Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1903-04-17
RS TINEL.

~ lL-T4E., Nd
sflaG. Morning Aacu IL, 1903 !
RAl1 AZ 44AaEE TTLA RFgL.
The oeee tales Circuit gour, Of Ap.
9etls. a t's Paul, Mn ca Thursday q
lae' y scaea dow fecisioD in wha
Is I'm ISL alo railway merger CAGE, which
is z ssi, leoughs against 10 Northern Sc
G eiHls Company, the No srn Pacific and
eTshsrr Railway npanies AND
E3,friaa officers aud dirsot5rs Of those
ta,pae'sa 'caadihg Jam,a ). I,in sud ].
Fiarpohi N gan
TIE MART ada ges ID the .ocl Of Tie
ave s4tTay companies hGio by The mi
H. company WGl scDrad ia viola % Of
p aati-trust law, prohiblb .ae yodas Of
90 tock al my r liug q u. err
q eitheI oi gne two RAILWAY esa... ca
joins the acquisition of any more stocK Of
the railway companies and permits the Sc
curities Company to return the stock Of the
two companies now held by it. The de
cison sustains the position OF the United
States department of justice.
An appeal TO the United States Supreme
Court will be taken Immediately.
The case was heard by Judges Caldwell,
Sanborn, Van Devanter and Thayer, the lat
ter announcing the decision, in which all
four concurred. The action was originally
brought in the United States District Court
at st. Paul, but under special act OF Con.
gress was taken at once TO the Court Of Ap.
peals, which court was TO expedite the hear.
ing and decision of the case 10 every manner
possible. The taking of testimony in St.
Paul and In New York lasted several weeks
The substance of the courts decision Is in
the decree, which is as follows:
IA decree In favor OF the United States
will be entered TO the following effect:
"Adjudging that the stock Of the Northern
Pacific and Great Northern Railway com
panies, now held by the Securities Company,
was acquired In vi.w Of q combination
among the defendants, in restraint Of trade
and commerce among the several States,
such as the anti trust act denounces as II.
legal; enjoining the Securities Company
from acquiring or attempting to acquire
further stock Of either OF said companies /;
also enjoining il from voting such stock at
any meeting OF the stockholders OF either Of
said railroad companies or exercising or at
tempting 10 exercise any control, direction
or supervision OF influence over the acts of
said companies, or either Of them, by virtue
of its holding such stock; enjoinIng the
Northern Pacific and Great Northern com.
panies, respectively, their officers, directors
aud agents from permitting such stock TO
be voted by the Northern Securities Com
behalf at any corporate election for directors
or officers Of either of said companies, and
likewise enjoining them from paying any
dividends to the Securities Company on &C.
count OF said stock, or permitting or suffer
ing the Securities Company to exercise any
control whatsoever over the corporate acts
OF said companies, or TO direct the policy OF
either. and, finally, permitting the Securi-
ties Company 10 return and transfer this
stock 10 the stockholders of the Northern
Pacific and Great Northern companies any
aud all shares of stock OF those companies
which It may have received from such stock
holders 10 exchange for Its own stock, or 70
make such transfer and assignment TO such
person or persons as are now the holders
sued In exchange for the stock of said com.
panies."
Speaking OF the above decision, President
Williams, of the Seaboard Air Line Rail.
way, says:
"As for the general public, 1t Is idle "a
talk Of political republic with fnancis
or commercial tyranny. There lie no more
safety in having commerce at the mercy o.
an absolute ruler than there would be N
having our government controlled by q
car, who might be benevolent or a crue
despot, wise or ruinous one, according
TO his within, OF abilities, or the circum
stances.
"Instesd Of disturbing our prosperity
this decision, if sustained, as l believe il
will be, will establish, secure and protect
the commercial situation. 1t will encour.
age and foster legitimate extension, growth
and expansion, and stimulate enterprise and
industry and local effort by guaranteeing
them against oppression and forced absorp
ton"
This is a capital summary Of The matter
and coming from distinguished man o
business, who speaks from the view point o
business and not IRON the view. point OF pol
tiles, it is worthy of the highest consider.
alton.