Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-03-18

Is enough for present purposes 10 say
that 1T clearly violates existing law,
whose provisions must be enforced
unless government by the people is to
be deemed delusion.
Ex-Attorney General G;riggs followed
Beck for the roads. In his argument
OF behalf of the Northern Securities
Company MIR. Griggs contended that the
Iacts of the defendant do not constitute
La contract, combination or conspiracy
lin restraint of interstate trade or COM
lmerce within the meaning of the Sher-
man act. In support OF this contention
The made the following points:
/. The creation OF railway corpora
|tions; the form of thair corporate or
|saniZation; the character and qualities
|of their corporate stock; the routes
which their railways shall take; wheth-
Ter they may connect with other roads
running in the same general direction,
whether they may or may not CONSOLE
lGate with parallel lines. or operate par
Ia!lel lines thru different portions of d
|state-all these matters are, and always
have been, subjects Of state jurisdic-
ton.
.. The acts of the defendants being
lis upon the government to show that
they were as the attorney general
charges, not bona fide, but mere for
NAL device intended to defeat the pro-
visions OF the Sherman act.
3. Any restraint of trade or COM
Imerce which may resul. from the acts
done by the defendants Is indirect and
incidental only, and not covered by the
act of July 2, 1890.
4. II the Sherman act can be so con-
strued as to forbid the sale of stock in
two competing railroud corporations to
one purchaser, then tina. act is an att
tempted interference n the part of con-
gress with transactions which are
wholly within the contro. of the states
of the union, and in that respect the
act is unconstitutional.
5. But assuming that congress may
under the commerce clause of the con-
stitution and as a regulation of COM
merce, restrain the states in the exer-
else of their prerogatives from permit
ting two or more corporations to which
the state have given life from merging,
yet such a purpose on the part of the
government ought to be clearly and
distinctly expressed, and not be found
in the judicial Interpretation of doubt
full language contained in penal
statute.
6. Acquiesence by the government
for more than eleven years in the actual
merger and consolidation Of many inn
portant parallel and competing lines of
railroads and steamships engaged in
interstate and International commerce,
has given a practical construction to
the act of July 2, 1900, to the effect
that it was not intended to forbid, and
does not forbid, the natural processes
of unitication, which are brought about
under modern methods of lease, con-
soldation, merger. community of in
forest, or ownership of stock
II. discussing the facts, Mr.. GrigSs
alleged that the attorney general had
fled his complaint under the misap-
prehension that the Northern Secur-
tiles Company was formed solely for
the purpose of merging the two cor
porations-al that was not sup
ported by a single proof, and Aositively
disproved by all the testimony IN the
case.
AT the time the Securities company
was formed there was no certainty that
a majority of the stock of either of the
railroad companies would be acquired
by 1t, and it would have been formed
and have continued If no other persons
than the original projectors of the COM
pany had come in and exchanged their
stock. Such is the testimony of all the
persons participating in the organiza-
tion