Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-03-15
Never Had Entertained Any
Doubt Over the Outcome.
TOOK ITS ONLY COURSE
MERGER OFFICIALS HOLD CON-
FERENCE IN NEW YORK.
Report About Canadian Charter - De-
malls From Hill and Montreal
Authorities.

A dispatch from ST. Louis last night says:
Judge Amos M. Thayer, who rendered the
decision in the federal circuit court that
has now been sustained, said to a CORE
srondent:
II have at no time said he, "enterta1ned
the slightest doubt that the Supreme Court
would assert again the principles when
were clearly set forth in the previous de-
cisions which constituted our guidance IN
this case
"Only few days ago an old friend of
mine jocularly advised me to prepare for
shock when the Northern Securities de-
cision should be announced, for he felt GER
tain we would be reversed. 1 replied that
1 had no apprehension whatsoever of such
a shock because the time had not come,
and / believed it never would come, when
the Supreme Court would make such
radical departure from established prece-
dent and from equity.
II am, of course, highly gratifed by the
decision, not because it was an affirmative
OF a judgment in case which helped 10
try and determine, and on which 1t de-
volved me to write the opinion, but be-
cause the principles of law enunciated In
the decision will be of great value to the
country.
IN my Judgment it would have been
little less than a public misfortune if the
Supreme Court had sanctioned the doctrine
that, Notwithstanding the Sherman anti
trust law, a corporation could be created,
having no business of its own to transact,
but merely to hold the stocks of other cor
porations, and thereby control them.
Possibilities of Combination.
TT requires but little foresight to see that
if such holding corporations tolerated
it is not only possible but extremely prob
able that within few years few men
would control all the transportation facil-
ties and all the industrial enterprises in
the United States, and in the end by virtue
of such control, they would be even strong
er than the government itself.
THE Sherman antitrust law was GER
tainly intended to prevent such vast COM
binations, and l am glad to know that as
interpreted by the court of last resort, 1t Is
effectual for that purpose.
1.-The right of the individual Is not af-
fected. This decision affects only the
artificial creature of the state, whether Its
life be perpetual or fixed tenure, from &C
curing property or stocks in defiance of
federal law which is clearly constitutional
and which prohibits such acquisition as
against public welfare"
Asked if there was anything in the claim
that the decision invades the right of
state, because dissolving a corporation
which the state created, the judge replied:
No The dissolution is not declared in
the decree. The decree simply prohibits
the New Jersey corporation from doing
certain things which are unlawful, just as
it prohibits the offices of the Great North
ern and Northern Pacific from doing things
that are unlawful. States rights are not
invoked, unless it be that states right to
authorize a corporation to do what a con-
stitutional federal statute forbids is as
serted"
AS to what further thing remains to be
done by the United States circuit court here
in order to carry out the decree which has
been affirmed, Judge Thayer said there was
nothing.
Northern Securities Company Dead.
"Our court enjoined the officers Of the
two railroads." said he, from paying divi-
bends to the Northern Securities Company
and from permitting the latter to vote any
stock in any of those roads. 1t enjoined
the Northern Securities Company to the
same effect 1t also enjoined that company
from paying dividends to stockholders of
either of the railroad companies.
ut is true that after the decision was
rendered we found that the Northern Sc
curities Company had already declared a
dividend, which 1t had not yet paid. We
accordingly, out of a sense of equity and
conservatism, amended our decree to per-
nit the payment of that one dividend.
THAT done, the Northern Securities Com
pany is now without legitimate function.
Those things which it was admittedly or
gained to do are all prohibited by this de-
cree, and it can proceed no further without
being in contempt Of court"
Concerning the methods by which the
stockholders in the two railroad companies
who transferred their shares to the North
ern Securities Company are to get back
their stock, Judge Thayer said:
THAT was not matter before our court.
They made the transfer on a basis of lis
cents the dollar. 1t is not improbable
that now that the shares absolutely
valueless in the hands of the Northern Sc
curities Company, the stockholders will be
permitted to hand back their Northern Sc
curities stock and to receive their old stock
in return"
AS to the dissenting opinion of the Su-
preme Court Judge Thayer declined to
make any comment whatever.
CONFER I'M NEW YORK