northern securities argued decided march george young argued cause filed brief appellant northern securities company government entitled maintain proceeding circuit jurisdiction conspiracy combination charged petition found circuit ever existed done formed come end proceeding instituted combination evidence combination formed aid commerce liberate protect enlarge restrain liberated protected aided enlarged restrained threaten restrain facts circumstances considered order determine fundamental question whether necessary effect combination restrain interstate commerce addyston pipe steel ed sup oregon steam nav winsor wall ed law protection applies one business well one person chemical provident chemical fed combination analogous covenant seller business engage declared testrain trade freight asso ed sup combination adjudged combination conspiracy restraint commerce scarcely agreement contract among business men said indirectly remotely bearing upon interstate commerce possibly restrain hopkins ed sup congress attempt antitrust act limit restrict rights corporations created citizens acquisition disposition property make criminal acts persons acquisition control property residence creation sanctioned permitted knight ed sup common law cessation diminution competition springing unity ownership one competitor sold business another sold third person never regarded restraint trade cessation diminution incident union property business one ownership restraint imposed contract purchases agreements purchase never held contracts restraint trade trenton potteries oliphant eq atl oakdale mfg garst atl formation corporations business manufacturing purposes never regarded nature contract restraint trade commerce may said contract partnership joint traffic asso ed sup question contract combination things parties contracted restrain commerce parties criminals however good motives parties innocent however reprehensible designs freight asso ed sup addyston pipe steel ed sup power suppress competition suppression state northern securities fed position government rests wholly erroneons view relations shareholders railway company commerce company power majority shareholders restrain otherwise control commerce hoyt thompson burrill nahant bank met pullman palace car missouri ed sup monopoly trade embraces two essential elements acquisition exclusive right exclusive control trade exclusion others right control freight asso app inters com fed attempt monopolize part trade commerce among must attempt secure acquire exclusive right trade commerce means prevent restrain others engaging therein greene fed monopolies liable oppressive hence deemed hostile public good combinations mutual advantage amount monopoly leave fleld open others within neither reason operation rule oakdale mfg garst atl act regulative power congress commerce clause constitution alike strictly confined matters directly immediately affect interstate foreign commerce knight ed sup freight asso ed sup joint traffio asso ed sup hopkins ed sup anderson ed sup addyston pipe steel ed sup state may tax railway earnings transportation taxing commerce direct regulation fargo michigan ed inters com sup philadelphia mail pennsylvania ed inters com sup may tax tolls received local railroad company use part road another company engaged interstate commerce tax property commerce increase rates carrying company consequent raising tolls tax remote indirect make act regulation commerce new york pennsylvania ed sup state may tax franchise foreign corporation upon valuation measured gross receipts interstate foreign well domestic commerce direct regulation tax laid commerce maine grand trunk ed inters com sup law imposing privilege tax every sleeping car running railroads state void cars used interstate transportation direct regulation commerce pickard pullman southern car ed sup state may tax cars used commerce within state property state tax may take form tax company capital tax laid directly property company cars use cars interstate commerce regulates commerce indirectly pullman palace car pennsylvania ed inters com sup state may tax bonds may tax individual corporation value bonds held tax bonds directly shares national bank taxable state full value like property matter much bank capital invested bonds tax fall directly bonds van allen assessors wall ed power regulate interstate commerce applied incidents said commerce might give rise contracts might made course transaction power embrace entire sphere mercantile activity way connected trade exclude state control many contracts purely domestic nature hooper california ed inters com sup williams fears ed sup complete bar government attempted encroachment rights citizens found pearsall great northern ed sup louisville kentucky ed sup congress passing act knew railway system country rested consolidations actual virtual authorized state laws existed many years chesapeake teleph manning ed sup also matters within judicial knowledge ohio ins debolt ed baltimore maryland wall ed brown piper ed phillips detroit ed sup lehigh valley pennsylvania ed inters com sup louisville kentucky ed sup preston browder wheat ed union ed platt union ed chesapeake teleph manning ed sup congress meant declare consolidations stock purchases competing companies illegal securities issued void state legislation unconstitutional said plain specific apt language question every combination declared illegal act equally act debs ed sup addyston pipe steel ed sup john johnson also argued cause filed brief appellant northern securities company acts prevented restrained proceedings equity alone made criminal sections sherman act statute therefore penal one defining criminal offense provides punishment indispensable prerequisite conviction criminal misdemeanor especially criminal intent exist present case offense condemned shall clearly defined wiltberger wheat ed whittier dill fed cas andrews story fed cas hartwell wall ed swearingen ed sup france ed sup paulina cranch ed reese ed comerford fed chase ed sup goldenberg ed sup sarlls ed sup meaning words restraint trade thoroughly understood jurisprudence business sherman act passed intention congress create new offense freight asso ed sup sherman act apply formation corporation carry particular line business already engaged therein contract partnership employment two persons previously engaged line business joint traffic asso ed sup idea monopoly involves something mere acquisition whole major part commodity shares stock involves idea exclusion supply well inclusion actually acquired greene fed charles river bridge warren bridge pet ed eng enc law bouvier law dict rawle ed bl com century dict monopoly joint traffic asso ed sup purchase one person property rival intention thereby destroy competition illegal although purchase acquire power prevent oregon steam nav winsor wall ed power congress regulate commerce confer upon right prescribe persons may engage therein regulate control ownership shares stock corporations engage therein knight ed sup construction statute adopted without violence fair meaning words used brings harmony constitution grenada county brogden ed sup interpreting statute intention power prevail even letter statute thing may within letter statute within meaning within meaning though within letter hawaii mankichi ed sup baltimore maryland wall ed stipulation charter railroad company company pay state bonus portion earnings held repugnant constitution ashley ryan ed inters com sup state permitted allowing consolidation corporations different charge upon new consolidated company percentage entire authorized stock fee inasmuch without franchises conferred state exist charge interference interstate commerce relief decreed improper aspect case knight ed sup charles bunn argued cause filed brief appellant northern pacific railway company power congress never accurately completely described chief justice marshall gibbons ogden wheat ed undoubtedly traffic something intercourse describes commercial intercourse nations parts nations branches regulated prescribing rules carrying intercourse definition frequently repeated passenger cases ed henderson wickham ed lottery case ed sup power congress regulate power prescribe rule commerce governed gibbons ogden wheat ed interstate commerce power congress justifies regulations act upon commerce directly authorize regulations abridging police powers personal rights privileges individuals affect commerce indirectly remotely incidentally collaterally greene fed knight ed sup gibbons ogden wheat ed joint traffic asso ed sup addyston pipe steel ed sup hopkins ed sup anderson ed sup sherlock alling ed louisville kentucky ed sup decision circuit correct state laws either forbidding authorizing consolidations interstate carriers always void cooley port wardens ed cushing john fraser ed pound turck ed robbins shelby county taxing dist ed inters com sup mobile county kinball ed knight ed sup addyston pipe steel ed sup except punishes contracts combinations conspiracies statute intreduces new rule law whatever restraint commerce statute act new making preliminary conspiracy crime debs ed sup addyston pipe steel ed sup thing restrains interstate commerce immaterial innocent intent may done hand thing complained restrain interstate commerce immaterial evil may intent freight asso ed sup action lawful elementary purpose immaterial addyston pipe steel ed sup phelps nowlen kiff youmans wood amory lough adler fenton ed greenhut fed greene fed randall hazelton allen brackett griswold isham wall ed dickerman northern trust ed sup fahrney kelly fed mogul mcgregor allen flood buying voting stock restrains interstate commerce illegal restrain interstate commerce legal conspiracy behind formation company conspiracy lawful thing bohn mfg hollis sub nom bohn mfg northwestern lumbermen asso combination may destroy competition without restraining trade joint traffic asso ed sup addyston pipe steel app fed business rival trade may purchased purpose rid competition gamble queens county water diamond match roeber rafferty buffalo city gas app div supp trenton potteries oliphant eq atl oakdale mfg garst atl john griggs also filed brief appellant northern securities company division authority respect interstate railways congress reserves superior right control commerce forbid interference therewith remains power create regulate instruments commerce far necessary conservation public interests louisville kentucky ed sup courts since passage sherman act called upon restrain projected consolidations upon ground contrary state statutes suggestion made legislation congress expressed sherman act bearing subject pearsall great northern ed sup louisville kentucky ed sup power exists state appropriate enactments forbidden federal constitution regulate relative rights duties persons corporations within jurisdiction provide public convenience public good state legislation relating commerce deemed regulation interstate commerce simply may extent circumstances affect commerce lake shore ohio ed sup missouri haber ed sup held authority given revised statutes carry property respective roads one state another state authorize railroad company carry state cattle known due diligence might known condition impart communicate disease domestic cattle state expressly adjudged statutory provision intended interfere authority enact regulations respect least railroad corporation creation directed interstate commerce incidentally remotely affected commerce regulations interstate commerce designed reasonably subserve convenience public lake shore ohio ed sup cleveland illinois ed sup done even contended government concentrate ownership majority shares two companies one hand owner corporation controlled men control majority capital stock railroad companies holding company formed companies remain distinct stockholders corporation company much subject requirements law though entirely different pullman palace car missouri ed sup contract agreement arrangement kind challenged combination restraint trade commerce look form agreement appears face necessary direct result effect restraining trade commerce inquiry intention motives parties requisite joint traffic asso ed sup arrangement one lawful claimed invalid ultimate object restrain commerce competition necessary examine facts circumstances see forms law used illegal purpose freight asso ed sup hopkins ed sup workingmen amalgamated council inters com fed addyston pipe steel ed sup state ex rel atty shippers compress warehouse tex civ app tex every instance occasion pass upon meaning sherman act extremely careful distinguish acts directly restrain commerce acts indirectly incidentally effect knight ed sup joint traffic asso ed sup addyston pipe steel ed sup internal commerce trade congress power regulation direct control power belongs exclusively interference congress business citizens transacted within state warranted constitution except strictly incidental exercise powers clearly granted license tax cases ed fact article manufactured export another state make article interstate commerce coe errol ed sup kidd pearson ed inters com sup boyer fed acts congress empowering secretary agriculture make inspection cattle slaughter houses located several products intended sale foreign countries declared without constitutional warrant therefore void although government sought sustain legitimate exercise commerce powers sale stock two railroad corporations matter may sold often sales transfers stock may take place proper sense said affect transportation business carried company clarke central bkg fed greene fed pearsall great northern ed sup rogers nashville app fed sherman act penal statute every act may prevented injunctive order committed proved subject parties criminal prosecution rule strict construction must therefore applied whittier dill fed cas sheldon wheat ed hartwell wall ed shackford mason fed cas clayton dill fed cas garreston fed dwarris stat hubbard johnstone taunt acquiescence government eleven years actual merger consolidation many important parallel competing lines railroads steamships engaged interstate international commerce given practical construction act july effect intended forbid forbid natural processes unification bronght modern methods lease consolidation merger community interest ownership stock stuart laird cranch ed grover filed brief appellant great northern railway company commerce clause constitution take away several right authorize formation corporations define business fix amount capital purchasing power regulate issue sale ownership capital stock practice since infancy railroads country one railroad company purchase lease railroad competing company acquire majority shares competing company two companies competing effect consolidation competing companies done without objection branch federal government invariably proved beneficial railway companies concerned shareholders public unity ownership shares competing corporations engaged interstate trade restrain trade forbidden act unity ownership regulation interstate commerce thus subject exclusive federal jurisdiction commerce clause constitution legislature undertakes define new offense statute provide punishment expressed language deceive mislead common mind tozer inters com fed paulina cranch ed reese ed francis lynde stetson david willcox filed brief appellants morgan bacon lamont individual transferred property securities company obtained therefor something entirely different interest company holding stock railway company well manifest fullest possible sense constituted sale property berger steel eq atl transactions lawful affected allegations motive actuated means employed lawful question must whether result accomplished unlawful pettibone ed sup action taken authorized law motive clearly unimportant isham wall ed adler fenton ed kiff youmans connolly union sewer pipe ed sup randall hazelton allen dickerman northern trust ed sup strait national harrow fed phelps nowlen wood amory lough outerbridge national protective asso cumming mogul mcgregor allen flood pender lushington ch div indirect remote effect lawful transactions upon competition railway companies bring within federal act knight ed sup hopkins ed sup addyston pipe steel ed sup mere fact contract effect restraining trade suppressing competition degree render injurious public welfare thus bring within police power oregon steam nav winsor wall ed gibbs consolidated gas ed sup hyer richmond traction ed sup affirming app fed continental ins fire underwriters fed diamond match roeber hodge sloan leslie lorillard matthews associated press lough outerbridge oakes cattaraugus water curran galen watertown thermometer pool hun supp approved tode gross central shade roller cushman mass act criminal statute pure simple meaning effect determined must also meaning effect made basis criminal proceeding conversely act receive construction receive upon trial indicted violating provisions criminal intent essential constitute crime testimony bearing thereon always question jury people wiman people flack restraints result sale purchase property within provisions statutes indeed settled law transfer business illegal restrains trade even express covenant oregon steam nav winsor wall ed union connelly fed affirmed ed sup fisheries lennen fed harrison glucose sugar ref fed hodge sloan leslie lorillard oakes cattaraugus water watertown thermometer pool hun supp approved tode gross wood whitehead walsh dwight app div supp john park sons national wholesale druggists asso app div supp diamond match roeber ruled precisely formation associations corporations illegal result restrain competition hopkins ed sup vinegar foehrenbach matthews associated press central shade roller cushman mass rafferty buffalo city gas app div supp greenhut fed terrell fed trenton potteries oliphant eq atl mogul mcgregor lough outerbridge state ex rel crow continental tobacco co mo result restricting competition follow lawful transactions involved herein direct result incidental collateral result must always follow business interests similar character pass ownership precisely result recognized lawful joint traffic asso ed sup denied doubtful whether case section act applies railroads harvard law rev june generally deemed wise safe use rather process exclusion determine monopoly far case hand required laredo international bridge app fed corporations invoke benefits provisions constitution laws guarantee persons enjoyment property afford means protection prohibit legislation injuriously affecting minneapolis beckwith ed sup corporations persons within meaning constitutional provision forbidding deprivation property without due process law well denial equal protection laws covington turnp road sandford ed sup gulf ellis ed sup lake shore smith ed sup santa clara county southern sawy fed san mateo county southern sawy fed constitutional provision protects right acquire property equally right hold acquired holden hardy ed sup state goodwill state julow mo rights affected statute invoked knight ed sup amendment federal constitution secures persons invalidates legislation congress depriving liberty due process law thus used means merely bodily liberty physical duress effect comprehends substantially personal civil rights citizen meant place beyond power general government destroy impair cases wall ed munn illinois ed people ex rel annan walsh reg druitt cox butchers union crescent city ed sup allgeyer louisiana ed sup joint traffic asso ed sup addyston pipe steel ed sup bertholf jacobs people gillson people king godcharles wigeman atl used constitutional amendment includes equality rights law secures citizens similarly situated discriminations arbitrary without foundation reason cruikshank ed yick wo hopkins ed sup gulf ellis ed sup held invalid statutes singling railroad companies requiring pay attorneys fees successful adverse litigants gulf ellis ed sup singling single stockyard company pretense classification reduction charges cotting kansas city stock yards ed sup permitting two raisers combine prevent competition making criminal two persons holding property sale exchange combine purpose connolly union sewer pipe ed sup one objects suit annul sales stock railway companies securities company cancel certificates stock latter company issued purchase thereof even prohibition premises railway companies apply stockholders corporation stockholders entirely different entities pullman palace car missouri ed sup watson bonfils fed american preservers norris fed electric jamaica fed effort limit right sell necessarily deprive defendants property without due process law cleveland backus ed inters com sup combination purpose ingersoll nassau electric people ex rel manhattan sav inst otis holden hardy ed sup people marx people gillson forster scott purdy erie buffalo collins baking app div supp rochester turnp joel app div supp people meyer app div supp ingraham national salt app div supp janesville carpenter whatever view taken character transaction decree circuit transcended authority statute sole ground source jurisdiction thorndike merger case boston attorney general knox argued cause day filed brief appellee act primarily criminal statute civil remedy injunction liability punishment criminal provisions act entirely distinct freight asso ed sup remedial aspect construed liberally given widest effect consistent language employed frittered away refinements broom legal max ed london ed potter dwarr stat const makes difference application rules statute penal well remedial side dwarris stat sedgw stat const law ed hyde cogan dougl every contract combination conspiracy restraint interstate foreign commerce illegal method adopted bringing combination immaterial device holding corporation purpose circumventing law effectual means noyes intercorporate relations act applies covers common carriers railroad well persons natural artificial freight asso ed sup words restraint trade commerce used trust act confined unreasonable total restraints extend direct restraints trade commerce even reasonable partial ibid joint traffic asso ed sup rule applies equal force restraints upon individuals private corporations corporations railroads peculiar reason application restraints upon latter freight asso ed sup exercising powers commerce vested federal government congress may extent limit right private contract right buy sell property without violating amendment may declare contract combination monopoly restrains trade commerce shutting operation general law competition shall legal joint traffic asso ed sup addyston pipe steel ed sup combination purpose avoiding effects competition interstate international trade commerce within prohibition act freight asso ed sup joint traffic asso ed sup addyston pipe steel ed sup used act word confined law meaning exclusive grant one free open common freight asso ed sup term used modern legislators judges signifies combining bringing together hands one person set persons control power control particular business employment competition therein may suppressed people ex rel peabody chicago gas trust people north river sugar ref hun supp knight ed sup combination consolidation two competing railroads brought transferring one road majority stock monopoly pearsall great northern ed sup louisville kentucky ed sup prove combination monopoly exists within meaning act necessary show immediate effect acts complained suppress competition create complete monopoly sufficient show tend bring results people north river sugar ref hun supp knight ed sup addyston pipe steel ed sup central ohio salt guthrie ohio existence power restrain trade constitutes restraint joint traffic asso ed sup freight asso ed sup addyston pipe steel ed sup pearsall great northern ed sup necessary order bring combination conspiracy within operation act members bind acts alleged restraint trade always held enough act together pursuance common object course presupposes agreement broad sense agreement contract technical sense essential reg murphy car point law effect tendency combination restrain trade commerce combination unlawful motive behind however beneficent alter fact slightest degree freight asso ed sup addyston pipe steel ed sup chesapeake fuel fed act prohibiting combinations monopolies restraint interstate foreign commerce exercise power granted congress regulate commerce lottery case ed sup term used grant embraces instrumentalities commerce may carried chicago fuller wall ed welton missouri ed pensacola teleg western teleg ed gloucester ferry pennsylvania ed inters com sup commerce powers federal government broad ample enough prevent restraint obstruction interstate commerce combinations monopolies competing lines instrumentalities interstate transportation gibbons ogden wheat ed brown maryland wheat ed passenger cases ed debs ed sup lottery case ed sup stockton baltimore inters com fed boardman lake shore noyes intercorporate relations louisville kentucky ed sup various reasons investing federal government power regulate commerce among several one uppermost minds members constitutional convention keep channels commerce open free obstructions restraints pensacola teleg western teleg ed exclusive jurisdiction federal government commerce foreign nations among instrumentalities commerce includes power police equivalent subjects undefined breadth fullness cooley const lim thayer cases const law note police equivalent federal government interstate foreign commerce less plenary complete commercial subjects local admit uniform regulation permitted exercise power congress legislation covers field cooley const lim laws combinations purpose restricting production maintaining prices suppressing competition relation end police regulations comfort welfare safety society noyes intercorporate relations statutes therefore enacted exercise police analogous power state ex rel crow firemen fund ins mo state ex rel astor schlitz brewing oil state tex civ app police powers reserved powers purposes paramount powers congress fields wherein federal government invested constitution complete authority new orleans gaslight louisiana light mfg ed sup louisville kentucky ed sup said remains power regulate instruments interstate commerce mind regulations local character permitted make absence federal legislation covering subjects intend change old principle enunciate new principle constitutional construction california central ed inters com sup welton missouri ed cooley port wardens ed sherlock alling ed morgan louisiana bd health ed sup smith alabama ed inters com sup nashville alabama ed inters com sup hennington georgia ed sup new york new york ed sup missouri haber ed sup ownership majority stock constitutes control corporation inquiry whether combination monopoly formed stifle competition two rival competing railroads noyes intercorporate relations farmers loan new york people ex rel peabody chicago gas trust pearsall great northern ed sup pennsylvania com cent atl great difficulty getting congress meant century dict state ex rel watson standard oil ohio eddy combinations noyes intercorporate relations dodd combinations uses abuses trustee trust combination may either natural artificial person beach monopolies industrial trusts eddy combinations people ex rel peabody chicago gas trust charter corporation unanimous agreement stockholders declaring nature conditions trust relation corporate entity morawetz priv written trust agreement stockholders usual element trust form combination essential one sufficient show stockholders acted pursuance understanding plan scheme written verbal otherwise harding american glucose securities company constitutes form trust beach monopolies industrial trusts noyes intercorporate relations people ex rel peabody chicago gas trust harding american glucose disguise defendants sought hide fact combination great northern northern pacific connection therewith appears thin transparent cause wonder ever adopted atty great northern jur drew stockton central eq atl devices exactly character already repudiated courts high standing ford chicago milk shippers asso distilling cattle feeding people ed fictions law invented promote justice never invoked accomplish defeat mostyn fabrigas cowp morris pugh burr well settled interest administration justice courts may ignore fiction corporation legal apart stockholders consider acts acts constituent members emphatically case sovereign complaining party people north river sugar ref morawetz private taylor priv clark private pp state ex rel watson standard oil ohio ford chicago milk shippers asso atty great northern jur drew pennsylvania com cent atl stockton central eq atl monopolize signifies combining bringing together hands one person set persons control power control several rival competing businesses end competition may suppressed knight ed sup freight asso ed sup acquiring majority shares great northern northern pacific securities company obtained control therefore power suppress competition two rival competing lines railway engaged interstate commerce way monopolized part interstate commerce pearsall great northern ed sup people ex rel peabody chicago gas trust exercise regulative police powers interstate commerce congress may suppress monopolies restraint thereof whomsoever created notwithstanding restricts right private contract extent joint traffic asso ed sup addyston pipe steel ed sup even natural person lawfully done securities company done argument prove securities company violated law monopolies people north river sugar ref person right purchase stock follow stockholders two competing corporations combine among person sell stock induce others center controlling stock interests several corporations single head violation statutes combinations consolidations monopolies noyes intercorporate relations pennsylvania com cent failure observe distinction actual bona fide sale nominally sale reality cloak accomplish combination corporate properties interests sometimes led confusion language thought discussion trade combinations trenton potteries oliphant eq atl noyes intercorporate relations even true government acquiesced eleven years creation combinations like one issue thereby estopped prosecuting case bar inaction period considered contemporaneous practical construction act louisville kentucky ed sup combination monopoly competing interstate carriers affects interstate commerce directly incidentally remotely universally conceded noyes intercorporate relations equity ample power decree relief form pomeroy eq jur ed taylor salmon myl chicago union fed justice harlan announced affirmance decree circuit delivered following opinion suit brought northern securities company corporation new jersey great northern railway company corporation minnesota northern pacific railway company corporation wisconsin james hill citizen minnesota william clough willis james john kennedy pierpont morgan robert bacon george baker daniel lamont citizens new york general object enforce defendants provisions statute july commonly known trust act entitled act protect trade commerce unlawful restraints monopolies stat chap comp stat decree given substantially relief asked bill act long determination particular questions arising case may require consideration scope meaning provisions given full every contract combination form trust otherwise conspiracy restraint trade commerce among several foreign nations hereby declared illegal every person shall make contract engage combination conspiracy shall deemed guilty misdemeanor conviction thereof shall punished fine exceeding five thousand dollars imprisonment exceeding one year said punishments discretion every person shall monopolize attempt monopolize combine conspire person persons monopolize part trade commerce among several foreign nations shall deemed guilty misdemeanor conviction thereof shall punished fine exceeding five thousand dollars imprisonment exceeding one year said punishments discretion every contract combination form trust otherwise conspiracy restraint trade commerce territory district columbia restraint trade commerce territory another territory territories state district columbia foreign nations district columbia state foreign nations hereby declared illegal every person shall make contract engage combination conspiracy shall deemed guilty misdemeanor conviction thereof shall punished fine exceeding five thousand dollars imprisonment exceeding one year said punishments discretion several circuit courts hereby invested jurisdiction prevent restrain violations act shall duty several district attorneys respective districts direction attorney general institute proceedings equity prevent restrain violations proceedings may way petition setting forth case praying violation shall enjoined otherwise prohibited parties complained shall duly notified petition shall proceed soon may hearing determination case pending petition final decree may time make temporary restraining order prohibition shall deemed whenever shall appear proceeding section four act may pending ends justice require parties brought may cause summoned whether reside district held subpoenas end may served district marshal property owned contract combination pursuant conspiracy subject thereof mentioned section one act course transportation one state another foreign country shall forfeited may seized condemned like proceedings provided law forfeiture seizure condemnation property imported contrary person shall injured business property person corporation reason anything forbidden declared unlawful act may sue therefor circuit trict defendant resides found without respect amount controversy shall recover threefold damages sustained costs suit including reasonable attorney word wherever used act shall deemed include corporations associations existing authorized laws either laws territories laws state laws foreign country case presented pleadings evidence one combination conspiracy restraint trade commerce among foreign one defendants properly chargeable monopolizing attempting monopolize part trade commerce let us see facts disclosed record great northern railway company northern pacific railway company owned controlled operated separate lines railway former road extending superior duluth paul everett seattle portland branch line helena latter extending ashland duluth paul helena spokane seattle tacoma portland two lines main branches miles length parallel competing lines across continent northern tier great lakes pacific two companies engaged active competition freight passenger traffic road connecting respective terminals lines railway lake river steamers seagoing vessels prior northern pacific system owned controlled operated northern pacific railroad company corporation organized certain acts resolutions congress company becoming insolvent road property passed hands receivers appointed courts advance foreclosure sale majority bondholders made arrangement great northern railway company virtual consolidation two systems giving practical control northern pacific great northern arrangement declared pearsall great northern ed sup illegal statutes minnesota forbade railroad corporation purchasers managers corporation consolidate stock property franchises corporation lease purchase works franchises control railroad corporations owning control parallel competing lines laws chap chap early great northern northern pacific railway companies view ultimate placing two systems common control purchase capital stock chicago burlington quincy railway company giving payment upon agreed basis exchange joint bonds great northern northern pacific railway companies payable twenty years date interest per cent per annum manner two purchasing companies became owners total capital stock chicago burlington quincy railway company whose lines aggregated miles extended paul chicago paul chicago quincy burlington des moines louis kansas city joseph omaha lincoln denver cheyenne billings connected northern pacific railroad purchase stock great northern northern pacific acquired full control chicago burlington quincy main line branches prior november defendant hill associate stockholders great northern railway company defendant morgan associate stockholders northern pacific railway company entered combination form laws new jersey holding corporation called northern securities company capital stock company exchange capital stock upon certain basis certain rate turned capital stock controlling interest capital stock constituent railway companies power holding corporation vote stock respects act owner thereof whatever might deem necessary aid railway companies enhance value stocks manner interests individual stockholders property franchises two independent competing railway companies converted interest property franchises holding corporation thus stated article bill making stockholders system jointly interested systems practically pooling earnings benefit former stockholders vesting selection directors officers system common body wit holding corporation power duty pursue policy promote interests one system expense expense public inducement competition two systems removed virtual consolidation effected monopoly interstate foreign commerce formerly carried two systems independent competitors established pursuance combination effect objects defendant northern securities company organized november laws new jersey certificate incorporation stated objects company formed acquire purchase subscription otherwise hold investment bonds securities evidences indebtedness shares capital stock created issued corporation corporations association associations state new jersey state territory country purchase hold sell assign transfer mortgage pledge otherwise dispose bonds securities evidences indebtedness created issued corporation corporations association associations state new jersey state territory country owner thereof exercise rights powers privileges ownership purchase hold sell assign transfer mortgage pledge otherwise dispose shares capital stock corporation corporations association associations state new jersey state territory country owner stock exercise rights powers privileges ownership including right vote thereon aid manner corporation association bonds securities evidences indebtedness stock held corporation acts things designed protect preserve improve enhance value bonds securities evidences indebtedness stock acquire hold real personal property may necessary convenient transaction business declared certificate business purpose corporation time time one acts things corporation power conduct business foreign countries one offices hold purchase mortgage convey real personal property new jersey total authorized capital stock corporation fixed divided shares par value amount capital stock corporation commence business fixed duration corporation perpetual charter obtained hill associate stockholders great northern railway company morgan associate stockholders northern pacific railway company assigned securities company controlling amount capital stock respective constituent companies upon agreed basis exchange capital stock securities company share capital stock companies pursuance combination securities company acquired additional stock defendant railway companies issuing lieu thereof stock upon basis time bringing suit held owner proprietor substantially capital stock northern pacific railway company alleged controlling interest stock great northern railway company voting collecting dividends thereon respects acting owner thereof organization management operation said railway companies receipt control earnings consideration whatever bill alleges existed exist transfer stock defendant railway companies northern securities company issue stock latter company purpose manner upon basis stated securities company bill also alleges organized good faith purchase pay stocks great northern northern pacific railway companies solely incorporate pooling stocks said companies carry effect combination mere depositary custodian holder trustee stocks great northern northern pacific railway companies shares stock beneficial certificates said railroad stocks designate interest holders pool never capital warrant operation subscribed capital authorized capital stock sufficient issued represent cover exchange value substantially entire stock great northern northern pacific railway companies upon basis rate agreed upon excess combined capital stock two railway companies taken par unless prevented securities company acquire owner proprietor substantially capital stock great northern northern pacific railway companies issuing lieu thereof capital stock full extent authorized issue upon agreed basis exchange former stockholders great northern railway company received receive hold per cent balance going former stockholders northern pacific railway company government charges combination held violation act congress efforts national government preserve people benefits free competition among carriers engaged interstate commerce wholly unavailing transcontinental lines indeed entire railway systems country may absorbed merged consolidated thus placing public absolute mercy holding corporation several defendants denied allegations bill imputing purpose evade provisions act congress form combination conspiracy object either restrain monopolize commerce trade among foreign nations denied combination conspiracy formed violation act judgment evidence fully sustains material allegations bill shows violation act congress far declares illegal every combination conspiracy restraint commerce among several foreign nations forbids attempts monopolize commerce part summarizing principal facts indisputable upon record leadership defendants hill morgan stockholders great northern northern pacific railway corporations competing substantially parallel lines great lakes mississippi river pacific ocean puget sound combined conceived scheme organizing corporation laws new jersey hold shares stock constituent companies shareholders lieu shares companies receive upon agreed basis value shares holding corporation pursuant combination northern securities company organized holding corporation scheme executed scheme holding corporation become properly speaking nine tenths stock northern pacific three fourths stock great northern stockholders companies delivered stock receiving upon agreed basis shares stock holding corporation stockholders two competing companies disappeared moment immediately reappeared stockholders holding company thereafter guard interests sets stockholders unit manage cause managed lines railroad held one ownership necessarily combination arrangement holding company fullest sense dominates situation interest stockholders constituent companies much every practical purpose railroad corporation built owned operated lines exclusive benefit stockholders necessarily also constituent companies ceased combination active competition trade commerce along respective lines become practically one powerful consolidated corporation name holding corporation principal sole object formation carry purpose original combination competition constituent companies cease stockholders great northern northern pacific became stockholders holding company interested preventing competition two lines owners stock certificates stock holding company see competition tolerated take care persons chosen directors holding company permit competition constituent companies result combination earnings constituent companies make common fund hands northern securities company distributed upon basis earnings respective constituent companies acting exclusively interests upon basis certificates stock issued holding company scheme device certainly come within words act form trust otherwise restraint commerce among several foreign nations effectively certainly suppress free competition constituent companies combination within meaning act combination restraint interstate international commerce enough bring condemnation act mere existence combination power acquired holding company trustee constitute menace restraint upon freedom commerce congress intended recognize protect public entitled protected combination destroyed advantages naturally come public operation general laws competition great northern northern pacific railway companies lost entire commerce immense territory northern part great lakes pacific puget sound mercy single holding poration organized state distant people territory circuit undoubtedly right judges combination referred inevitably following results first placed control two roads hands single person wit securities company virtue ownership large majority stock companies second destroys every motive competition two roads engaged interstate traffic natural competition business pooling earnings two roads common benefit stockholders companies fed case made record principles must control decision present case former adjudications determine controlling questions raised pleadings proofs contention government regard former adjudications present case must determined favor view contested defendants insist decision favor inconsistent anything heretofore decided harmony act congress act construed forbidding every combination conspiracy restraint trade commerce among foreign nations embrace restraints unreasonable nature motive forbidden combination conspiracy formed material appears necessary tendency particular combination conspiracy question restrict suppress free competition competing railroads engaged commerce among act congress prescribe rule interstate international commerce operation natural laws competition engaged commerce shall restricted interfered contract combination conspiracy far may congress go regulating affairs conduct state corporations engaged carriers commerce among state corporations although directly engaged commerce yet control business interstate carriers state corporations stockholders found parties combination form trust otherwise restrains interstate international commerce may compelled respect rule commerce may lawfully prescribed congress questions earnestly discussed bar able counsel received full consideration importance demands first case arising act knight ed sup next case freight asso ed sup followed joint traffic asso ed sup hopkins ed sup anderson ed sup addyston pipe steel ed sup montague lowry ante sup may added pear sall great ed sup although arising act involved agreement great northern northern pacific railway companies consolidated competition companies cease knight held agreement arrangement involved reference manufacture production sugar engaged alleged combination directly embraced interstate international commerce covered act illegal freight asso agreement certain railroad companies providing establishing maintaining mutual protection reasonable rates rules regulations respect freight traffic local free competition among companies restricted reason restriction illegal act joint traffic asso arrangement certain railroad companies reference railroad traffic among railroads involved subjected competition among also forbidden act hopkins anderson act embraced agreements direct connection interstate commerce commerce comprehended intercourse purposes trade forms including transportation purchase sale exchange commodities citizens different power regulate embraced instrumentalities commerce conducted addyston pipe steel members concurring act congress made illegal agreement certain private companies corporations engaged different manufacture sale transportation iron pipe whereby competition among avoided montague lowry members concurring combination created agreement certain private manufacturers dealers tiles grates mantels different whereby controlled sought control price articles condemned act congress pearsall great northern already stated involved consolidation great northern northern pacific railway companies said consolidation two great corporations unavoidably result giving defendant great northern monopoly traffic northern half state minnesota well transcontinental traffic north line union pacific public regulations feeble protection acts minnesota legislature undoubtedly reflected general sentiment public best security competition encumber opinion extended extracts former opinions sufficient say decisions cases certain propositions plainly deducible embrace present case propositions although act congress known act reference mere manufacture production articles commodities within limits several embrace declare illegal every contract combination conspiracy whatever form whatever nature whoever may parties directly necessarily operates restraint trade commerce among several foreign nations act limited restraints interstate international trade commerce unreasonable nature embraces direct restraints imposed combination conspiracy monopoly upon trade commerce railroad carriers engaged interstate international trade commerce embraced act combinations even among private manufacturers dealers whereby interstate international commerce restrained equally embraced act congress power establish rules interstate international commerce shall governed act prescribed rule free competition among engaged commerce every combination conspiracy extinguish competition otherwise competing railroads engaged interstate trade commerce way restrain trade commerce made illegal act natural effect competition increase commerce agreement whose direct effect prevent play competition restrains instead promoting trade commerce vitiate combination act congress condemns need shown combination fact results result total suppression trade complete monopoly essential show necessary operation tends restrain interstate international trade commerce tends create monopoly trade commerce deprive public advantages flow free competition constitutional guaranty liberty contract prevent congress prescribing rule free competition engaged interstate international commerce power regulate commerce among several foreign nations congress authority enact statute question one assume deny propositions distinctly announced former decisions ignored effect avoided intimation indulged obiter dicta said cases within limits issues made parties opinion recognition principles announced former cases must conceded facts lead affirmance decree unless special objections made application act congress present case substantial character consider objections underlying argument behalf defendants idea northern securities company state corporation acquisition stock great northern northern pacific railway companies inconsistent powers conferred charter enforcement act congress corporations unauthorized interference national government internal commerce creating corporations suggestion impress us reason suppose congress purpose interfere internal affairs opinion ground whatever contention act regulates domestic commerce terms act regulates commerce among foreign viewed light act within powers congress must respected explicit words constitution instrument laws enacted congress pursuance provisions law land constitution laws state contrary notwithstanding courts even people source power governmental system respect objects national government ordained act congress constitutionally passed power regulate commerce among foreign nations binding upon much embodied terms constitution every judicial officer whether national state obligations oath regard lawful enactment congress even state still less one artificial creatures stand way enforcement otherwise government laws might prostrated feet local authority cohen virginia wheat ed views often expressed said whatever may power state subjects congress forbid single individuals disposing stock state corporation even corporation engaged interstate international commerce holding purchase state corporation purchase individuals stock another corporation whatever purpose matters respect congress authority constitution far power congress concerned citizens state corporations may dispose property invest money way choose regard matters citizens state corporations subject authority lawful authority state citizens reside whose laws corporations organized unnecessary case consider abstract general questions need concern examined determined may well left consideration case necessarily involving determination connection suggested contention government acquisition ownership stock state railroad corporation interstate commerce corporation engaged interstate commerce suggestion made different ways sometimes express words times implication instance said question whether power congress interstate commerce extends regulation ownership stock state railroad companies reason engaged commerce said issue case whether northern securities company acquire hold stock state corporations still asked generally whether organization ownership railroads control whose laws came existence statements issues case think wholly unwarranted wide mark setting mere men straw easily stricken understand government makes contentions takes positions statements imply contend congress may control mere acquisition mere ownership stock state corporation engaged interstate commerce contend congress control organization state corporations authorized charters engage interstate international commerce contend congress may protect freedom interstate commerce means appropriate lawful prohibited constitution contend state corporation stand way enforcement national legally expressed government particularly complains complains existence combination among stockholders competing railroad companies violation act congress restrains interstate international commerce agency common corporate trustee designated act companies repressing free competition independently question mere ownership stock organization state corporation reason said combination embraced terms act may congress declare combination illegal congress legislates protection public may proceed ground wrongs effected powerful combination dangerous require stringent supervision effected single person callan wilson ed sup far may courts go order give effect act congress remedy evils designed act suppress confessedly questions great moment considered express words constitution congress power commerce foreign nations among several indian tribes view numerous decisions day doubt general scope power circumstances regulation may properly take form effect prohibition rahrer ed sup lottery case ed sup authorities cited reaffirmed doctrine announced great judgment rendered chief justice marshall gibbons ogden wheat ed power congress regulate commerce among foreign nations power prescribe rule commerce governed power complete may exercised utmost extent acknowledges limitations prescribed constitution always understood sovereignty congress though limited specified objects plenary objects power commerce foreign nations among several vested congress absolutely single government constitution restrictions exercise power found constitution sound construction constitution allows congress large discretion respect means powers confers carried execution enable body perform high duties assigned manner beneficial people end accomplished within scope constitution means appropriate plainly adapted end prohibited constitutional brown maryland wheat ed sinnot davenport ed henderson wickham ed hannibal husen ed mobile county kimball ed missouri haber ed sup lottery case ed sup cohen virginia wheat ed said many important purposes single nation commercial regulations one people since frequently declared commerce among several unit subject national control previously maryland wheat ed said government ordained established constitution within limits powers granted government powers delegated represents acts within sphere action late case debs ed sup every member concurring said entire strength nation may used enforce part land full free exercise national powers security rights intrusted constitution care strong arm national government may put forth brush away obstructions freedom interstate commerce transportation mails emergency arises army nation militia service nation compel obedience laws means employed respect combinations forbidden act congress deemed germane end accomplished prescribe rule interstate international commerce domestic commerce vexed combinations conspiracies monopolies restrain commerce destroying restricting competition say congress prescribed rule prior cases act construed forbidding combination necessary operation destroys restricts free competition among engaged interstate commerce words destroy restrict free competition interstate commerce restrain commerce say rule prohibited constitution one congress appropriately prescribe exerting power commerce clause constitution whether free operation normal laws competition wise wholesome rule trade commerce exonomic question need consider determine undoubtedly think general business interests prosperity country best promoted rule competition applied others believe rule necessary days enormous wealth ever former period history may congress effect recognized rule free competition declaring illegal every comoination conspiracy restraint incerstate international commerce judgment congress public convenience general welfare best subserved natural laws competition left undisturbed engaged interstate commerce congress embodied rule statute must end matter remain government laws men said railroad corporations created laws state consolidated authority state suggestion made case understand pretense combination question authority whose laws railroad corporations created even state allowed consolidation follow stockholders two state railroad corporations competing lines engaged interstate commerce lawfully combine form distinct corporation hold stock constituent corporations destroying competition violation act congress restrain commerce among foreign nations rule competition prescribed congress new trade commerce doubt reason moved congress incorporation rule statute reason thus stated joint traffic asso congress regard interstate commerce course regulating case railroad corporations power say contract combination shall legal shall restrain trade commerce shutting operation general law competition think combination large powerful corporations covering vast sections territory influencing trade throughout whole extent thereof acting one body matters combination extends constitutes alleged evil regard far combination operates upon restrains interstate commerce congress power legislate prohabit pp ed pp sup rule applied interstate commerce surprised anyone indeed congress declared contracts combinations conspiracies restraint trade commerce illegal nothing apply interstate commerce rule long applied several dealing combinations restraint domestic commerce decisions state courts upon general subject numerous instructive show circumstances act passed may well assumed congress enacting statute shared general apprehension powerful corporations combinations sought obtain unless restrained obtain absolute control entire trade commerce country detrimental general welfare morris run coal barclay coal pennsylvania dealt combination coal companies seeking control within large territory entire market bituminous coal observing combination wide scope general influence injurious effects said competition left free individual error folly generally find correction conduct others combination companies operating blossburg barclay mining regions controlling entire productions combined together govern supply price coal markets hudson mississippi rivers pennsylvania lakes combination power confederated form individual action confer public interest must succumb left competition free correct baleful influence supply coal suspended demand becomes importunate prices must rise supply goes forward price fixed confederates must accompany domestic hearth furnaces iron master fires manufacturer feel restraint many dependent hands paralyzed hungry mouths stinted influence lack supply rise price article prime necessity measured permeates entire mass community leaves members untouched withering blight combination contract offense combinations purpose injurious unlawful gist offense conspiracy men often combination many severally one accomplish even done one innocent potency numbers combined law overlook injury consequence principles applied arnot pittston coal case combination two coal companies order give one monopoly coal particular region appeals new york holding combination effect purpose inimical interests public contracts designed effect end contrary public policy therefore illegal also applied ohio central ohio salt guthrie ohio case combination among manufacturers salt large producing territory saying answer say competition salt trade fact destroyed price commodity unreasonably advanced courts stop inquire degree injury inflicted upon public enough know inevitable tendency contracts injurious public craft mcconoughy case combination among grain dealers competition stifled saying long competition free interest public safe laws trade connection rigor competition guaranty public required secret combination created contract destroyed competition created monopoly public interest protection people ex rel peabody chicago gas trust involved validity organization gas corporation obtained monopoly business furnishing illuminating gas city chicago buying stock four gas companies said avail number gas companies may formed general incorporation law giant trust company clothed power buying holding stock property companies control thereby attained direct operations weld one huge combination effect cases almost numerous cited among refer richardson buhl case organization corporation connecticut unite one corporation match manufacturers thus obtain control busines manufacturing matches santa clara valley mill lumber hayes cal pac case combination among manufacturers lumber control business certain localities india bagging asso kock la ann case combination among vaious commercial firms control prices bagging used cotton planters cases cited true relate domestic commerce serve show authority possess guard public combinations repress individual enterprise interfere operation natural laws competition among engaged trade within limits serve also give point declaration gibbons ogden wheat ed principle never modified subsequent decision subject limitations imposed constitution upon exercise powers granted instrument power commerce foreign nations among several vested congress absolutely single government constitution restrictions exercise power found constitution escape conclusion subject restrictions power congress interstate international commerce full complete power state domestic commerce state may strike combinations restrain domestic commerce destroying free competition among engaged commerce power except congress competent protect freedom interstate international commerce assailed combination restrains commerce stifling competition among engaged asked adjudge held embrace case us act repugnant constitution view unable concur contention defendants sustained without effect overruling prior decisions scope validity act held congress strike combination private persons private corporations restrains trade among iron pipe addyston pipe steel tiles grates mantels montague lowry surely doubted congress power declare illegal combination restrains commerce among foreign nations carried lines competing railroad companies exercising public franchises engaged commerce agree congress may strike combinations among manufacturers dealers iron pipe tiles grates mantels restrain commerce among articles may strike combinations among stockholders competing railroad carriers restrain commerce involved transportation passengers property among several private parties may combination among restrain interstate international commerce violation act congress much less restraint tolerated imposed attempted imposed upon commerce carried public highways indeed contentions defendants sound may railway companies engaged state charters interstate international commerce enter combination one question device holding corporation obtain absolute control throughout entire country rates passengers freight beyond power congress protect public exactions argument behalf defendants necessarily leads results places congress although invested people full authority regulate interstate international commerce condition utter helplessness far protection public combinations concerned said congress meet emergencies prescribing rates interstate carriers shall governed transportation freight passengers congress power fix upon question express choose exercise power way extent agree large discretion means employed exercise power granted present determined go farther protect freedom commerce among foreign declaring illegal contracts combinations conspiracies monopolies restraint commerce make public offense violate rule thus prescribed much may go say need time consider whether exceeded powers enacting statute question assuming without discussion case us within terms act act excess powers congress recur question far may courts go reaching suppressing combination described bill agree act constitutional combination question violation provisions courts may enforce provisions statute orders decrees necessary appropriate end may consistent fundamental rules legal procedure take agree established firmly decisions power congress commerce extends instrumentalities commerce every device many employed interfere freedom commerce among foreign nations equally assume agree constitution legal enactments congress express words constitution law land anything constitution laws state contrary notwithstanding nevertheless defendants strangely enough invoke behalf amendment constitution declares powers delegated constitution prohibited reserved respectively people confronted suggestion order decree federal prevent northern securities company exercising power acquired becoming holder stocks great northern northern pacific railway companies invasion defeat act congress upon like securities company chartered well rights creating companies words state new jersey gives charter corporation even obtaining charter fact pursuant combination becomes holder stocks shareholders two competing commerce done without infringing degree upon competition respective roads companies destroyed enormous commerce carried restrained suppressing competition congress must stay hands allow restraint continue detriment public forsooth corporations concerned state corporations conceive possible anyone seriously contend proposition means nothing less congress regulating interstate commerce must act subordination exerting power create corporations view entertained moment proper say passing nothing record tends show state new jersey reason suspect took advantage liberal incorporation laws view organizing securities company destroy competition two great railway carriers engaged interstate commerce distant union purpose combination concealed general words gave clue whatever real purposes brought organization securities company certificate incorporation company expressly stated object company destroy competition competing parallel lines interstate carriers seen outset scheme hostility national authority purpose violate evade act congress reject view relations national government composing union defendants contend view maintained without destroying authority inconsistent decisions powers national government matters committed state merely creating corporation mode project authority across continent prevent congress exerting power possesses constitution interstate international commerce exempt corporation engaged interstate commerce obedience rule lawfully established congress merce said state may give corporation created laws authority restrain interstate international commerce nation lawfully expressed congress every corporation created state necessarily subject law land yet suggestion made restrain state corporation interfering free course trade commerce among violation act congress hostile reserved rights federal may power forfeit charter securities company may declare shares stock may transferred books prohibit acquiring real estate diminish increase capital stock like matters regulated state created company end effect given national lawfully expressed congress may prevent company capacity holding corporation trustee carrying purposes combination formed restraint interstate commerce securities company part present combination head front trustee extraordinary executing act congress lay hands upon company prevent done defeat act congress upon like grounds appropriate orders prevent two competing railroad companies involved securities company restraining commerce among short may make order necessary bring dissolution suppression illegal combination restrains interstate commerce done without infringing degree upon authority affirmance judgment mean combination however powerful stronger law permitted avail pretext prevent done defeat legal enactment congress attack reserved rights mean government represents acting within limits powers compel obedience authority mean device evasion provisions however skilfully device may contrived combination whomsoever formed beyond reach law land device combination operation directly restrains commerce among foreign nations violation act congress defendants rely confidence upon case baltimore maryland wall ed nothing said inconsistent principle announced case recognized principle state plenary powers territory highways franchises corporations observed bound sustain constitutional powers prerogatives well whenever brought us adjudication matter may consequences course every state general sense plenary power corporations conceivable state exerting power corporation creation may prevent embarrass exercise congress power invested constitution case referred say supposed ever say power exists state prevent enforcement lawful enactment congress invest corporations whatever business engaged authority disregard enactment defeat legitimate operation contrary steadily held doctrine vital well state enactment even passed exercise acknowledged powers must yield case conflict supremacy constitution acts congress enacted pursuance provisions results said well nature ernment words constitution gibbons ogden wheat ed sinnot davenport ed debs ed sup missouri haber ed sup texas white wall ed remarked people state compose state government endowed functions essential separate independent existence union political body lane county oregon wall ed therefore loss separate independent autonomy union constitution may unreasonably said preservation maintenance governments much within design care constitution preservation union maintenance national government doctrines basis constitutional government disregarded safety defendants also rely louisville kentucky ed sup case contended railroad company assumption state forbid consolidation parallel competing lines interference power congress interstate commerce observed little need said answer proposition never supposed dominant power congress interstate commerce took power legislation respect instruments commerce far legislation within ordinary police powers case distinctly recognized division power congress respect interstate railways congress superior right control commerce forbid interference therewith remained power create regulate instruments commerce far necessary conservation public interests anything case even intimates state state corporation may way directly restrain interstate commerce congress constitution complete control unable find question relations general government presented specific contention defendant congress intend limit power several create corporations define purposes fix amount capital determine may buy sell stock true generally speaking contention falls far short meeting controlling questions case meet contention must repeat things already said opinion said sound repetition harm far constitution concerned state may indeed create corporation define powers prescribe amount stock mode may transferred may even authorize one corporations engage commerce every kind interstate international regulation control purely domestic commerce state course state congress direct power long done state interfere operations general government legal enactment congress state chooses may even submit existence combinations within limits restrain internal trade neither state corporation stockholders reason nonaction state means combination among stockholders interfere complete enforcement rule lawfully devised congress conduct commerce among foreign nations seen interstate international commerce constitution control congress belongs legislative department government prescribe rules conduct commerce otherwise declaration tion supremacy supremacy well laws made pursuance provisions waste words whilst every instrumentality domestic commerce subject state control every instrumentality interstate commerce may reached controlled national authority far compel respect thc rules commerce lawfully established congress corporate person excuse departure violation rule plea done omitted permitted forbidden state whose authority came existence repeat state endow corporations combination citizens authority restrain interstate international commerce disobey national manifested legal enactments congress long congress keeps within limits authority defined constitution infringing rights recognized secured instrument regulations interstate international commerce whether founded wisdom must submitted harm harm come failure courts recognize fundamental principle constitutional construction depart circumstances special cases rule operation may possibly affect interests business endanger safety integrity institutions make constitution mean says interested parties wish mean particular time particular circumstances supremacy law foundation rock upon institutions rest law said lee ed sup power system government higher duty rests upon enforce decrees legislative department government expressed statute unless statute plainly unmistakably violation constitution statute beyond constitutional power congress fail performance solemn duty declare nothing said congress erred must understood saying erred remedy error attendant mischief selection new senators representatives legislation make changes existing statutes adopt new statutes may demanded constituents consistent law many suggestions made argument based upon thought act end prove mischievous consequences disaster business financial ruin intimated follow execution provisions predictions made cases heretofore arising act verified history monopolies country england predictions ruin habitually made attempted legislation restrain operations protect public exactions former cases seek shelter behind reserved rights even behind constitutional guaranty liberty contract heretofore adjudged act congress touch rights liberty contract involve right deprive public advantages free competition trade commerce liberty contract imply liberth corporation individuals defy national legally expressed enforcement legal enactment congress infringe proper sense general inherent right every one acquire hold property right like rights must exercised subordination law even shared gloomy forebodings defendants indulge refuse respect action legislative branch government done within limits constitutional power suggestions disaster business apprehend origin zeal parties opposed policy underlying act congress interested result particular case rate suggestions imply may refuse enforcement provisions act judgment congress wise prescribing rule conduct interstate international commerce governed every combination whatever form restraint commerce monopolizing attempting monopolize commerce shall illegal plainly questions policy legislation belong another department function supervise legislation standpoint wisdom policy need say congress authority declare language act interpreted prior cases effect declared freedom interstate international commerce shall obstructed disturbed combination conspiracy monopoly restrain commerce preventing free operation competition among interstate carriers engaged transportation passengers freight disregard declaration unless congress passing statute question held transgressed limits prescribed action constitution already indicated held consistently provisions instrument combination question may pecuniary benefit formed caused formed interests private persons corporations made paramount interests general public articles confederation commerce among original subject vexatious local regulations took account general welfare protection general interests involved interstate international commerce congress representing whole country given constitution full power regulate commerce among foreign nations brown maryland wheat ed said felt injury arising state things capable estimating influence commerce prosperity nations perceived necessity giving control important subject single government may doubted whether evils proceeding feebleness federal government contributed great revolution introduced present system deep general conviction commerce regulated congress railroad companies said freight asso case instruments commerce business commerce companies must remembered operate highways established primarily convenience people therefore subject governmental control regulation cherokee nation southern kansas ed sup chicago pullman southern car ed sup interstate commerce commission brimson ed inters com sup freight asso ed sup smyth ames ed sup lake shore ohio ed sup carriers exercise public franchises engage transportation passengers freight among state rules congress may lawfully establish conduct interstate commerce said argument circumstances northern securities company obtained stock constituent companies imported simply investment stock corporations purchase stock investment purchase contended forbidden charter company made illegal act congress view wholly fallacious comport actual transaction actual investment substantial sense northern securities company stock two constituent companies form transaction fact one kind however company may acquired stock great northern northern pacific railway companies matter obtained means stock held acquired constituent companies acquired held used suppressing competition companies came existence purpose anyone full knowledge designed accomplished actually accomplished combination question defendant morgan testimony asked put stocks constituent companies one holding company frankly answered first place holding company simply question custodian alliances disclosed actual nature transaction organize northern securities company holding company whose hands real purchaser absolute owner simply custodian placed stocks constituent companies custodian represent combination formed shareholders constituent companies direct necessary effect combination already indicated restrain monopolize interstate commerce suppressing use words joint traffic asso competition lines two railway carriers inquire nature extent relief granted government decree decree circuit found adjudged defendants entered combination conspiracy restraint trade commerce among several act congress denounced illegal stocks northern pacific railway company stock great northern railway company claimed owned held northern securities company acquired held virtue bination conspiracy restraint trade commerce among several therefore decreed follows northern securities company officers agents servants employees hereby enjoined acquiring attempting acquire stock either aforesaid railway companies northern securities company enjoined voting aforesaid stock holds may acquire attempting vote meeting stockholders either aforesaid railway companies exercising attempting exercise control direction supervision influence whatsoever acts doings said railway companies either virtue holding stock therein northern pacific railway company great northern railway company officers directors servants agents hereby respectively collectively enjoined permitting stock aforesaid voted northern securities company behalf attorneys agents corporate election directors officers either aforesaid railway companies together officers directors servants agents likewise enjoined respectively restrained paying dividends northern securities company account stock either aforesaid railway companies claims hold aforesaid railway companies officers directors servants agents enjoined permitting suffering northern securities company officers agents officers agents exercise control whatsoever corporate acts either aforesaid railway companies nothing herein contained shall construed prohibiting northern securities company returning transferring northern pacific railway company great northern railway company respectively shares stock either said railway companies said northern securities company may heretofore received holders exchange stock nothing herein contained shall construed prohibiting northern securities company making transfer assignments stock aforesaid person persons may holders owners stock originally issued exchange payment stock claimed acquired aforesaid railway companies subsequently appeal perfected order made circuit effect upon giving approved bond behalf defendants sum conditioned prosecute appeal effect pay damages may result order portion injunction contained final decree herein forbids northern pacific railway company great northern railway company officers directors servants agents paying dividends northern securities company account stock either railway companies securities company claims hold suspended pendency appeal allowed herein day portions decree injunction contains remain force unaffected order valid objection made decree form substance combination conspiracy violation act congress stockholders great northern northern pacific railway companies whereby northern securities company formed holding corporation whereby interstate commerce lines constituent companies restrained must follow execution act defeat efforts evade prohibit parties combination specific things done affect result denounced act say go far say powerless enforce act suppress illegal combination powerless protect rights public combination suggested alleged combination accomplished object commencement suit securities company organized actually received majority stock two constituent companies therefore argued effective relief granted government view pressed upon circuit rejected completely answered said second contention observe novel say absurd interpretation act hold unlawful combination formed acquired power right acquire restrain commerce suppressing competition proceeding use execute purpose combination formed must left possession power acquired full freedom exercise obviously act fairly interpreted bear construction congress aimed destroy power place direct restraint interstate trade commerce combination conspiracy formed either natural artificial persons power acquired government may intervene demand relief well combination fully organized process formation instance already said securities company made party combination restraint interstate commerce antedated organization soon came existence course direction individuals promoted circuit done actual situation demanded decree done nothing meet requirements statute done less without declaring impotency dealing violated law decree executed destroy property interests original stockholders constituent companies power holding corporation instrument illegal combination master spirit done restrain interstate international commerce exercise power restrained object congress accomplished left undisturbed act question valueless practical purpose said statute contains criminal provisions must therefore strictly construed rule upon subject ancient salutary one means must bring cases within provisions statute clearly embraced narrow technical forced construction words exclude cases obviously within provisions must sought always intention legislature duty give effect intention disclosed words used early case king hodnett justice buller said true courts exposition penal statutes narrow construction wiltberger wheat ed chief justice marshall delivering judgment referring rule penal statutes construed strictly said modification ancient maxim amounts though penal laws construed strictly construed strictly defeat obvious intention legislature maxim applied narrow words statute exclusion cases words ordinary acceptation sense legislature obviously used comprehend intention legislature collected words employ ambiguity words room construction morris pet ed speaking chief justice taney said expounding penal statute certainly extend beyond plain meaning words long well settled statutes must construed strictly yet evident intention legislature defeated forced overstrict construction wheat ed industry gall fed cas justice story said undoubtedly bound construe penal statutes strictly extend beyond obvious meaning strained inferences hand bound interpret according manifest import words hold cases within words mischiefs within remedial influence statute another case eminent jurist said agree rule true sober sense penal statutes enlarged implication extended cases obviously within words purport short appears proper course cases search follow true intent legislature adopt sense words harmonizes best context promotes fullest manner apparent policy objects legislature winn sumn fed cas people bartow cow highest new york said penal statute construed strictly disregard plain intent legislature well settled statute made good public although penal receive equitable construction com martin mass highest massachusetts said statute creating increasing penalty capable two constructions undoubtedly construction operates favor life liberty adopted justifiable case imagine ambiguities merely lenient construction may adopted privilege easy obstruct public almost every statute enacted rarely happens one precise exact terms preclude exercise ingenuity raising doubts construction cases almost without number country england effect guided rules construction manifest antitrust act held embrace case us plain intention legislative branch government defeated congress words used act described like cases apprehend impossible find words describe must remembered suit equity instituted authority congress prevent restrain violations act virtue settled rule governing proceedings equity may mould decree accomplish practical results results law justice demand defendants cause complain decree matter law affirmed judgment decree hereby affirmed liberty circuit proceed execution decree circumstances may require affirmed justice brewer concurring assent said opinion announced believe importance case questions involved justify brief statement views first let say majority decision freight asso ed sup followed cases joint traffic asso ed sup addyston pipe steel ed sup montague lowry decided present term ante sup examination induced able exhaustive arguments counsel present case disturbed conviction cases rightly decided think respects reasons given judgments sustained instead holding act included contracts reasonable unreasonable restraint interstate trade ruling contracts presented unreasonable restraints interstate trade within scope act act appears title leveled restraints monopolies congress intend reach destroy minor contracts partial restraint trade long course decisions common law affirmed reasonable upheld purpose rather place statutory prohibition prescribed penalties remedies upon contracts direct restraint trade unreasonable public policy whenever departure rules definitions claimed purpose make departure clearly shown purpose appear departure intended general language act also limited power individual manage property determine place manner investment freedom action respects among inalienable rights every citizen applying thought present case appeared hill owner majority stock great northern railway company act congress deprived right investing surplus means purchase stock northern pacific railway company although purchase might tend vest ownership control companies words right allother citizens purchasing northern pacific stock denied congress ownership stock great northern company ruling pearsall great northern ed sup said ed sup reference right stockholders great northern company purchase stock northern pacific railway company stockholders lawfully acquire individual purchases majority even whole stock reorganized company thus possibly obtain ultimate control companies still remain separate corporations interests common investment single individual means presented combination several individuals separately owning stock two competing railroad companies place control single corporation purpose combine combination destroy competition existed organization corporation securities company corporation though nominally capital stock means cash put treasury simply expenses organization organizers might well made nominal stock thousand millions four hundred corporation richer poorer corporation fiction law recognized purposes person purposes jurisdiction citizen endowed inalienable rights natural person artificial person created existing convenient transaction business case mere instrumentality separate railroad properties combined one control combination direct restraint trade destroying competition appointment committee regulate rates prohibition combination inconsistent right individual purchase stock transfer stock securities company mere incident manner combination destroy competition thus unlawfully restrain trade carried parties interested two railroad companies instrumentality holding corporation place one control like manner conceded argument one counsel appellants control railroad companies country placed single corporation need arrangement control stop already done holders stock northern securities company might organize another corporation hold stock company new corporation holding majority stock northern securities company acting obedience wishes majority stockholders control action securities company action two railroad companies process might extended single corporation whose stock owned three four parties practical control roads us possibilities combination control whole transportation system country believe reasonable lawful restraint trade suit interference state control recognition rather disregard action merging control destruction competition authorized specifically prohibited state created one railroad companies within whose boundaries lines largely located much business transacted purpose policy state therefore enforced decree far work two railroad companies interstate commerce subject control congress purpose policy expressed act suit brought must also remembered present conditions single railroad legal largely practical monopoly arrangement control two competing roads merged single corporation broadens extends monopoly look upon unreasonable combination restraint interstate commerce conflict state law within letter spirit statute power congress therefore concur judgment affirmance felt constrained make observations fear broad sweeping language opinion might tend unsettle legitimate business enterprises stifle retard wholesome business activities encourage improper disregard reasonable contracts invite unnecessary litigation justice holmes concurred chief justice justice white justice peckham dissenting unable agree judgment majority although think useless undesirable rule express dissent feel bound case give reasons great cases like hard cases make bad law great cases called great reason real importance shaping law future accident immediate overwhelming interest appeals feelings distorts judgment immediate interests circumstances morgan hill organized laws new jersey northern securities company purpose company become holder stock two railroads effected northern securities company give stock exchange two railroad companies whilst purpose promoters mainly exchange stock held two railroads northern securities company stock nevertheless right stockholders generally two railroads make similar exchange sell stock securities company provided arrangement northern securities company came registered holder majority stock railroads denied charter acts done northern securities company authorized laws new jersey therefore far laws competent sanction transaction corporation held stock two railroads secured law state domicil government bill challenges right northern securities company hold stock two railroads grounds upon relief sought based generally speaking follows two railroads competing lines engaged part interstate commerce creation northern securities company acquisition majority stock roads contrary act congress known act stat chap comp stat clauses act charged violated section declaring illegal contract combination form trust otherwise conspiracy restraint trade commerce among several foreign nations provisions section making misdemeanor person attempt monopolize combine conspire person persons monopolize part trade commerce among several foreign nations sustained contentions government therefore enjoined two railroad companies allowing northern securities company vote stock standing name pay company dividends upon stock held giving however bond fixed decree relating payment dividends suspended pending appeal recognized however right northern securities company retransfer stock railroads persons acquired correctness decree question presented decision two questions arise act rightly interpreted apply acquisition ownership northern securities company stock two railroads second congress power regulate control acquisition ownership question power lies root case come consider subject however order avoid misled false irrelevant issues essential briefly consider two questions fact said first mere exchange northern securities company stock stock railroads make northern securities company real owner stock railroads since effect transaction cause securities company become merely custodian trustee stock railroads second two railroads stock furnished sufficient consideration issue stock northern securities company suffice point proof shows nearly nine million dollars paid securities company portion stock acquired moreover nearly million dollars expended securities company purchase bonds northern pacific company converted securities company stock railroad securities company holds market value railroad stocks moreover indisputably shown proof equal value fixed purpose exchange purchase stock northern securities company may manifest considerations possible influence question power congress premises therefore suggestions serve obscure controversy power congress legislate subject becomes wholly immaterial nature consideration paid company stock acquired held acquisition ownership even real violated act congress contrary authority congress embrace right northern securities company acquire stock question consideration northern securities company paid stock method transferred must necessarily beyond scope act congress testing power congress shall proceed upon assumption act congress forbids acquisition majority stock two competing railroads engaged part interstate commerce corporation combination persons authority congress conceded must rest upon power delegated section first article constitution regulate commerce foreign nations among several indian tribes proposition upon case government depends ownership stock railroad corporations created state interstate commerce wherever railroads engage interstate commerce outset absolute correctness admitted declaration chief justice marshall gibbons ogden power congress regulate commerce among foreign nations complete may exercised utmost extent acknowledges limitations prescribed constitution end accomplished within scope constitution means appropriate plainly adapted end prohibited constitutional plenary authority congress interstate commerce right regulate fullest extent fix rates charged movement interstate commerce legislate concerning ways vehicles actually engaged traffic exert every power commerce flows authority conferred constitution thus conceded concessions thus made concern question case scope power congress regulate commerce whether power extends regulate ownership stock railroads commerce confusion results failing observe distinction appear accurate analysis gibbons ogden case great chief justice careful define commerce power regulate conferred upon congress passages previously quoted simply pointed rule determined case whether congress acting upon subject gone beyond limits power regulate commerce defined opinion accepting test announced gibbons ogden determining whether given exercise power regulate commerce effect transcended limits regulation essential accept also luminous definition commerce announced case approved many times since hence test question decision definition definition undoubtedly traffic something intercourse describes commercial intercourse nations parts nations branches regulated prescribing rules carrying intercourse italics mine delegation authority congress regulate commerce among embrace power regulate ownership stock state corporations corporations may part engaged interstate commerce certainly question governed definition commerce quoted gibbons ogden let analyze definition undoubtedly traffic something intercourse traffic intercourse think ownership stock state corporation said sense traffic intercourse definition continues describes commercial intercourse nations parts nations ownership stock state corporation latitudinarian construction embraced words intercourse nations parts nations remove doubt definition points meaning delegation power regulate since says prescribing rules carrying intercourse reason maintained prescribe rules governing ownership stock within state corporation created within power prescribe rules regulation intercourse citizens different question looked reference powers federal state governments general nature one local character purpose constitution create perpetuate seems evident contention authority national government commerce clause gives right congress regulate ownership stock railroads chartered state authority absolutely destructive amendment constitution provides powers delegated tution prohibited reserved respectively people must follow since authority congress regulate subject reason alone rest upon proposition power commerce embraces right control ownership railroads part interstate commerce business power control ownership railroads necessarily embrace organization hence result power congress abrogate every railroad charter granted beginning congress deemed rights conferred state charters tended restrain commerce create monopoly concerning besides principle acceded must reason held embrace every consolidation state railroads may part interstate commerce business even although consolidation may expressly authorized laws creating corporations likewise overthrow every state law forbidding consolidations ownership stock state corporations within regulating power congress commerce clause prohibited congress within power body permit right prohibit principle ownership property embraced within power congress regulate commerce whenever body deems particular character ownership allowed continue may restrain commerce create monopoly thereof opinion conflict elementary conceptions rights property follow congress deemed acquisition one individuals engaged interstate commerce certain amount property prejudicial interstate commerce amount property held amount employed interstate commerce regulated argument bar many consequences indicated necessarily resulting contention made frankly admitted since conceded even although holding stock two railroads northern securities company assailed expressly authorized laws railroad corporations created law state new jersey nevertheless authority exerted regulation interstate commerce repugnant constitution attempt part interfere paramount authority congress subject true assertion made oral argument printed argument qualified intimation rule apply state action taken adoption antitrust act since time consequence inaction congress subject free legislate pleased regarding matter suggestion without foundation rest long since determined particular national character requires uniform regulation absence legislation congress subject indicates congress subject free state control mobile county kimball ed robbins shelby county taxing dist ed inters com sup knight ed sup said moreover decision case involve consequences pointed since issue case right northern securities company acquire stock right company argued one thing power individuals corporations merely organized hold stock entirely different thing mind fails seize distinction premise power congress extended matter right securities company stock must proposition ownership within legislative power congress proposition admitted perceived process reasoning power congress ownership limited ownership particular classes corporations persons power embraces ownership authority congress ownership judgment may affect interstate commerce necessarily exists words logical result asserted distinction amounts one two things either nothing decided decree entered foundation upon rest said control ownership stock competing roads one corporation within power congress creates restraint trade monopoly forbidden congress conceivable exactly similar ownership one individuals create restraint monopoly equally within prohibition decided congress imposed besides incongruity conclusion resulting alleged distinction admit violence letter spirit constitution since effect hold although particular act burden upon interstate commerce monopoly thereof individuals lawfully act provided use instrumentality corporation long since declared power regulate commerce conferred upon congress includes alike commerce individuals partnerships associations corporations paul virginia wall ed indeed natural reluctance mind follow erroneous principle necessary conclusion thus give effect grievous wrong arising erroneous principle admonition principle wrong admonition submit conclusively afforded decree affirmed without stopping point seems confusion contradiction denial rights property decree exemplifies let see effect war conflict principle upon assumed based fundamentally considered evil sought remedied restraint interstate commerce monopoly thereof alleged brought acquisition morgan hill friends associates controlling interest stock roads yet decree whilst forbidding use stock northern securities company authorizes return alleged conspirators restrain exercising control resulting ownership conspiracy combination existed illegal mind fails perceive left produce full force effect hands individuals charged conspiracy entered may however said even results indicated held necessarily arise principles contended government follow power ever exerted congress exerted enforced detriment charters granted railroads consolidations thereof effected state authority ownership stock railroads individuals rights individuals acquire property purchase lease otherwise make contracts concerning property may thereafter become interstate commerce first suggestion met consideration decided trust act forbids restraint therefore embraces even reasonable contracts agreements ownership stock two railroads northern securities company repugnant act follows ownership whether individual another corporation equally within prohibitions act second true terms act power put provisions motion many particulars confided highest law officer ment officer invoke aid courts restrain rights railroads previously chartered enjoy benefits conferred upon state legislation prevent individuals exercising right ownership contract law respects remain dead letter indulge assumption say law enforced highest law officer government conclusion course indulged moment view suggestion involves proposition vast rights property instead resting upon constitutional legal sanction must alone depend upon whether executive officer might elect enforce law conclusion repugnant every principle liberty justice thus light reason sought show unsoundness proposition power congress regulate commerce extends controlling acquisition ownership stock state corporations railroad otherwise may interstate commerce business consolidation companies sanction state legislation right citizen enjoy freedom contract ownership let endeavor show review practices governments state national beginning adjudications wanting merit proposition contended may doubted foundation government events time adoption trust act entire absence legislation congress even suggesting deemed one power possessed congress control ownership stock railroad corporations corporations engaged interstate commerce contrary congress came exert authority regulate interstate commerce carried railroads manifested adoption interstate commerce act stat chap comp stat sedulously confined provisions act carrying interstate commerce including reasonableness rates charged carrying commerce matters undeniably concerning fact interstate commerce conception manifested subsequently legislation concerning safety appliances used railroads since provisions act confined appliances actually employed business interstate commerce stat chap comp stat also may doubted beginning various union treated incorporation organization railroad companies ownership stock therein maters within exclusive authority conception power universally prevailing always acted upon entire railroad system built charters leases consolidations sanction state laws lie basis enormous sum property vast interests represented railroads extracts reports interstate commerce commission standard authority subject received evidence demonstrate effect nearly every great railroad system result consolidation unification various roads often competitive consolidation unification management brought every conceivable form sometimes lease state authority sometimes leases made prohibition stock acquisitions made persons corporations order acquire controlling interest roads without stopping recite details subject content merely mentioning instances great systems railroad formed unification management competitive roads consolidation otherwise often statutory authority instances embrace boston maine system new york new hartford new york central reading pennsylvania systems one new york central case hudson river railroad one side hudson river west shore railroad parallel roads directly competitive one management authority legislative act indeed remarkable whole subject within paramount power congress within authority universal understanding contrary beginning borne mind universal action related interests vital character involving property enormous amount concerning welfare whole people impossible reason deny soundness assumption universal conviction congress control organization ownership railroads created inference applicable condition things existed since adoption act deny date consolidations unification management means leases stock ownership individuals corporations carried prohibited state laws vast extent time despite energy government invoking law assertion power congress act control ownership stock ever knowingly made first asserted cause quite recently congress amended interstate commerce act provisions deemed essential make prohibitions practically operative yet one provisions lends even inference deemed one power congress extended control stock ownership certainly considered matter public history observed long since authority legislature state massachusetts controlling interest lease boston albany road passed new york central systean decisions mind leave room doubt subject already shown definition power regulate commerce announced gibbons ogden excludes conception extends stock ownership shall stop review multitude decisions concerning interstate commerce whilst upholding paramount authority congress subject time treated elementary effect power commerce deprive right legislate concerning ownership property every character create railroad corporations endow powers deemed appropriate deprive individual freedom acquire enjoy property descent contract otherwise railroads property might become subject interstate commerce paul virginia wall ed question power state virginia license foreign insurance company one contentions considered whether contract insurance since related commerce within regulating power congress state virginia proposition disposed following language ed policy insurance transaction commerce policies simply contracts indemnity loss fire entered corporations assured consideration paid latter contracts articles commerce proper meaning word subjects trade barter offered market something existence value independent parties commodities shipped forwarded one state another put sale like personal contracts parties completed signature transfer consideration contracts interstate transactions though parties may domiciled different policies take executed delivered agent virginia local transactions governed local law constitute part commerce contract purchase sale goods virginia citizen new york whilst virginia constitute portion commerce words plainly pointed distinction interstate commerce contracts concerning ownership property might become subjects interstate commerce authority paul virginia repeatedly approved subsequent cases familiar require citation baltimore maryland wall ed question state maryland chartered baltimore ohio railroad company charter imposed upon duty paying state certain proportion receipts freight applied well interstate domestic freight argument provisions repugnant commerce clause necessarily inereased sum railroad charge thereby constituted regulation commerce held law repugnant constitution course opinion said ed view however plenary powers state always conceded territory highways franchises corporations regard stipulation question amounting either unconstitutional acts true expressions used opinion case cited giving rise inference power state regulate rates freight interstate commerce may considered overruled wabash illinois ed inters com sup case also fullest manner pointed fact power regulate commerce conferred congress constitution related mere ownership property contracts concerning property property might subsequently used interstate commerce become subject instance definition given interstate commerce gibbons ogden previously referred reiterated addition definition expounded mobile county kimball ed approvingly quoted definition follows ed inters com sup foreign countries among strictly considered consists intercourse traffic including terms navigation transportation transit persons property well purchase sale exchange commodities regulation commerce thus defined one system rules applicable alike whole country authority act whole country alone adopt system action upon separate therefore permissible language affirming exclusiveness grant power commerce thus defined may inaccurate applied legislation upon subjects merely auxiliary commerce ashley ryan ed inters com sup question property various railroad corporations operating state ohio michigan indiana illinois missouri sold decrees foreclosure purchasers respective lines availed ohio statutes consolidated corporations one form single system wabash presenting articles consolidation secretary state ohio officer demanded fee imposed ohio statutes predicated upon sum total capital stock consolidated company refused ground state ohio right make charge repugnant commerce clause constitution amendment decided contention held right consolidate alone arise ohio law corporation avail law avoid condition law imposed speaking consolidation said ed inters com sup rights thus sought acquired grant state ohio depended existence upon provisions laws without state consent procured copious review authorities concerning power state consolidation case summed following passage ed inters com sup payment charge condition imposed state ohio upon taking corporate exercise corporate franchises right depended solely state italics mine hence liability charge entirely optional concluds exaction constituted tax upon interstate commerce right carry instruments thereof enforcement involved attempt part state extend taxing power beyond territorial limits right thus decided depend solely upon authority said depend solely upon congress perceive knight ed sup facts relief based thus stated chief justice fuller delivering opinion ed sup purchase stock four philadelphia refineries shares stock american sugar refining company acquired nearly complete control manufacture refined sugar within bill charged contracts purchases made constituted combinations restraint trade entering defendants combined conspired restrain trade commerce refined sugar among several foreign nations contrary act congress july referring general way constituted monopoly restraint trade common law question decision thus stated ed sup fundamental question whether conceding existence monopoly manufacture established evidence monopoly directly suppressed act congress mode attempted bill examining question power congress observed ed sup denied power state protect lives health property citizens preserve good order public morals power govern men things within limits dominion power originally always belonging surrendered general government directly restrained constitution essentially exclusive next pointing power congress interstate commerce fact failure legislate subjects requiring uniform legislation expressed congress state without power act subject came consider whether power congress regulate commerce embraced authority regulate control ownership stock state sugar refining companies products companies manufactured might become subject interstate commerce elaborately passing upon question reaffirming definition chief justice marshall commerce constitutional sense held whilst power congress extended commerce thus defined embrace ownership stock state corporations products manufacture might subsequently become subjects interstate commerce parallel two cases complete one corporation acquired stock competing corporations exchange conceded purposes case monopoly brought refining sugar sugar produced likely become subject interstate commerce indeed part certainly become power congress decided extend subject ownership stock corporations commerce pearsall great northern ed sup question whether acquisition great northern road controlling interest stock northern pacific railway company violation minnesota statute prohibiting consolidation competing lines evident subject consolidation within authority congress congress expressed upon subject act legislaturo minnesota void repugnant constitution possibility contention thought either party cause treating power state undoubted speaking justice brown decided minnesota law enforced jointed opinion charter one granted state railroad company ownership stock therein subject state law made basis decision whilst however resting conclusion upon power state corporation created careful recognize authority state complete company state corporation state right chose authorize consolidation even although lines competing louisville kentucky ed sup power state pass law forbidding consolidation competing state railroad corporations part interstate commerce business considered state statute power exercised upheld observed consolidation state railroad corporations part interstate commerce business within paramount authority congress authority exclusive state regulation upheld void question vital consideration case without passing upon decided escape observation since explicitly pressed upon directly determined speaking justice brown said pp ed pp sup pp little need said answer final contention plaintiff error assumption right forbid consolidation parallel competing lines interference power congress interstate commerce remark may made respect police regulations interstate railways never supposed dominant power congress interstate commerce took power legislation respect instruments commerce far legislation within ordinary police powers nearly railways country constructed state authority supposed intended abandon power soon finished power construct involves necessarily power impose regulations upon operation sound regard interests public may seem render desirable division authority respect interstate railways congress reserves superior right control commerce forbid interference therewith remains power create regulate instruments commerce far necessary conservation public interests one case completely decisive another ruling case quoted unable perceive subject considered circuit greene fed case person indicted one state creating monopoly violation antitrust act congress held another state extradition writ habeas corpus invoked upon contention face indictment state offense since matters charged involve interstate commerce case referred although arose circuit determined decisions pearsall louisville nashville cases decided justice jackson circuit judge subsequently became member opinion manifests case considered judge jackson care conceded characteristic stated lucidity wont discharging accused grounds stated application writ judge jackson said may place restriction limitations upon right corporations created organized authority acquire use dispose property may also impose restrictions limitations upon citizen respect exercise public privilege franchise conferred congress certainly power authority commerce clause provision constitution limit restrict right corporations created citizens acquisition control disposition property neither congress regulate prescribe price prices property products thereof shall sold owner owners whether corporations individuals equally clear congress jurisdiction make criminal aims purposes intentions persons acquisition control property residence creation sanction permit material property products thereof may become subject trade commerce among several foreign nations commerce among within exclusive regulating power congress intercourse traffic citizens includes transportation persons property well purchase sale exchange commodities mobile county kimball ed gloucester ferry pennsylvania ed inters com sup application comprehensive definition settled decision commerce includes actual transportation commodities persons also instrumentalities processes transportation neither production manufacture articles commodities constitute subjects commerce intended trade traffic citizens preparation transportation state produced manufactured prior commencement actual transfer transmission thereof another state constitutes interstate commerce comes within regulating power congress termination transportation commodities articles traffic one state another general mass property general mass property state destination sale distribution consumption thereof latter state forms part interstate commerce opinion written case considered completely reasoning disposed contention ownership stock corporation competing railroads commerce freight asso ed sup large number railway companies made defendants cause formed association known freight association companies bound provisions contained articles agreement many stipulations relating carrying interstate commerce roads parties agreement contained provided follows committee shall appointed establish rates rules regulations traffic subject association consider changes therein make rules meeting competition outside lines conclusions unanimous shall made effective order differ question issue shall referred managers lines parties hereto disagree shall arbitrated manner provided article government sought dissolve association ground agreement restrained commerce therefore violation act hearing agreement directly related many particulars interstate transportation charge made therefor conceded hands embraced subject came within power congress regulate commerce contentions behalf association first movement interstate commerce railroads within act since congress regulated subject interstate commerce act intend amplify provisions respect subsequent enactment law second even case movement interstate commerce railroads affected statute particular agreement question violate act agreement unreasonably restrain interstate commerce contentions decided association holding antitrust act embrace interstate carriage railroad corporations act prohibited contract restraint interstate commerce hence embraced contracts character whether reasonable unreasonable subject considered subsequent case joint traffic asso ed sup case also question agreement railroads related movement interstate commerce insisted particular agreement involved seek fix rates secure continuation rates already fixed hence within law held true reconsideration questions decided freight association case invoked reviewed reiterated rulings made freight association case held particular agreement question came within mention two last cases apposite case hand since contracts involved confessedly concerned interstate commerce whilst case sole question whether ownership stock competing railroads involve interstate commerce cases referred connection decisions previously cited taken together illustrate distinction always maintained power congress interstate commerce want authority regulate subjects embraced within grant distinction aptly shown subsequent cases hopkins ed sup involved whether particular agreement entered persons carrying business selling cattle commission exclusively kansas city stock yards valid yards cattle received vast numbers channels interstate commerce thence distributed channels reasons business engaged exclusively sale cattle stock yards asserted interstate commerce within power congress regulate opinion delivered justice peckham outset said ed sup relief sought case based exclusively act congress approved july chap entitled act protect trade commerce unlawful restraints monopolies commonly spoken act stat comp stat act reference trade commerce exists may exist among several foreign nations application whatever trade commerce question meeting us threshold therefore case nature business defendants subdivision referred direct effect restraint trade commerce among several foreign nations case made bill answer show one defendants monopolized attempted monopolize combined conspired persons monopolize part trade commerce among several foreign nations proceeding consider agreement pointed contention sale cattle stock yards constituted interstate commerce without merit distinction interstate commerce power make contracts buy sell property clearly stated distinction agreement held within act congress act relate interstate commerce day decision referred announced another case act decided anderson ed sup difference case hopkins case thus stated justice peckham delivering opinion ed sup case differs hopkins ed sup fact defendants purchasers cattle market defendants hopkins case commission merchants sold cattle upon commission compensation services government assert agreement combination among buyers cattle coming nature laws question agreement combination restraint interstate trade commerce however said deem necessary decide whether fact merchants entered agreement bought cattle shipped caused business interstate commerce event opinion agreement assailed even involved interstate commerce violation provisions act anderson case followed addyston pipe steel ed sup case involved deciding whether particular combination pipe manufacturers looking control sale transportation pipe large territory embracing many division territory members combination within prohibitions act coming consider subject justice peckham analyzed contract pointed monopolistic features answer argument matter complained commerce related sale pipe therefore within rule announced knight hopkins cases knight case approvingly reviewed doctrine effect reaffirmed observing ed sup direct purpose combination knight case control manufacture sugar combination bination agreement terms regarding future disposition manufactured article nothing looking transaction nature interstate commerce think case us involves contracts nature last mentioned incidentally collaterally direct immediate result combination engaged defendants defendants reason combination agreement send goods state manufactured sale delivery another state upon terms pursuant provisions combination pertinently asked direct restraint upon interstate commerce goods italics mine thus found agreement concerned interstate commerce directly purported control movement goods one state besides sought prohibit movement restrict particular individuals held contract reasons within prohibitions act congress therefore void pause consider case montague lowry decided term ante sup since face opinion patent contract directly concerned shipment goods one state another sole exclusive basis decision submitted decided cases reviewed demonstrate acquisition ownership stock competing railroads organized state law several persons corporations interstate commerce therefore subject control congress indeed suggested cases establish contrary doctrine sought demonstrated quoting passages opinions separated context apart questions cases involved issues decided knight pearsall louisville nashville case hopkins case directly exclude significance attributed passages opinions cases relied upon must follow passages separated context meaning attributed expressions mere obiter consideration renders unnecessary analyze passages show read connection text meaning sought attached considerations equally render unnecessary particularly review sentences relied upon doubt expressly decided knight case acquisition stock one corporation corporations control interstate commerce although goods manufacturing companies whose stock acquired might become subject interstate commerce passage knight case given meaning sought affixed result say case overruled result pearsall case since case decided power forbid consolidation competing railroads even means acquisition stock besides louisville nashville case immediately following pearsall expressly decided interstate commerce power congress embrace consolidation congress therefore restrain state either forbidding permitting take place follow sentences pearsall case import applied case overruled besides overruled louisville nashville case although two cases decided day opinions cases delivered justice confusion contradiction arises separating context citing applicable case passages opinions freight association joint traffic cases cases previously stated related exclusively contract admittedly involving interstate commerce decided restraint commerce forbidden act hopkins case decided subsequent freight association joint traffic cases contract considered unquestionably involved restraint restraint concern interstate commerce held come within power congress follow sentences quoted opinions freight association joint traffic cases cases concermed completely interstate commerce applied commerce hopkins case overruled cases although opinions cases delivered justice intimation suggested overruling also result overruled cases hopkins case expressing opinion justice proceeded addyston pipe case related interstate commerce overrule hopkins case reaffirm prior cases course opinion ground holding decided cases embody extreme contradictions produce utter confusion cases consistent elementary distinction upon proceeded obscured difference arises power congress regulate interstate commerce one hand want authority regulate interstate commerce indeed confounding treating one things wholly different error permeating contentions government previously said suffices show reasons control judgment might well say nothing however three propositions earnestly pressed government bar upon theory demonstrate common ownership majority stock competing railroads subject regulating power congress propose briefly give reasons cause conclude contentions relied upon without merit urged frequently declared power congress interstate commerce includes authority regulate instrumentalities commerce following cases cited chicago fuller wall ed welton missouri ed pensacola teleg western teleg ed gloucester ferry pennsylvania ed inters com sup cases might added many others including previously referred argument made power extends instrumentalities railroads instrumentalities therefore acquisition ownership railroads persons corporations commerce subject power congress regulate involves non sequitur confusion thought arising confounding one things wholly different true instrumentalities interstate commerce subject power regulate commerce therefore instrumentalities employed interstate commerce may regulated congress use commerce entirely distinct power regulate acquisition ownership instrumentalities many forms contracts ownership may arise distinction exists two obtains power congress regulate movement property channels interstate commerce want authority regulate acquisition ownership property difference pointed cases referred distinction two beginning dividing line demarking power national government one hand rights ownership railroads belonging corporations organized state law power acquire mortgage foreclose mortgages lease contract relations concerning foundation sanction legislation several one may search vain acts congress legislation even suggesting power subjects deemed congress contrary legislation congress concerning instrumentalities railroads interstate commerce power clearly refutes contention since legislation relates instrumentalities actual use interstate commerce otherwise consistently proposition great number cases explained federal state courts dealt ownership railroads instrumentalities foreclosure otherwise assumption rights parties controlled state laws governing subject follow proposition adopted vast body state legislation subject void beginning enormous sum property rights depending upon legislation impaired lost since subject within power congress one requiring uniform regulation therefore inaction congress signify entire want power subject urged number cases declared several without power directly burden interstate commerce acquiring ownership one person corporation majority stock competing railroads engaged interstate commerce argued direct burden therefore power regulate subject congress undoubtedly decisions referred many others including quoted absolute want power legislate concerning interstate commerce bunder directly declared doctrine fullest scope elementary require citation authority decide case upon assumption acquisition ownership stock competing railroads engaged interstate commerce regulation commerce thing direct burden assume question arising decision authority exerted state within power authority exercised touch interstate commerce instrumentalities effect upon commerce reason reflex remote results exertion lawful power said without contradiction terms power exercised regulation direct burden upon commerce say contrary declare power subject however local character exercised deemed congress courts produced effect upon interstate commerce question whether burden direct therefore constitutes regulation interstate commerce determined ascertaining whether power exerted lawful generally speaking finding whether exercise particular case cause illegal directly burdening interstate commerce given case power lawful mode exercised directly burden regulation commerce although indirect result exertion lawful power ffect may produced upon commerce words power lawful asserted exerted amount direct burden must speak privity manifestation power resulting burden distinction well illustrated cases referred lucidly pointed judge jackson greene case take knight case contract merely concerned purchase stock refineries contained condition relating movement interstate commerce goods manufactured refining companies held right acquire within commerce clause fact owners manufactured product might thereafter act concerning product burden commerce direct burden resulting mere acquisition ownership contrary addyston pipe case stating fullest way paramount authority congress concerning commerce approached terms contract order determine whether related interstate commerce whether created direct burden found contract related interstate commerce directly burdened contract held void case comes within knight case concerns acquisition ownership stock contract question made owners stock controlling railroads performance duties carriers interstate commerce sole contention result ownership stock may arise operation roads burden interstate commerce burden may indirectly result acquisition ownership maintain contention therefore must decided ownership property acquired may used burden commerce therefore acquire burden however declare nature essence indirect direct said may denied common ownership stock competing railroads endows holders majority railroads authority railroads authority choose exert unify management roads suppress competition power insisted within regulating authority congress interstate commerce words contention broadly congress authority regulate exercise interstate commerce power right regulate ownership possession property enjoyment rights enable possessed engaged interstate commerce exert power proposition asserts another form right acquire stock interstate commerce therefore within authority congress refuted reasons authorities already advanced proposition adopted extend power congress subjects essentially local already stated considering previous proposition mind manifest clearly result particular proposition considered risk repetition illustrate subject doctrine sum property acquired individuals corporations contracts may make within regulating power congress judged congress farmer sowing crops limited certain production overproduction give power affect commerce congress regulate subject acquisition large amount property individual deemed congress confer upon power affect interstate commerce engaged congress regulate subject organized better condition congress believed existence organization give power exerted affect interstate commerce congress forbid organization labor associations indeed doctrine must reason lead concession right congress regulate concerning aptitude character capacity persons individuals deemed congress possessed ability participation management two great competing railroad enterprises endow power injuriously affect interstate commerce congress forbid participation principle adopted power arise exercised result destroy state federal governments implication authority destruction brought erected upon ruins government endowed arbitrary power disregard great guaranty life liberty property every safeguard upon organized civil society depends say guaranty opinion three indissolubly one destroyed without course push propositions extreme naturally lead often unsafe guide time conviction escaped principles conduct bear relation one especially matters public concern fathers founded government upon enduring basis right principle limitation power destroy principles limitations impose unable say conduct may unrestrained give rise action violence great truths destroyed principles embodies fallacy contentions government mind illustrated summing case government made argument bar right acquire stock competing railroads involves says summing power individual italics mine absolutely pleases whilst claim government right owner property italics mine pleases may controlled public interest legitimate legislation case involves right acquire right italics mine confusing two gives rise errors endeavor point undoubtedly possess power corporations created permit forbid consolidation whether accomplished stock ownership otherwise forbid one corporation holding stock another impose subjects regulations may deemed best generally speaking however right things springs alone fact corporation created state holds rights subject conditions attached grant regulations creator state may lawfully impose upon creature corporation moreover irrespective relation creator creature course true general sense government possesses authority regulate within certain limits owner may property first power arises authority grantor exact conditions making grant regulate conduct grantee gives sanction proposition government irrespective power grant general authority limit character quantity property may acquired owned second power general governmental one reasonably control use property affords foundation proposition exists government power limit quantity character property may acquired owned difference two exists free constitutional government restrained law absolute government unrestrained principles necessary perpetuation society protection life liberty property denied sum governmental power enjoyed people constitution formed none power abridged instrument except restrained constitutional safeguards hence none lost adoption constitution constitution whilst distributing authority preserved full power corporations created authority respect local legislation power congress interstate commerce carried fullest degree conceive powers admittedly possessed fully exerted remedy provided fully adequate suppress evils may arise combinations deemed injurious must true unless concluded effect mere distribution power made constitution partial impotency governmental authority resulted conceded arguendo constitution pointed method changes needed may brought remedy opinion supposed real infirmity afforded disregarding constitution destroying lines separate state federal authority implying existence power repugnant fundamental rights life liberty property upon government must rest however question power congress conceded assumption meaning act indulged purpose considering power put view yet remain determined whether act embraced acquisition ownership stock question northern securities company unnecessary however state reasons led conclusion act properly interpreted embrace acquisition ownership stock since subject considered opinion justice holmes explains true interpretation statute understood clearly able opinion reasons heretofore given congress without power regulate acquisition ownership stock question northern securities company think even power congress exercised act shown opinion justice holmes dissent authorized say chief justice justice peckham justice holmes concur dissent exercise kind hydraulic pressure makes previously clear seem doubtful even well settled principles law bend case find meaning difficult words must try tried freedom natural spontaneous interpretation one sure question arose upon indictment similar act excited public attention importance prisoner furthermore times judges need work training economists statesmen must act view foresight consequences yet task interpret apply words statute function merely academic begin read english intelligently consideration consequences comes play meaning words used open reasonable doubt question decided whether act july stat chap comp stat unlawful stage process several men unite form corporation purpose buying half stock two competing interstate railroad companies form corporation corporation buys stock suppose every step taken beginning single intent ending competition companies make addition may disputed shall try show totally unimportant part statute deal statute find meaning criminal statute two sections government relies make certain acts crimes immediate purpose say vain insist criminal proceeding words read one way suit end fine imprisonment another way one seeks injunction construction adopted case must adopted one sort friend artificial interpretations statute one kind rather another agree statute taken punish always lawful must express intent clear words say must read words us question whether two small exporting grocers go jail statute sweeping general character hits contract combination prohibited sort great small person shall monopolize attempt monopolize sense act part trade commerce among several natural inclination assume directed certain great combinations read light say contrary says part still less directed specially railroads even reasonable doubt whether included railroads point decided finally statute must construed way merely save constitutionality far consistent fair interpretation raise grave doubts score assume purposes discussion although great serious step take case seemed need heroic measures congress might regulate commerce instruments commerce contracts bearing upon commerce indirect clear mere fact indirect effect upon commerce shown certain great justify law point decided knight ed sup fact trade commerce might indirectly affected enough entitle complainants decree commerce depends upon population congress ground undertake regulate marriage divorce act us carried according seems logic argument government believe see part conduct life similar principles congress might interfere act construed government affect purchasers shares two railroad companies effect may like certain upon competition roads remote result exercise ordinary incident property personal freedom enough make exercise unlawful hardly transaction concerning commerce may made crime finding jury personal ascendency one man may give advice effect command owned single share road tendency presence stockholders meetings might certain prevent competition thus advice mere existence become crime state general considerations matters take account agree affirm decree appealed need opinion read act feel sufficient doubt meaning words need fortify conclusion generalities meaning seems plain face section makes contract combination form trust otherwise conspiracy restraint trade commerce among several foreign nations misdemeanor punishable fine imprisonment much trouble made substituting phrases assumed equivalent reasoned act argued maintaining competition expressed object act act says nothing competition stick exact words used words hit two classes cases two restraint trade combinations conspiracies restraint trade consider respectively contracts restraint trade dealt defined common law contracts stranger contractor business although cases carrying similar one wholly partially restrict freedom contractor carrying business otherwise objection common law primarily contractor account notion monopoly come unless contract covered whole england mitchel reynolds wms course objection apply partnerships forms substituting community interest competition objection combinations merely restraint trade otherwise unless amounted monopoly contracts restraint trade repeat contracts strangers contractor business trade restrained contractor combinations conspiracies restraint trade hand combinations keep strangers agreement business objection objection effect upon parties making contract members combination firm objection intended effect upon strangers firm supposed consequent effect upon public large words regarded contrary public policy monopolized attempted monopolize portion trade commerce realm see knight ed sup added section like penalties imposed upon every single person without combination monopolizes attempts monopolize commerce among liability extended attempting monopolize part trade commerce important aid construction account shows whatever criminal done way combination equally criminal done single man right interpretation words shown words form trust otherwise prohibition suggested trusts trusts objection every one knows union former competitors sinister power exercised supposed exercised combination keeping rivals business ruining already ferocious extreme competition others cessation competition among partners evil feared proof found giving action person injured business property forbidden conduct refer parties agreement plainly means outsiders injured attempt compete trust similar combination may recover montague lowry ante sup effective section may far goes material point general summary two classes cases act affects confirmed title act protect trade commerce unlawful restraints monopolies ask foregoing classes case supposed come question must answered definitely precisely dealing indictments logically follow decision provision statute contracts restraint trade held apply contracts railroads otherwise remaining independent restricted respective freedom rates restriction contract stranger contractor buisiness ground decision joint traffic asso ed sup following affirming freight asso ed sup accept decisions absolutely binding upon decisions desire criticize abridge provision decided seems decided without perversion plain language apply arrangement competition ended munity interest arrangement leaves parties without external restriction provision taken alone require existing competitions shall maintained look primarily competition simply requires party freedom trade shall cut contract stranger far phrase goes lawful abolish competition form union seem impossible say words contract restraint trade crime punishable imprisonment sent members partnership consolidation two trading corporations prison impossible say forbade one man corporation purchase much stock liked yet words effect clause applies defendants carefully remembered clause applies contract forbidden kind consideration turning point freight association case statute applies case must parties formed northern securities company combination restraint trade among comes thing opinion defendants one monopolizing attempting monopolize part commerce mere reading words shows used limited accurate sense according popular speech every concern monopolizes whatever business business trade two monopolizes part trade among course statute forbid mean business must cease single railroad narrow valley mountain gorge monopolizes railroad transportation valley gorge indeed every railroad monopolizes popular sense trade area yet suppose one say statute forbids combination men corporation build run railroad assume minnesota charter great northern wisconsin charter northern pacific valid suppose either road built minnesota part system transportation created railroad company authorized singly build lines actually built owned controlled either two existing companies take charter good present one even statutes considering force whatever sense created monopoly present charter large one act congress makes discrimination according size size nothing matter monopoly part commerce among unlawful supposed company owned lines might competing probably present one act congress construed mean universal disintegration society single men war rest even prevention combinations common end natural feeling somehow statute meant strike combinations great enough cause anxiety part love country money viewed little ones supposed indifference notion may said somehow breathes pores act although seems contradicted every way words detail occurred might combination reached certain size might attributed character monopoly merely virtue size attributed smaller one quite clear connection monopolies size play part answer indicated already first place size case railroads inevitable incident objection act great northern northern pacific already great encountered law next place case railroads evident size combination reached ends make monopolies combinations formed purpose excluding others field finally even small railroad tendency exclude others narrow area great ones exclude others greater one statute attacks small monopolies well great words act make distinction impossible case attempted express terms charter imagined good notwithstanding monopoly popular sense created one next led ask whether combination consolidation existing roads although actual competition one company exactly powers extent obnoxious law although decided louisville kentucky ed sup since statute power regulate matter said argument consolidation unlawful seems attorney general compelled say order maintain case think logic let stop short denying power state present time authorize one company construct two parallel lines might compete monopoly roads consolidated begun compete footing monopoly supposing objection made meet objection prevention competition time suppose three parties apply state charters one two new possibly competing lines respectively one lines charter granted last think charter good think whole argument contrary rests popular instead accurate legal conception word statute means repeat opinion attempt monopolize said judgment amounts thing combination restraint trade something done intent exclude strangers combination competing part business carries unless entirely wrong understanding restraint trade means monopoly may attempted effected individual made equally illegal case expect hear maintained morgan sent prison buying many shares liked great northern northern pacific even bought time got half stock road much mentioned argument pass view great importance attached sides supposed attempt suppress competition must say word said outset assume assume one purpose purchase suppress competition two roads appreciate force argument independent stockholders presumed respective boards directors propose illegal act restrained done yet remote illegal result classed even attempt every act done furtherance unlawful end attempt contrary law must certain nearness result question proximity degree com peaslee mass said amenability acts furtherance interference commerce among legislation congress according intimation question liability present ute hopkins ed sup anderson ed sup assume purposes discussion done near enough result fall law law prohibits result although assumption nearly quite contradicts decision knight ed sup say law prohibit result must meaning yet discovered words restraint trade think exhausted meaning words already said certainly require existing competitions kept foot principle freight association case invalidate continuance old contracts former competitors past partnership contract combination restraint trade partners unless well known words given new meaning invented purposes act true suppression competition referred missouri freight asso ed sup said connection contract stranger defendant business true contract restraint trade suppress competition way one thing suppress fusion another law repeat says nothing competition prevents suppression contracts combinations restraint trade contracts combinations derive character restraining trade features suppression competition alone see whether wrong illustrations put argument use partnership two stage drivers competitors driving across state line two merchants engaged rival commerce among whether made act continued crime repeat restraint freedom members combination caused entering partnership restraint trade every combination well small great within act view interpretation statute go question power congress dealt brother white concur main views happy know minority brethren adopt interpretation law opinion make eternal bellum omnium contra omnes disintegrate society far individual atoms intent regard calling law regulation commerce mere pretense attempt reconstruct society concerned wisdom attempt believe congress intrusted constitution power make deeply persuaded tried authorized say chief justice justice white justice peckham concur dissent justice white concur chief justice fuller justice peckham justice holmes dissenting northern securities company new jersey corporation great northern railway company minnesota one northern pacific railway company wisconsin corporation whilst argument bar government referred subject nevertheless expressly disclaimed predicating claim relief upon fact predecessor title northern pacific railway company corporation created act congress fact therefore may eliminated facts essential borne mind understand point view without going details follows lines northern pacific great northern railway companies transcontinental trunk lines pacfic ocean aspects conceded competing morgan hill persons immediately associated separately acquired owned capital stock northern pacific railway company aggregating majority thereof hill others associated owned manner onethird capital stock great northern railway company balance stock distributed among eighteen hundred stockholders although hill immediate associates owned one third stock confidence reposed hill proxies influence dominant affairs company footnotes comp comp comp