The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-04-14

parallel and competing lines of rail-
road, as has been effected, taking a
broad view Of the situation, is bene-
fetal to the public rather than harmful.
1t may be that the motives which in
spired the combination, by which this
end was accomplished, were wholly
laudable and unselfish. that the COM
bination was formed by the individual
defendants to protect great interests,
which had been committed to their
charge; or that the combination was
initial and necessary in h accom-
carried out as they We're conceived,
prove to be of inestimable value
to the communities which these roads
serve n to the country at large. We
shall neither affirm OF deny either Of
these propositions because they present
issues which we are not called upon
to determine. and some of them involve
questions which are not within the pro-
vince of II court to decide, involving
as they do. questions of public policy
which must determine. 1t is
our duty to ascertain whether the proof
discloseS a combination in direct re-
straint of Interstate mmerc that
is to say a combination whereby the
power has been acquired to suppress
competition between two or more COM
peting n parallel lines of railroad, en-
gagged in interstate m If it
does disclose such a combination and
we have little hesitation in answering
this question in the affirmative. then
the antitrust act, as it has been here
tofore interpreted by the court of last
resort. has been violated and the gov
eminent is entitled to a decree.
A decree in favor of the United States
will accordingly be entered to the fol-
lowing effect: Adjudging that the stock
of the Northern Pacific and Great
Northern companies. now held by the
securities company, was acquired in
virtue of a combination among the de-
PENDANTS. in restraint Of trade and COM
merce among the several states, such
as the antitrust act denounces as il
legal; enjOining the securities company
from acquiring or attempting to acquire
further stock of either Of said COM
panles also enjoining it from voting
such stock at any meeting of the stock
holders of either of said railroad COM
panies or exercising or attempting to
exercise any control, indirectly or SUI
pervision or influence over the acts of
said companies, or either of them, by
virtue of it's holding such stocks; en-
joining the Northern Pacific and Great
Northern companies, respectively, their
officers, directors n agents, from per
hitting 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
n likewise enjoining them from pay
ing any dividends to securities compan-
les on account of stocks or permitting
or suffering the securities to exercise
any control whatsoever, over the COR
porate act of said companies or to di-
rect the policy of either; and, finally.
permitting the securities company to
return and transfer to the stockholders
of the Northern Pacific and Great North
ern companies, 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 now the hold
ers and owners of it's own stock, orig
inallv issued in exchange for the stock
of said companies"
Circuit Judges Caldwell, Sanborn,
Thayer and VanDevanter heard the
case and all concurred in the opinion,
which was written by Judge Thayer
and filed in ST. Lou at the same time
it was handed down in the United
States circuit court of appeals in this
city.
The defendants are: The Northern Sc
curities Company, the Northern Pacific
Railroad Company, the Great Northern
Railroad Company, James J. Hill, Will
lldlH L. ClOuSn, u. Willis James,, JOQIl
S. Kennedy, J. Pierpont Morgan, Robert
Bacon. George E. Baker and Daniel S.
Lamont.
h Supreme Court.
New York, April 81. P. Morgan
said:
Until 1 see the full text of the decis-
ion l should not care to express an
opinion on it. This much is certain.
however, it will not rest where it is.
The question of the right of two or
more railroads to be operated by a
holding company will be taken to the
United States supreme court at Wash
ington. Instead of looking upon the de-
cision of the court today as a blow to
railroad enterprise, 1 should say that
the reverse is the case. Capital all
over the country is anxious to know
its right in the matter of railroad con-
struction and operation. Railroad men
want to know where they stand. The
decision today is just one step closer
TO a decision from the United States su-
preme court which shall be final. for
even if the Northern Securities had Won
today, the governments attorney would
probably have appealed.
The question was OF such impor-
lance that an appeal was assured no
matter who Won 1heSe Facts are plain.
Both railroads held by the Northern
Securities Company still exists and are
doing a good business. When railroad
men know exactly how the law is to be
Interpreted, they will probably find good
way to see that properties are operated
economically n profitably."
A conference of leading ~financiers was
held this afternoon in the office of j. P.
Morgan & Co., to discuss the details of
the decision and its bearings Upon rail-
road properties in the future.
Case May Not be Tried at This Term.
Washington, April 9.-Unless there is
very great expedition in bringing the
merger case to the United States SUI
preme court and also in its considera-
ton thereafter the supreme court will
not pass on the case during the present
term. The court will adjourn finally the
latter part of May n will not con-
vene again until next October. OF the
remaining time of this term only the
next three weeks will be devoted to
argument, as the call OF the docket will