The Cooperstown courier. (Cooperstown, Griggs Co., N.D.) 1902-1913, 1903-08-06
=. Lessees OF railroad corporations
There are none.
Net q Purehaser.

Net q Purchaser. ".
y. Purchasers Of railroad corpo.
rations-.Construing this term AZ apply
Ing to those who acquire BY deed or de-
ths-a franchises aa and operate the railroad
t,on:- Aan rs,Isnss Of .n. rs!lrosd sorpora-
son having the administration. charge
ness Of the railroad. Among the i parties rite
manager; He did not effect any console
dation: He promoted the formation OF
the Northern Securities company. and
panies.
But the complainant contends that
when the Northern Securities company
become the owner Of a large and con-
Mor.hsrn IN. PAGING COMPANY. i became the
within the meaning Of that word as used
IN the act Of 1874, and became thereby
disabled from occurring. as it afterwards
Of the Great Northern company.
And upon the subject. Of purchasing
railroad by buying all the stock. am
nesota 1851. which provides ts" that al any
railroad corporation may lease or pur.
chase or become the owner or control or
Fl any Snss when
nected together and form continuous
line with or without branches. But in
that case the purchase d the stock would
be by railroad corporate having ca
pacity to operate the railroad, even aside
from the authority to do so either ex-
pfessl 70 Or impliedly granted by this stat
rightfully assume the control. manage
ment and operation Of the railroad. the
stock OF which 1t had SO acquired.
peersaM Case.
ssY am oloo o}tn6 "a &ho oo.o 40
sail vs.. Great Northern Railway. 161 U.
The case is far from sustaining the
corporation without railroad franchises.
should acquire by purchase q majority
Northern Pacific company and the Great
Northern company that would work any
consolidation of those two companies or
that such purchase would have any
Of both or either Of said railroad COM
panies.
court careful to 1 note the Inference 'i in
Ing majority Of the stock Of a railroad
corporation corr %,a by by rival railroad corpora
stock BY an individual . or individuais
though holding whatever amount Of stock
In the same rival railroad company. The
Doubtless these stockholders COT the
Great Northern company could lawfully
jority. or even the whole Of the stock
Of the reorganized (Northern Pacific)
company, and thus possibly obtain its
would still remain separate corporations
with no interests, as such. in common
1T follows that as the Northern Sc
the sfosR these Il e railroad
| lions, not being itself a railroad corpora
ton. and being without franchise, power
crate any railroad. it's ownership Of ma
jority of the stocks of these two railroad
COMPANIES does not come within the pro-
hibtttve language of the statute of 1874.
Separate Corporations.
1.-THE two companies still remain sep
arate corporations with no interests, as
such, In common. The case would not be
ena @ the
of the stocks Of one Of these companies.
and another like person should invest in
the be OF the stocks q the other
they chose to act in harmony, would be
| the same as the interest Of one person
| owning the whole.
state Fixes Rates.
1.-THE policy ST the state in respect ia
the operation and management Of rail-
roads is disclosed by its statutes: espe-
clauy Dy sections S1y TO 4O3, VOL I, Cen
beading Of Railroad and Warehouse
Commission. which closely follows the
provisions Of congressional legislation re-
clearly specified regulations places the SUI
pervis!on. oversight and control Of those
matters particularly the rates for. trans.
portation, in the hands Of the designated
1T is plain from these statutes as con-
strued by the supreme court of the state.
that It is the policy of the state that the
appliances shall be kept in high state
Of safety and efficiency; and that rates
Of transportation. while kept ample to
reasonable, stable and uniform: Sched-
ules of rates are to be kept publicly post
ed at every station and no change or de-
Walton from such published, rates is per-
mitted, nor any rebates allowed or adj
vantage to one shipper over another. and
no change in such rates is permitted I'M
til after ten days previous published no.
tice has been given.
Under this system shippers can count
accurately the cost OF transportation as
assurapoo st that others Du engaged in like
business must incur exactly the like ex-
pense; and untrammeled competition be-
wars, sporadic struggles for particular
contracts or consignments, as we'll as all
rebates, open or secret. all alike unfair or
snous to carriers and shippers are
be entirely eliminated and done away
with: leaving as the only bases Of COM
petition between rival. carriers the fur
nishing of the better accommodations.
and the greater safety and celebrity Of
"Ali complaints that published rates
are unreasonable are heard and deter
mined by the state officials. who may fix
rates binding on the railroads; thus ne
cessarily making rates uniform as be-
tween rival railroads. AS result Of this
policy, and the absolute power of the
state officials to fix rates. and keep them
at the lowest reasonable figures. compete
tion between rival railroads no longer re-
duces rates. as 1t did when railroad COM
panies alone controlled them. On the
places the necessity Of considering great
er fixed charges and greater cost OF adj
ministration and operation may make the
reasonable rate for transportation greater
than II the whole business could he done
and was in fact done by one railroad.
No Law Violated.
''However that may be. the Northern
Securities company is but an investing
stakeholder in these two railroad compa-
MES. without power to consolidate them
or to interfere with the management or
control of either. Because of it's large
holdings OF these stocks 1t may elect the
board of directors of each. who must be
/; COMPOSED Of entirely different persons.