The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-02
COMPANY MERELY
STOCK INVESTOR

1t follows that as the Northern Securi-
ties company is merely an investor In the
stocks of these railroad corporations, NOT
being itself a railroad corporation, and
being without franchise, power or au-
thority to manage, control or operate any
railroad. its ownership of majority OF
the stocks of these two railroad com
panies does not come within the prohibit
tive language Of the statute of 1874.
The two companies "stih remain sep
arate corporations with no interests, as
SUCH in common. The case would not
be different If one natural person with
abundant capital should invest in the ma
jority of the stocks of one of these com
panies, and another like person should
the other company. The interest of the
two if they chose to act in harmony,
would be the same as the interest of one
person owning the whole.
MonopoIIes and Trusts.
But it is urged that the ownership
such a large majority of the stock of
these two parallel railroads creates a
monopoly, having tendency to prevent
competition between these railroads anu
presents case within the mischief In
tended to be remedIed by the statute of
1874; and should be held, even if outside
of the language of that statute, to be
within t4e intention Of the legislature
which enacted that statute. Also that it
is contrary to the public policy of the
state, which seeks to promote competi-
tion between railroads as well as other
common carriers.
The terms 'smonopolies and trusts are
perhaps in cases like this too often en-
ployed at the bar to all business enter
prises, requiring and employing great ag-
gregations of wealth; and in the vague
sense at which at the hustingS they are
used to arouse envy and Jealousy, for
getting the manifest necessity of such
aggreeations of wealth to produce the
commodities. and their transportation,
which our civilization and comfort re-
QuireS.
Rights of Corporations.
Every railroad corporation is in one
sense a monopoly. 1t has franchises CIV
ing rights and powers not common to all
citizens. 1t alone can operate ITS own
railroad; though subject to reasonable
regulation by the state.
All monopolieS in a strict sense rest
upon some grant by the sovereign pow
er of an exclusive franchise or privilege.
And with modern facilities for ,transpor-
and learning respecting "forestalling. "
''regrating" and 'engrossing' have be-
coming archaic; and even the meaning of
those terms will hardly now be recog-
nized.
Where a statute like that of 1874, with
particular detail designates parties whom
it prohibits from doing specified acts. not
otherwise unlawful, to ask court to ex-
tend that statute to parties not named,
or to acts not so specified, on the ground
that such extension may be conjectured
to be within the Intention of the legisla-
ture, is an invitation to enter the domain
of judicial legislation.
States Policy Is Clearly Defined.
/ The policy of state appears in its
legislation; and where a policy. is made
clear by uniform legislation, it has much
weight in the Interpretation of any doubt
full statute.
It is clear from severa! statutes that
the policy Of the state Of Minnesota is
opposed to the consoli6c ton of parallel
railroads, and to the control by any
railroad company of the operation and
management of another company's par
allel and competing railroad.
1t is deemed advantageous to the
public that at least reasonable compe-
tition between such lines of railroad
shall continue. While acts of railroad
corporations. lessees, purchasers and