The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-20
Lengthy Speeches of Counsel May
Prolong Merger Case Be
yond Tomorrow.
NO DECISION BEFORE MONDAY.
Judges Are Expected to Take
Time for Thorough Considera-
ton Before Passing Upon
Issues Involved.

| From progress made in the hearing Of the
Northern Securities railway merger in
! junction suit the last two days. it is not ex-
; pected that the case will go to the court
until tomorrow afternoon or Monday morn
: ing.
Both sessions were occupied yesterday by
, the arguments of Judge George B. Young
OF ST Paul. and NJ. D. Grover. general at
| torney for the Northern Pacific Railroad.
| This morning C. W. BUM. general attor-
ney for the Great Northern Railroad, will
| commence his argument. 1t is thought he
will occupy the greater part of the morning
i session. and that former Attorney General
Gr.Sgs will not be able to present his argu-
ment in tho time that will remain. In this
| event he will finish tomorrow morning or
early in the afternoon.
| Mr.. Griggs VIII be followed by T. D..
Watson of Pittsburg. special counsel for the
, Government. who will be the last speaker.
As Mr.. Watson will require at least three
or four hours. it is probable that the hear
ing will continue over Sunday.
Judge Young. who was interrupted in his
argument by the adjournment of court
Wednesday afternoon. resumed yesterday
morning. He spoke directly to the court
and it was evident from the attitude of the
Judges that his low-toned remarks were as
poignant as the more determined tones of
the other counsel
POWERS OF THE GOVERNMENT.
Judge Young dwelt particularly on the
power of the United States Government to
determine who shall and who shall not buy
or sell stocks of any description.
III this is held to be within its jurisdic-
tion.'' he continued, where is the limit of
Its power. 1t seems to me a startling
proposition. In my opinion, the several
States either have the power TO authorize
or forbid such transactions or they have no
power in the premises at all. 1t Is not for
the United States Government to give them
partial authority in this matter.
Under the contentious Of the prosecution,
the State has the power to authorize a con-
solidation and the United States Congress
has the power to annul this permission.
Let the Government show that there is
conspiracy and 1t has made its case. but
the mere holding of certain shares Of stock.
which were purchased In open market by
private individuals or a corporation, cannot
to my mind interfere with Interstate COM
merce'
PROSPERITY AND COMBINES.
Mr.. Grover spoke almost entirely concern
Company to purchase and hold any kind Of
stocks or bonds. He also held that the for
nation Of the Northern Securities Company
was protective measure and would assure
prosperity to the Northwest.
He pointed out that with the danger of
the death Of James J. Hill, J. Pierpont
Morgan and other heavy stockholders hang
ing over the roads, there could. be no per-
manent plans for the development Of the
States reached by the Great Northern and
Northern Pacific railroads.
THE formation of the company was Sim
ply means Of holding these stocks in their
integrity and to prevent the death Of one
of the principal stockholders from scatter
ing the stocks-perhaps being purchased by
rival and antagonistic corporations
1T is not alleged by the Government that
the Northern Securities Company has re-
strained trade. nor that 1t has done any
thing wrong. 1t is only alleged that wrong
may be done by the Northern Securities
Company"
LOWER RATES FOLLOWED.
Mr.. Grover then made a detailed state
ment regarding the causes antedating the
purchase Of the Burlington. He said that
1t was known that negotiations were in
progress for the purchase Of the road by a
rival railway-the Union Pacifc-but that
this did not seem to como under the head
of violation of the law.
In ending he quoted statistics TO show
that the acquisition of the Burlington sys-
tenn was the direct cause of an immediate
reduction in the rates OF transportation be-
m