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PAI! I Mil.
tcniiiniiiL!,' llic prcscul (•( mt i-( »\ ('i'sy we iiccd hut l)i*i('lly I'cstatc sonic (tf the roncliisioiis reached. The ."M't ;i|)|)li('s to interstate r;iilI'oads as cai'rici's ('niKhictiiiu' interstate coniineree, and one of the ])i'in('i|)al iiisti'unieiitalities thereof, (riiifcd Shifcs v. TransMissoiiri Frcifjhf Associal ion , liifi [ \ S., 290; United Sfafcs v. Joint Trafjic Association, .171 U. S., 505. ) The aet is intended to reach conihinations and c()ns])iraeies which restrain freedom of action in interstate trade and conunerce and undnly suppress or restrict tlie play of C()ni})etiti()n in tlie conduct thereof. {United States v. Joi)it Traffic Association, su pra.) In that case an asjreement between competing interstate railroads for the purpose of fixing and maintaining rates was condemned.
" It is,'' said the court (p. 571), the combination of these large and powerful corporations, covering vast sections of territory and influencing trade throughout the whole extent thereof, and acting as one l)ody in all the matters over which the com})ination extends, that constitutes the alleged evil, and in regard to which, so far as the combination operates upon and restrains interstate commerce. Congress has power to legislate and to prohibit."
In the Northern Securities Co. v. United States (193 U. S., 197), this court dealt with a combination differing in character from that considered in the Trans-Missonri and Joint Traffic Cases, and it was there held that the transfer to a holding company of