Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1909-11-25

Jersey Oh the SIOCK OF Ill the OIucI
corporations to be illegal, and pro-
hibits the exercise of any control over
the various corporations by the prin-
cipal company. 1t also prohibits any
OF the defendant corporations, or the
| individuals, from accomplishing the
same purpose of placing the control
OF the same corporations, or any two
or more of them In the hands of any
trustees, persons, or corporations,
from managing or operating them to-
gether or In harmony, or from making
any express or implied agreement one
with the other for the purpose of con-
trolling the management of the cor
porations or the prices of petroleum
and its products or the rates of trans
portation; and it prohibits the de-
PENDANTS from engaging in any inter-
state commerce while the combination
continues. This, if sustained, will end
all combinations to control business,
and will restore competition through
out the country, and will protect the
independent manufacturer who is to-
day struggling for a living.
Startling Figures.
1t appears in this case that the
Standard Oil is the most gigantic cor
poration in the world. On an original
investment of $69,O00,00O, the Stand
ard Oil Company has paid in dividends
since the organization Of the Trust
down to and including 1906, $54S, 436,-
1857, and at the end of 1906 had a
surplus Of over 1921, 900, 900 on it's
books. 1t has actually earned on this
investment of $69,0O0,000 over $1,000
100000, and during the last few years
has earned over 100 per cent per
annum. These profits have been made
principally in this country, as the for
eign companies have made much less
profit than the companies doing bust
ness in America. Some of the Amer
lean companies, like the Standard Oil
Company of Indiana.-one Of the prin-
cipal subsidiary companies,-on to-
tai capital and investment of $1,0OO,-
600 has earned $10000,0 900 per annum;
IN other words, 1051.6 per cent. and
has surplus of over $24,0OO,O0O The
combination controls from IS to 81
per cent. of the various branches Of
the petroleum business in the United
States, and practically all CT the lubri-
cating-oil business of railways. It has
directors in all the leading railways of
the country and 1t is a dominant force
in the country's financial institutions.
No Political Significance.
The Standard Oil victory is SUD-
posed to make Mr.. Kellogg a candi-
date for the United States Senate.
When asked relative to this POSSIBLE
1ty, he declined to be interviewed. Il
have absolutely nothing to say about
that, he said, Il am not prosecuting
the Standard Oil case for political ef-
feet, but as a lawyer for the Govern
ment.'
Judge Sanborn's Opinion
The nature of the case and the char
acter of the decision appear from the
syllabus of Judge Sanborn's opinion,
which reads as follows
Congress has power under the CON-
merclal clause of the constitution to
regulate and restrict the use of CON-
merce among the several states and |
with foreign nations of contracts. of |
the method of holding title to property |
and OF every other instrumentality EN-. |
ployed in that commerce SO far as II |
may be necessary to do in order to |
prevent the restraint thereof denounc.
cd by the antitrust act of July 2, 1890, |
26 stat 200.
The test of the legality of a CON-
Dlnation under this act is it's necessary
erect upon competition in commerce
among the states or with foreign ma.
TONS
III its necessary effect is only Incl |
dentally or indirectly to restrict that
competition while its chief result is tn
roster the trade and increase the bust
ness OF those who make and operate 1t. |
1t does not violate that law.
but IL its necessary effect is to
stiffe or directly and substantially to
restrict free competition in commerce
among the states or with foreign na-
lions it is illegal within the meaning
Of that statute
The power to restrict competition
IN commerce among the several states
or with foreign nations vested in a
person or an association Of persons by
. combination 10 indicative of the char I
acter OF the combination, because it is |
to the interests Of parties that such
= power should be exercised and the
presnmtion is that it will be.
Many Firms Knit Together. |
The combination In 4 single cor.
poration or person by an exchange OF
stock OF the power OF many stockhold- |
ers holding the same proportions re. |
specuvely Of the majority OF the stock
Of each of several corporations engag.
cd In commerce in the same article
among the states. or with foreign ma
lions. to restrict competition therein.
renders the power thus vested in the
former greater. more easily exercised
more durable and more effective than
that previously held by the stockhold. |
ers. and 1t Is illegal.
In 1899 the stockholders OF the
standard Oil Company OF New Jersey |