Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1903-04-13
THE r g DECISION.

THE MERGER DECISION.
With regard to the decision of the
United States court declaring illegal
the merger of the Northern Pacific
and Great Northern road, the st. Paul
Pioneer Press makes this comment:
Having found the Northern Securi-
ties company to be in restraint Of com.
merce according to the established
doctrine of the courts, the judges dis
miss the question. PU gs etaooinOii
miss as apart from the question the
contention of the company that the
virtual consolidation of the companies
in question would be beneficial in
stead of detrimental to the public in
terest. The court maintains that its
sole duty is to determine whether the
proof discloscs a combination in direct
restraint of commerce, not whether
the law against such combinations is
wise or unwise.
But while the court probably takes
an entirely correct view of the scope
of its powers, the questions which it
avoids are very properly subjects for
popular discussion. The Pioneer Press
has always been of the opinion that
the circumstances surrounding the
Northern Pacific and the Great North
ern warranted the utmost confidence
in the belief that their harmonious
operation, instead of operating in any
respect to the detriment of Minnesota
and the Northwest. would prove Of
incalcuable advantage to this section.
The fact that these roads are con-
trolled by men whose entire interest
is in the development of the Northwest
the danger that the Northern Pacific
might fall either into the hands of
those who would control it for stock
jobbing purposes rather than with a
view to developing it as a permanent
investment or into the hands of those
whose interest it was to develop other
sections at the expense of the North
west; the importance Of realizing the
plans for the development of the Orien-
tai trade to the success of which the
harmonious operation of the Northern
Pacific, Great Northern and the Bur-
lington was necessary; the fact that
consultations elsewhere when under
the management Of men who were
looking to the development of perma-
nent values for their property have not
only rapidly built up the country they
served. but have brought about better
service and a rapid decline in freight
rates; and. finally. the universal ten
dency Of freight ratees to decline and
the impossibility Of the mergers es.
Gaping the competition of other paral-
lei lines by land and water-these and
other considerations Of the same broad
character suggest that it would be a
serious misfortune to the Northwest
il the fact of the illegally of
the Northern Securities company
should operate entirely to divorce the
Northern Pacific and the Great Nor.
thern.
That 1t will do so Immediately Is not
likely. The dissolution of the holding
company will merely throw back into
the hands Of those who formed the
Securities company the stock of the
separate company which they before
held. There is not only a substantial
community of interest" but a still
larger community of purpose that is
likely to keep the three vast systems
working in harmony for their mutual
advantage and as a necessary conse.
quence for the advantage of the North
west.