all shares of stock of
those companies which it may have
received from such stockholders in
exchange for its own stock, or to
make such transfer and assignment
to such person or persons as are the
holders and owners of its own stock
originally issued in exchange for the
stock of said companies"
\ formal decree was later filed in
accordance with the decision as
handed down by Judge Thayer.
The defendants are the Northern
Securities company, the Northern
Pacific Railway company, the Great
Northern Railway company, James
J. Hill, William P. Cough, D. Willis
James, John S. Kennedy, j. Pierpont
Morgan, Robert Bacon, George F.
Baker and Daniel Lamont.
Will BE Appealed.
New York, April 10.-The case of the
Northern Securities will be appealed,
President Hill made this statement
later in the day: Il am not satisfied
with thereports thus far athand. They
are too meagre to give US a definite
idea as to how the decision was
reached. All / can say at this time is
that the roads of the Northern Securi-
to .ounroDv ORC choyyinU OOOd aarri-