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


newer TO suppress competition.
The organization Of the Securities
company, It Is held "accomplshes the
object, which Congress has denounced
as illegal. more effectually than by
other methods" and continues
NEW JERSEY CHARTER
"so far as the New Jersey charter
is concerned the question broadly stat
cd which the court has TO determine,
ic whether a charter granted by state
con be used To defeat the will Of the
national legislature as expressed In a
law relating 10 inter- state trade and
commerce in view Of which Congress
has absolute control Presumptively az
least no charter granted by a state IL
intended to have that effect or 10 be
used for such a purpose, and in the
present instance Il Is clear that the
state Of New Jersey did not intend 20
grant a charter under cover OF which
an object denounced by Congress as
unlawful, namely combination con-
fcrrllg the power to restraining inter-
state commerce might be formed and
maintained because the enabling act
under which the Securities company
WIS 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
TuIpose' Laws Of New Jersey 1899
H. s8."
This language is not merely per-
functory; II means obviously that
whatever powers the incorporators saw
ut 10 assume they must hold and eXer-
else Tor the accomplishment Of lawful
objects. The words in question operate,
therefore, as a limitation upon all the
powers enumerated In the articles Of as.
sociatlon which We're filed by the pro-
moters OF the securities company, so
that however extensive and compre-
henslve these powers may seem TO be,
the state OF New Jersey mas said, you
shall not exercise them so as 10 set
at dehnance any statute lawfully on
acted by the Congress Of the United
States or any statute lawfully enacted
by any state wherein you see At to ex-
ercise your powers.
The contention that whatever re-
stralnt upon Interstate commerce there
NAV be is indirect and remote and
therefore not 10 be forbidden by Con-
gress. is not found to be well sustain
ed.
The contention that II the existing
company Is 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 10
be entitled to little consideration. The
court says;
CONSTITUTIONAL PROVISION.
THE provision Of the Constitution
does not, as we believe exclude Con-
gress from legislatIng with regard TO
contracts of the above nature while in
the exercise Of It's constitutional right
TO regulate commerce among the states.
on the contrary we think the provision
regarding the liberty Of the citizen Is
% some extent limited by the COM
merce clause Of the constitution and
that the power Of Congress to regulate
interstate commerce comprmises the
right 20 enact a law prohibiting the
citizen from entering into those specific
which directly and substan-
TALLY, and not merely indirectly, re-
motely, incidentally and collaterally
regulate to a greater or lesser degree
commerce among the states
The further contentious that the an
ti-trust law was not intended for such
as this, that this COM
bination had been consummated before
the bin was filed, and was in reality
In aid of commerce and not TO restrain
L. are held TO be clearly untenable as
10 the first point and that the second
point is a novel, not 20 say absurd in
Of the antitrust act and
As to the last contention II is said 70
De possible. but not matter for de-
'ision Of the court.
The decree is entered as already given
lbove. Circuit Judges Caldwell. San
BORN, Thayer and Vandeventer heard
he case and all concurred in the
opinion, which was written by Judge
Ohayer and filed in the United States
ircuit court Of appeals in this city.
The defendants are the Northern Sc
ureties company, the Northern Pacific,
he Great Northern Railway company,
7. ], Hill. William p. ClOugh. ID. willis
ames. John S. Kennedy. J. T. Nor
an, Robert Bacon. George f. Baker
nd Daniel Lamont.
A copy OF the decision in the North
m Securities case, which was handed
own al noon today, was filed with the
Jerk OF the court in ST. Louis
CASE WILL BE APPEALED
New York, April 9.-The case Of the
Northern Sucureties company VIII be
ppealed.
COMMENT on DECISION.
New York. April 9.-one O, the lead
* counsel in the Northern Securities
lse said.
As yet this Is an undigested opinion,
ut from the hasty glance | have given !
J call your attention to the closing !
hrase Of the judges order, which |
ractically nulliilos the whole eject II |
be decision. 1t provides that the North |
IN Securities company may transfer |
nj assign the stock OF the Northern |
aciiic and Great Northern railways |
ow held by II. 70 such person or per- |
ms as are now holders and owners OF |
1glnal stock I'm exchange for the |
ock Of the said companies. This right |
transfer Is vital and Il seems TO me |
,nders nugaiory the main conclusion |
me court
a representative Of J. p. Morgan & |
o. said the decision put a new light 1
D the entire matter and would enable 1
ie lawyers Of the Northern Secure
,s company 10 work along new lines, /
LIP. Morgan said. Until | see the
III text Of the decision shall not care
express an opinion on H. This much
certain, however. Il viii not rest
here Il Is
ne question OF the right OF two
more railroads TO be operated by a
'lding company win be taken Up to
= United States supreme court. In
cad Of looking upon the decision OF
e court today as q blow 20 rail
ad enterprise. should say that the
verse Is the case.
Capital all over the country 10