be unlawful for any individual, firm, company, corporation or association to enter into, continue or maintain any combination, agreement or arrangement of any kind, expressed or implied, with any other individual, firm, company, association or corporation for any of the following purposes: First; to create or carry out restrictions in trade. Second; to limit or reduce the production, or increase or reduce the price of merchandise, produce or commodities. Third; to prevent competition in manufacture, making, transportation, sale or purchase of merchandise, produce or commodities. Fourth; to fix at any standard or figure, whereby its price shall be in any manner controlled or established, any article of merchandise, produce, commodity or commerce intended for consumption in this state. Fifth; to make or enter into or execute or carry out any contract, obligation or agreement of any kind or description by which they shall bind or have bound themselves not to sell, dispose of, or transport any article or commodity or article of trade, use, merchandise, commerce, or consumption below a common standard figure, or by which they shall agree in any manner to keep the price of such article, at a fixed or graduated figure, or by which they shall in any manner establish or settle the price of any article or commodity or transportation between them or themselves and others to preclude a free and unrestricted competition among themselves, or others, in the sale or transportation of any such article or commodity, or by which they shall agree to pool, combine, or unite any interest they may have in connection with the sale or transportation of any such article or commodity that its price might in any manner be affected.

§ 2. Be it further enacted, etc., That any corporation holding a charter under the laws of the state of Louisiana, which shall be convicted of a violation of the provisions of this act shall thereby forfeit its rights and franchises, and its corporate existence shall cease and determine, and it shall be the duty of the attorney-general of his own motion and without leave or orders of any court or judge, to institute an action in the name of the state of Louisiana for the forfeiture of such rights and franchises and the dissolution of such corporate existence.

§3. Be it further enacted, etc., That every foreign corporation, or any corporation organized under or pursuant to the laws of any state, who shall be convicted of a violation of the provisions of this act is hereby denied the right and

prohibited from doing any business within this state, and it shall be the duty of the attorney-general to enforce this provision by injunction or other proceedings in the name of the state of Louisiana.

§ 4. Be it further enacted, etc., That any violation of either or all the provisions of this act shall be and is hereby declared a conspiracy against trade, and any person who may be or may become engaged in any such conspiracy or take part therein, or aid or advise in its commission, or who shall as principal, manager, director or agent, knowingly carry out any of the stipulations, purposes, prices, rates, or orders thereunder or in pursuance thereof, shall be punished by fine not less than one hundred dollars nor more than one thousand dollars, and by imprisonment in the penitentiary not less than six months nor more than one year or by either such fine and imprisonment in the discretion of the court. It shall be the duty of the district attorneys in their respective jurisdictions and the attorney-general to enforce this provision and any district attorney of any parish securing a conviction under this provision shall be entitled to such fee or salary as by law he is allowed for such prosecution.

§ 5. Be it further enacted, etc., That in any indictment for an offense named in this act it is sufficient to state the purposes or effects of the trust or combination and that the accused was a member of, acted with or in pursuance of it, without giving its name or description, or how, when or where it was erected, Provided, That no contract or agreement or arrangement which does not include, or which cannot be held to include a stipulation between the parties to share in the profits of any such contract, agreement or arrangement, or which contract, agreement or arrangement does not provide for or does not contemplate a profit or pool to be divided between the parties to such contract, agreement or arrangement, shall be held or construed to be in violation of the provision of this act.

§ 6. Be it further enacted, etc., That in prosecutions under this act, it shall not be necessary to prove who constitute all the members belonging to the trust or combination.

§ 7. Be it further enacted, etc., That any contract or agreement in violation of the provisions of this act, shall be absolutely void.

§ 8. Be it further enacted, etc., That the provisions of this act shall not apply to agricultural products or live stock

while in the hands of the producer or raiser; nor be so construed as to affect any combination or confederation of laborers for the purpose of procuring an increase of their wages or redress of grievances.

§ 9. Be it further enacted, etc., That this act shall take effect from and after its passage and that all laws and parts of laws conflicting with same are hereby repealed.

Approved July 7, 1892.

LAWS OF 1894, ACT 176.

AN ACT to declare it illegal for any corporation, or corporations, firms or individuals to issue certificates to be known as rebate certificates or any evidence of indebtedness, the contract upon which said certificates are based being to control the business of the party or parties, thereto.

§ 1. Be it enacted by the general assembly of the state of Louisiana; It shall be illegal for any corporation or corporations, firms or individuals to issue certificates to be known as rebate certificates or any evidence of indebtedness, the contract upon which said certificates are based, being to control the business of the party or parties thereto.

§ 2. Be it further enacted, etc., That it shall be and is hereby declared illegal to impose as a condition that said certificates or evidences of indebtedness shall be binding only in event said original party to whom the same were issued, shall make all purchases from the firm or firms, corporation or corporations, individual or individuals, issuing same or connected in any manner with the firm or firms, corporations or individuals issuing same.

§ 3. Be it further enacted, etc., That said firm or firms, corporation or corporations, cannot urge as a defence to any certificates issued, that their liabilities thereon are based upon the exclusive trade of the party to the contract. Approved July 12, 1894.

COMMON-LAW DECISIONS.

The Texas and Pacific Ry. Co. et al. v. the Southern Pacific Ry. Co. 41 La. Ann., 970. December, 1889. Statement.

Two systems of railroads, one controlled by Jay Gould, and the other by Collis P. Huntington, were competitors in carrying freight between certain points. The companies made an

agreement whereby the income from business between these points should all be pooled. According to this arrangement defendant has about half a million dollars which is due plaintiff. Defendant claims that the contract was void, and refuses to pay. Plaintiff brings suit.

Opinion.

Railroads are quasi public agencies, and they have no right to make contracts which tend to injure the public. A contract to pool the income from competing systems is an injury to the public, and it is therefore void.

The court refuses relief in the following words:

"On ascertaining the building is infested with the disease of illegality, the judge simply refuses to enter its portals, and retires without incurring contact with any of its inmates, and without attempting to examine into, or to rectify, any rights or wrongs which may exist between the inmates of the polluted household. He leaves them quietly where they have placed themselves, and he turns a deaf ear to any equities which one of the parties may invoke against the other."

John Trisconi v. J. M. Winship et al.

43 La. Ann., 45. Statement.

January, 1891.

Plaintiff was a stockholder in the Bienville Oil Works. The directors allowed the American Oil Trust to get control of two-thirds of the stock of the Bienville Oil Works. The corporation was dissolved, and, the debts having been paid, nothing was left. Plaintiff brings a suit, to recover his damages against the directors of his own corporation and those persons connected with the American Oil Trust who were engaged in the scheme.

Opinion.

"The action of the majority in the instant case being lawful, as done with legal sanction and authority, this court is powerless to inquire into and determine its expediency or the sufficiency of the motives which prompted and dictated it without transforming itself into the corporation and acting as its board of administrators, which it surely cannot do." Plaintiff cannot recover.

MAINE.

STATUTE.

LAWS OF 1889, PAGE 235.

AN ACT to prevent such formation of trusts, combination of business firms, incorporated and unincorporated companies, or association of persons or stockholders, as may be contrary to public policy.

Be in enacted by the Senate and House of Representatives in Legislature assembled, as follows:

§ 1. It shall be unlawful for any firm or incorporated company, or any number of firms or incorporated companies, or any unincorporated company, or association of persons or stockholders, organized for the purpose of manufacturing, producing, refining, or mining any article or product which enters into general use and consumption by the people, to form or organize any trust, or to enter into any combination of firms, incorporated or unincorporated companies, or association of stockholders, or to delegate to any one or more board or boards of trustees or directors the power to conduct and direct the business of the whole number of firms, companies or associations which may have, or which may propose to form a trust, combination or association inconsistent with the provisons of this section and contrary to public policy.

§ 2. No certificate of stock, or other evidence of interest, in any trust, combination, or association, as named in section one of this act, shall have legal recognition in any court in this state, and any deed to real estate given by any person, firm, or corporation, for the purpose of becoming interested in such trust, combination or association, or any, mortgage given by the latter to the seller, as well as all certificates growing out of such transaction, shall be void.

§3. Any incorporated company now operating under the laws of this state, and which at the date of the passage of this act, may be interested in any trust, combination or association, named in section one of this act, or any firm, incorporated or unincorporated company, or association of persons or