Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-04-09

tory For the Government
St. Paul, Mimi, Aprl: 9.Bulletin:
The government wins lis suit against
the Northern Securities Company on
most points.
ST. Paul, Mimi. Apri! 9.-Bulletin:
The United States circuit court OF ap-
peals today handed down a decision In
the suit OF the United States against
the Northern Securities Company, en-
Joining the company from voting the
stock OF the Northern Pacific or Great
Northern Railway companies. but all
lowing a return Of such stock as had
been delivered to that holding com-
pany. The opinion is unanimous.
The substance Of the order follows
"a; decree In favor OF the United States
win 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, VIII be acquired In virtue of q
combination among the defendants in
restraint OF trade and commerce among
the several states, such as the anti
trust act ;denounces as illegal.
.Enjoining the SecErities company
from acquiring or attempting to ac-
quire further stocks Of either said com-
panies: also enjoining II from voting
such stocks at any meeting OF the
stockholders OF said railroad companies
or exercising or attempting to exercise
any control. direction, supervision OF
influence over the acts CT said COM
phny.
aEnjofning the Northern Pacific and
Great Northern companies respective
IL from permitting suci, stock to be
voted by said Securities company and
likewise enioining them from paying
any dividends to said Securities COM
pany on account of said stock or per-
hitting said Securities company to ex-
ercise any control whatsoever over the
corporate acts Of said companies; and,
finally,
s permitting the said Securities COM
tpany to return and transfer to the
Itockholders Of the Northern Pacific
and Great Northern any and all shares
of stock of those companies which It
may have received from such stock
holders in exchange for its. own stock
or make such transfer md assignment
to such persons as are now holders and
owners OF its own stock, originally is
4 sued in exchange for the stock of said
company
The opinion declares that under the
admissions OF the defendants the Se-i
curities Company acquired control Of
the Burlington, Northern Pacific and
Great Northern interests, parallel and
competing lines. and nolds that the
scheme thus consumated led inevitably
to the following results: Control Of two
roads in the hands OF q single person
destroyed every motive fer competition
between those two roads engaged
!, II interstate traffic which are
natural competitors for business,
by pooling the earnings OF the two
roads for the common benefit of the
stockholders of both companies; and.
..According to the familiar rule that
every one is presumed to intend what
viii be the necessary consequence of his
OWn act when done wilifully and de-
liberately.pswe must conclude that those
who conceived and executed the plan
aforesaid intended, among other things.
to accomplish these objects" The court
DISCUSSES the meaning OF the word
..trusts in the antitrust act and says
congress was careful to declare that a
combination, in restraint of interstate
trade or commerce, II it directly occa-
stoned or affected such restraint, should
be deemed Illegal. The words In re-
strafnt of commerce" do not mean un-
reasonable or partial restraint OF trade.
but any direct restraint thereof.
The court further says that any
agreement between competing roads
requiring them to act in concert In FIX
ing a rate. for carriage Of passengers
or freight over their respective lines
from one state to another is in direct
restraint of commerce within the
meaning Of the antitrust act. Con-
eress has the power. the decision says,
under the constitution to regulate COM
1nerce and to say that no contract or
combination shall be legal which re-
strains Interstate commerce by shutting
off the operations Of general law OF
competition. The organization of the
Securities Company, it is held, ACCOM-
plishes an act which congress has de-
snounced as illegal more effectually than
by other methods"
Concerning the New Jersey charter
the court says the question to be de-
termined lis whether the charter granted
by the state can be used to defeat the
will of the national legislature as ex-
pressed in the law relating to inter-
state trade, over which congress has
absolute control and after quoting the
New Jersey law says the law means