The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-11-19

fear the progress of the octopus and will
welcome a dellverer.
Wide Interest Aroused.
Governor Van SAINTS attack on the
giant merger of western railways has
walked the echoes from ocean to ocean.
The sensational announcement has had
the expected and desired effect. It has
caused the business world to pause and
| inquire:
rs amassed capital greater than gov
ernment? Can this perilous undertaking
succeed in the face of hostile governors
and legislatures? Is it safer"
All capital is not in sympathy with tha
vast consolidation, and the financial world
Is stirred to Its depths by the presena
situation. The prominent interests be-
hind the Northern Securities company
make light of 1t all. They admit that they
expected much opposition to their plans.
but contend that in view Of this the legal
| status OF the new company was constantly
borne in mind. There is nothing in state
or federal laws. they say, to prevent the
deposit and exchange Of stocks con, n
plated by the new corporation. There is
no intention to consolidate the railways.
Close to the Danger Line.
So they say. But, at the same time.
Charles Steele, OF J. P. Morgan & Co.,
says the Northern Securities company will
benefit the people, by giving them better
! facilities, better service and more stable
rates. To do SO the company must exer-
else general supervision over the lines,
must keep a close rein on both operating
and traffic departments, and, to all in
tents and purposes, run an the roads as a
connected whole.
The New York Journal of Commerce
says that Mr.. HIPS original intention was
to place Darius G. Miller at sthe head of
the traffic Of the Burlington as well as OF
the Great Northern and Northern Pacific,
but this is opposed by the Hartman in
terests, who believe that Miller would
discriminate against the Union Pacific.
Such move would be in direct violation
of the Minnesota law. The managers Of
the merger will have to keep their tracks
covered better than that
Gov. Van SAINT heard from James J. Hill
yesterday by wire. The telegram waa
considered confidential, and the governor
declines to say anything in regard to it.
Evidently the president of the Northern
Securities company thinks the governors
attitude at least worthy Of notice. Mr..
Hill says, however, that the company ia
not organized for operation, but for holds
ing stocks, and as such violates no law.
Cooperation of Governors.
There may be a governors trust" I'd
fight the railroad trust. Gov. Rogers. Of
Washington, is talking Of cooperation
among the governors Of all the states con-
tanning the lines of the Northern Pacific
and Great Northern. The Washington
constitution provides that "monopoIies
and trusts shall never be allowed In this
state" and directs the legislature to carry
out the provision. There may be an e.
ira session in Washington, and Cow
Rogers is in correspondence with the gov
ernors of Idaho, Montana, North Dakota
and Minnesota, looking to some concerted
measures against the new stock buying
trust
All sorts Of rumors are afoat. One fs
circulated by morning paper, to the ef-
feet that NJ. D. Grover, the astute general
solicitor of the Great Northern, advised
James J. Hill against the legality OF the
new venture, and therefore was left out Of
1t, W. P. Clough being made general coun-
sci. Whatever Mr.. Growers opinion on the
matter, it is not likely he would have been
taken into the new company, but retained
in work peculiar to the Great Northern
which commands his entire attention.
What VIII Mr.. Douglas Dos
No one knows whether Attorney General
Douglas will bring an action against the
new company, or where he would bring
it. True, its president lives in Mime
sofa, and service on him might be legal.
Otherwise there is no way to reach the
new corporation in the state courts. 1t
violates no federal law, therefore there
seems no way of getting it into the federal
courts.
The question will first be examined In
A