The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1902-02-28

part of the administration, as the
shrewd speculat0rs and fnanciers Of
the street readily saw it, would be to
test the Sherman antitrust law in its
broadcast application; in fact to revive
that almost forgotten bugaboo of the
community of interest cohorts
They had all come to regard the
Sherman law as a dead letter; that
while still unrepealed. no administra
tion, certainly no Republican admin
istration, would ever attempt to en-
lorce it, President Roosevelt was
known 10 have very decided views on
the trust question, which he had TAX
on occasion to express very freely be-
fore his elevation to the vice presi
dency and since It was believed,
however. from the more conservative
expressions with which he assumed
the more responsible dudes of the
presidency that he would attempt
nothing radical so far as the com
mercial interests of the country were
concerned.
No wonder. then, the presidents
action sent CONSERVATION into the
camp1 of trust stock manipulators.
and caused such a general feeling of
insecurity among the spectators of
all classes of these watered securities
What the outcome will be. no one
can say. It is possible, as some con
tend, that the whole proceeding may
come to naught on the grounG that the
proposed merging of these properties
is not "a consolidation in restraint OF
trade, within the meaning OF the
Sherman law. Il is possible that the
formation of the Northern Securities
company through which these great
railroad interests are to be brought
together as one. may be a technical
evasion OF the law ana the past
record of that body would Justify the
prediction that the United States su
pren,e court will hold that way if
possible 10 do Sc.
But It is just as plain as can be that
President Roosevelt proposes to put
the responsibility where It belongs. II
the Sherman law is inadequate TO
reach these alleged evils, tnen it will
be up to congress to frame other leg
lation if it sees fit At any rate, the
Roosevelt administration will have ac-
quilted itself of all responsibility.
In case the right OF these roads TO
merge is not sustained on the techni-
cality above suggested, tnen che hear
ing viii more or less invo-ye me whole
trust question: specially whether or
not a corporation formed under the
laws Of New Jersey can so use the
corporate powers granted il By thar
state to override the constitutional
laws of a sister state
Minnesota for instance. like Geor
gia. has a constitutional law forbid
ding the consolidation of competing
lines of railway ia that state. In the
face of this law the Northern Secur-
aes company has consolidated ali the
lines in the no.thern half OF Mianeso-
Ia, except two small mining roads
The whole state government OF
Minnesota is up in arms against this
consolidation, and ,uit has been enter
ed in the state courts against the Sc
.curiues company; but now that the
federal authorities have taken a hand
in the matter the hearing will be Civ
en- a much wider scope and ,he whole
community Of interest" theory may
be fully tested
The highly significant feature OF the
whole proceeding however. is tho
fact that President Roosevelt has
shown a disposition to Quesaol the
legality Of trusts IN general and to do
so without consulting ,ae financial
powe of the country or even inumat.
ling 10 them his intention
Only the confidence OF Pierpont
Morgan and the other grea hnanciers
in the final outcome and their'prompt
ness 70 take all stocks on the market
as he result of the presidents radical
posed 10 see in the move some good