The Lamar register., 1902-02-26
1T STARTLED THEM
RAILROAD MEN ARE NERvouSu
The Announced Intention Of the Gov
ernment to Contest the Right OF
Railroads to Consolidate Shakes
the Stock Market.

the Stock Market.
New York, Feb. 21.-The security
markets I'm New York, London, Paris
and Berlin were demorailZed To-Day ny
the announcement of Attorney General
Knox that under the direction OF Pres
ident 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 j. L. 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
wholesale war on industrial trusts. but
this was emphatically 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 eN-
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 Z
pending in the Supreme Court or the
United States.
Washington. Feb 21.-Attorney Gen
eral Knox's announcement that, acting
on the Presidents request he was pre-
pairing papers in n suit to be brought
against the Northern Securities Com
1pr.s
caused almost as 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 eN-
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 on Mon
day. The court may grant the applica-
tion. or. which is more likely. it may
deny the application and declare lack
Of Jurisdiction.
1t can further be stated that IL the
bill in equity proceedings now contem-
successful in establishing the facts, I'M
der the Sherman antitrust law. that
the merger is contract combination
In form of a trust. or otherwise, or Il
conspiracy in restraint of trade or com-
merce among several states,' and If 1t
shall be shown that the persons en-
gagged In the merger are "monopoliZinS
or attempting to monopollZe 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. it is said today.
has positively no present intention Of
making 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-
vocated 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 gem
eral 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 cOmbina-
tion. on which there has been no deci-
sion by the Supreme Court.