The Princeton union., 1904-03-17

: ~ AAASO \ &AS Il IL ~ AOkJ III
paseo his remarks upon what he said
were the two. principal questions at
issue, which were: "Does the anti
trust act when rightly interpreted ap-
ply TO the acquisition and partner
ship by the Northern Securities com
pany of the stock in the two railroads,
and, second, if it does, had congress
the power to regulate or control such
acquisition and ownership?'
Justice White asid that the evil
sought to be remedied in this case is
the restraint of Interstate commerce.
Yet, the. decree,'' he said. ''whilst
tof'MlIdding the use of stock by the
NoFhern Securities company author
ICES It's return to it's alleged conspir-
ators and does not restrain them from
the3ownership. If the conspiracy and
combination existed and was illegal,
my mind fails to perceive why:.sit
should be left to produce it's full force
and effect in the hands of the individ-
uais ais by whom it was charged the con-
spracy was entered into.''
He contended that ownership by an
Individual is equally repugnant to the
antitrust act with ownership by cor
poration.
Justice White took issue with the
proposition of the government that
congressional power over interstate
commerce includes authority to regu-
late the instrumentalities of such com
merece zee and to regulate the ownership
and possession of property if the en-
]oyments of such rights would enable
those who possess them, if they engage
IN Interstate commerce, to exert a
power over the same. The proposition
ne asserted only states in another form
that"the right to acquire the stock
WasSlnterstate commerce and therefore
was within the authority of congress.
and is refuted by the reasons and
authorities already advanced that. the
proposition, if adopted, would extend
the power of congress to all subjects
essentially local. So clearly is this
the result of the particular PROPOSE
tlon now being considered that, 1
again Illustrate the subject. Under
this doctrine the sum of property to be
acquired by individuals or by corpo-
ratlons, the contracts which they would
make would be within the regulating
power OF congress-. If the wage Garner
organized to better his condition and
congress believed that the existence of
such organization would give power,
It it We're exerted, to effect interstate
commerce, '1n1 aerce, y congress could forbid the
torgsnization Of all labor associations.
Indeed the doctrine must in reason
lead to concession of the right in
congress to regulate concerning the
aptitude, the character and capacity
of persons.''
The decree of the circuit court.
which is affirmed contained the fol-
lowing:
"Enjoining the Northern Securities
company, it's officers, etc.:
"From acquiring or attempting to
acquire any more of such stock.
"From voting any such stock at
any meeting of stockholders. of either
railway company.
"From exercising or attempting to
exercise any control, direction, SUPER
vision, or influence on the acts of eth
er railway company by virtue of it's
holding of stock therein.
''From allowing the Northern Secur-
tiles company or it's attorneys or
agents to vote the stock held by it,
"From paying any dividends on
such stock to the Securities company.
'From permitting the Securities
company or it's officers, etc., to exer-
else any control over the corporate
acts of such railway companies.
The decree further provides that it
shall not be construed as preventing
a re-exchange between the Northern
Securities company and those to whom
it has issued it's own shares in ex-
change for those of either railway COM
pany.