North Park union., 1902-02-28
1T STARTLED THEM
RAILROAD MEN ARE NERvous

Inc Announced Intention Of the oov.
eminent to Contest the Right of
Railroads to Consolidate shakes
the Stock Market
New York, Feb. 21.-The security
markets In New York, London, Paris
ana Berlin were demoralizeti to-day by
the announcement Of Attorney General
hnox that under the direction Of Pres
ldent Roosevelt he would begin suit to
dissolve the Northern Securities Com.
pany and set aside that great railroad
combination.
The capitalists Identified with the
formation of the company Were wholly
taken by surprise. and so far have
adopted no measures OF resistance, 1t
Is said, however, that ]. p. Morgan
will go to Washington tomorrow TO
see President Roosevelt.
Many authorities in the financial
world were inclined to believe that the
proposed suit was the forerunner of n
Wholesale war on Industrial trusts, but
this was e.nphatically denied in official
quarters In Washington.
1t was made evident in Washington
To-day that the announcement of the
attorney general will lead to an effort
TO get Congress to take hold Of the
Northern Securities case.
Governor Van SAINT OF Minnesota ex-
pressed himself as delighted with the
action taken by the President, while
Attorney General Douglas of the same
state said that the new suit began
would not interfere with the suit now
bending in the Supreme Court Of the
United States
Washington. Feb. 21.-Attorney Gen.
eral knoN'S announcement that. acting
on the Presidents request. he was pre-
pairing papers in suit to be brought
against the Northern Securities Com.
pany in the United States courts,
caused almost rs much of n commotion
In congressional and official circles as
1t did in Wall street.
The public announcement was made
with the advice of the President, to
prevent any great disturbance In val.
ueS on the stock exchange. which was
feared If 1t came in any other way
1t was explained that the Supreme
Court of the United States was ex-
pected to deliver decision on the ap-
plication of the attorney general OF the
state OF Minnesota at an early day.
This decision may be rendered OIL Mon.
day. The court may grant the applica-
tion, or. which Is more likely, 1t may
deny the application and declare lack
of Jurisdiction.
1t can further be stated that II tho
bill In equity proceedings now contem.
plated by Attorney General Knox ure
successful in establishing the facts, un.
der the Sherman antitrust law. that
the merger is Il contract combination
in form of a trust. or otherwise, or n
conspiracy in restraint of trade or COM
mcrce among several states" and II II
shall be shown that the persons en-
gagged in the merger are "monopolizing
or attempting to monopoliZc any part
OF the trade or commerce between sew.
eral states." criminal proceedings in
the United States courts will follow.
The facts indicated In the quotation
marks must be shown under the Sher-
man antitrust law before such Grim
inal proceedings can be taken.
The administration. 1t Is said today,
has positively no present intention OF
making n general war upon great in
dustrial combinations like the Steel
trust and kindred corporations. The
President frankly admits that there
may be much good in the combinations
that have grown out OF our vast indus
trial development. He has said that
there may be much more that Is bad II
these combinations become unmindful
of their duty to the public.
His remedy is publicity. which he ad-
vocatcd with such force in his inaug-
ural message.
There has been much discussion here
to-day as to whether. under the pres
ent law. the United States can succeed
in breaking up the Northern Securities
combination. Most lawyers are willing
to take the opinion Of the attorney gen
ernl that under the Sherman act the
combination is clearly Illegal ON the
other hand. it is pointed out that this
is an entirely new form OF combinn'
ton. on which there has been no decl-
sion by the supreme Court.