The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-20

was occupied by Attorney NJ D. Gro
yer. IN further defense of the defend
ants. Mr.. Grover gave a geographical
sketch of the location of the Great
Northern and Northern Pacific lines.
and declared that the markets availa-
DIE 10 those lines were meager as yet
compared to the 120 lines east of the
mississippi river, and that it was nee
essary for these roads to sell the only
thing they had to sell, that is their
transportation, at such rates that the
country would be populated and the
market revenues increased by extend
ing their traffic TO the Orient, and de-
clared the purchase of the Burlington
now enables people in the central por-
ton of this country to ship their goods
TO the Orient in competition with the
rates from New Orleans by water to
the same destinations. To secure VOL
luminous traffic low rates of Transport
tatfon must be maintained. and this
was only possible through the govern
ing OF the rates of combination of rail-
road systems At APO o'clock Mr.
Grover concluded and the court ad-
Journed until tomorrow
Brief for Morgan.
Tonight former Attorney General
Gr1ggs said that in order to facilitate
the hearing of the case 1T had been de-
cided by the counsel for the defendants
--SN ~ A'@eid III SOQi ID DTlGI prepared
by Daniel Wilcox and signed by him
ana Francis Lynde Stetson on hebalf
of j. Pierpont Morgan, Robert Bacon
and Daniel S. Lamont, and that copies
mad been given to all concerned in the
case.
The brief sets forth that during the
reorganization of the Northern Pacific
company, the firm of j. p. Morgan &
Co.. of which these defendants, Morgan
and Bacon, are members, acted as re-
organization managers, and has ever
since been the fiscal agent of the COM
pany A history is given of the vari-
Gus steps taken by J. P. Morgan & Co
previous to and at the organization Of
the Northern Securities company.
After its organization the Securities
company duly purchased all the shares
or the Northern Pacific company and
or the Great Northern company here
1nbefore mentioned, including those
purchased by the firm of j. p. Morgan
q Co. from the Oregon Short Line
company, for which it paid partly in
cash and partly in it's own shares. 1t
also was willing to purchase the shares
OF any other shareholders of the Great
Northern Company who desired to sell
the same for the price of $3.50 for each
share of the Great Northern company,
payable in its own shares, and did &C
+ tually purchase and pay for considera-
- - VI 6cIl SUCK DIT SuCn price.
The petition contains many adiec-
yves, adverbs and conclusions, which
are unsupported by proof, and are, of
course, without value in stating a cause
or action, because if the acts done were
lawful the question of their intent is
without Importance. The only ground
for relief pleaded in the petition is that
the ultimate effect of these transact
lions may be to diminish in some de-
gree competition between the railway
companies, and that they, therefore,
constitute restraint of interstate
commerce within the Sherman act.
This Is not established by the proof,
and in any case would not support the
action.
1t is submitted that the action must
fail because the transactions were law
full, and If the statute applied to them
IL would be unconstitutional because it
would deprive the Securities company
or the right to purchase property and
the stockholders Of the railway COM
panies of the right both to sell their
own shares and to acquire an interest
in the shares of others.