Oliver Wendell Holmes, Jr.

“ We assume that the question whether the facts found by the Commission present a case of real or possible competition within the meaning of the statute is a question of law that could not be conclusively answered by the Commission; but still there is nothing for a court of equity to enjoin if all that the Commission has done is to decline to extend the time during which the railroad can keep its boat line without risk. ”

“ The facts other than the question whether they warrant the conclusion that the railroad and the steamboat line do or may compete are not disputed. The railroad extends from Jersey City to Buffalo, and there connects with the line of the Lehigh Valley Transportation Company, which runs vessels between Buffalo and Chicago and Milwaukee. The railroad company owns all the stock of the Transportation Company, but, with the exception of the interchange port of Buffalo, serves no point in common with the boats of the latter. ”

“ Although they proceeded to discuss the merits of the case, they intimated at the outset a strong doubt whether, in any event, an injunction could be granted. If this doubt was well founded, there is nothing more to be said, since the ground of jurisdiction is gone. ”