The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1904-03-26

dissolution of the Northern Secu
rites Co., and decree prohibiting
them from merging the interests o.
the Northern Pacific, Great North
ern and Burlington railroads sc
that there be no competition wes'
of the Mississippi, and has nov
been sustained by a decision of the
Supreme Court of the United States
from which opinion we quote ex'
tracts to show how pusillanimous
indeed was and is the speech Of
Governor White
"Suit was brought by the United
States against the Northern Securi'
ties Co., a corporation Of New Jer'
sey; the Great Northern Railway
Co., a corporation Of Minnesota; the
Northern Pacific Railway Co., q
corporation Of Wisconsin; James
j. Hill, a citizen of Minnesota and
William P. Clough, D. Willis James
John s. Kennedy, Pierpont Nor.
gan, Robert Bacon, Geo. f. Baker
and Daniel Lamont, citizens OF
New York.
It's general object was to enforce
as against the defendants, the pro-
vision of the statute of July 2, 1890,
commonly known as the antitrust
act and entitled can act to protect
trade trade and commerce against
unlawful restraint and monopolies."
Here are the provisions of the
decree:-"The Northern Securi-
Ties Company, it's officers, ETC., are
hereby enjoined:-From acquiring
or attempting to acquire any more
of such stock. From voting any
such stock at any meetingo of stock
holders Of either railway company.
From exercising or attempting to
excise any control, direction. SUI
p%ervision or influence on the acts
of either railway company by virtue
of it's holding. Of stock therein.
From allowing the Securities Go.
or its attorneys, or agents to vote
the stock held by it. From paying
any dividends on such stock to the
Securities Go. From permitting
the Securities Co., or it's officers,
ETC., to exercise any control over
the corporate acts Of such railway
companies.
GIGANTIC MERGERS FULL HISTORY.
"The two lines, main and their
branches, about 5000 miles long,
were and are parallel and competing
lines across the continent, thru the
northern tier of states between the
Great Lakes and the Pacific, and
the two companies were in active
competition for freight and passen-
ger traffic. Each road connected at
its respective terminals with lines
Of railway or with lake and river
steamers or with e going vessels.
Prior to 1893, the Northern Pa
cifc system was owned and con.
trolled and operated by the North
ern Pacific Railroad Company, a
corporation organized under certain
acts and resolutions of. Congress.
But that company, becoming insol-
vent, it's road and property passed
into the hands of the receivers APP
pointed by courts of the United
States. In advance of foreclosure
and sale, a majority Of it's bond
holders made an arrangement with
the Great Northern Railway Co.,
for a virtual consolidation of the
two systems and for giving the
practical control of the Northern
Pacific to the Great Northern Rail-
way company. This was the ar
rangemeDt declared in Pearsall VS..
The Great Northern Railway Com
pany, 16l U. s. 646, to be illegal
under the statutes of the state of
Minnesota which forbade any rail-
way corporation or the purchasers
or managers of any corporation to
consolidate the stock, property or
franchises of such corporation or
the lease or purchase of the roads,
or franchises of. or in any way con-
troll other railroad corporations
owning or having under their con-
troll parallel or competing lines"
PURCHASE OF BURLINGTON R.. R. co.
"In 1891, prior to the arrange
ment last referred to, the Great
Northern and Pacific, having in
view the ultimate placing of their
two systems under a common con-
troll. united in the purchase of the
capital stock of the Chicago. Bnr-