The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1903-07-03
AMEND ANTITRUST LAW
Railroad Lobby Is at Work Early
in the Season
Capitalists Effect an Organization at
the National Capitol.
From Wednesdays Daily.

AAoA NtuHcSuly Ddliy.
Washington, July 1.-The railroad cap,
italists have effected an organization,
with headquarters in Washington, to
bring about remedial legislation in their
interests. The efforts grew out of the
adverse decision in the Northern Securi-
ties case.
The railroads have no expectation of
winning this case in the United States
supreme court. 1t will be argued Dec.
IA, and the decision will be rendered a
few months later
The capitalists interested are antici-
pating the final result, and preparing
other means of owning the railroads.
1t is realized that after the decision ia
made by the highest court, efforts will
be made to enforce the Sherman anti
trust law in other directions. This will
not only affect some of the existing
transportation corporations, but will put
an end to any further exploitation of
this kind
The Morgan group of capitalists is
particularly affected in the south. These
capitalists had secured controlling inter
ests in number of southern railroad
lines. They did this with the intention
of combining them into a southern rail-
way merger, similar to the Northern Sc
curities company.
Of course, all this becomes impossible
now. The Sherman anti trust is an
effectual stopper.
This caused Mr.. Morgans subordi-
mates to raise a fund to secure modif-
cation of the Sherman act
Some twenty corporations were induc-
ed to contribute $4,000 each. The money
was sent to Washington, and one of the
first things done was to empower a
former United States senator as the
principal legislative agent. Samuel Spen-
GER, president of the Southern Railway,
was made the principal representative
of the interested corporations.
This sounds like i crazy sort of enter-
prise for big capitalists to be engaged
in, but experience in Washington shows
that this is about the way they would
60 at it. The lawyer was to decide up
OH some sort of an amendment, which
would be introduced from some unex-
pected source.
The president was. the first to hear
abou it. He listened to the reports, and
apparently gave no more heed to it.
Then Representative Cannon came
along with the news. He told the presi-
dent what he had heard before. The
president said: 81 thought it was not
worth bothering about"
Mr.. Cannon thought differently. He
told the president that unless it was sup
pressed at the beginning, it would go on
causing bother throughout the next ses-
sion. He said the amendment would bob
up in unexpected places, and might APP
pear in connection with almost any sort
of legislation.
The day after the interview, Mr.. Can
non took pains to let it be known in
quarters which would reach the attorney
for the capitalists that he would be on
the lookout for this kind of legislation,
and would kill it. This had an immedi-
ate effect.
George w. Perkins of the firm of j.
P. Morgan & Co., appeared in Washing
ton next day, and told the president that
all efforts to secure a modification of
the Sherman act in this session of con-
gress would be dropped.
He said his associates felt that if the
decision in the Northern Securities case
was upheld, it would be necessary soon
to have some remedial legislation in or
der to protect capital now invested in
but it was now deemed wise
to await until later before asking for
in the law.
The organization will be maintained in
Washington, with the former senator at
the head of it. But the Sherman act
will be let alone.