The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-12-30
NORTHERN SECURITIES
PUZZLE.
[From the Newark News.l

LF'rom the Newark News.1
Wall street has evidently learned
from experience that haunting horrors.
like alleged impending disasters, do not
always materialize, for it is already
regarding. with more or less COM
plaisanee, the possibility of a supreme
court decision adverse to the Northern
Securities company. During the past
year it has trembled at and strained
every nerve to avert the worst that
might result from money panic, crop
failures and Industrial coIlapses which
never came. Scheduled for the bear
programme of 1904 was the riot which
would run through corporate security
prices should the decision on appeal
be against the Northern Securities, and
the fear of the doldrems which might
result from the depressing effect on
trade of presidential campaign
Whatever may become of the latter,
when actually confronted, the street
has thus early in the game made up
its mind that whatever may be the de-
cision with respect to Northern Securi-
ties, there isn't going to be much of a
shower after all.
1t asks with a certain insouciance,
what, supposing the government wins
it's case, is it going to do about it? Not
in the spirit, be it explained, in which
Bill Tweed once inquired as to the in
tentions of the public, in case the
voting community were not satisfied
with his dictatorship. but rather from
the point of view that it is not within
the possibilities that much that would
be serious could be done about it.
In buttressing that aspect of the case
"a prominent railroad lawyer is quot
ed as saying that not many years ago
the New York state supreme court
"outlawed the street railways" decid-
ed they had no charter rights, that
they were without legal existence.
yet" he added, 1.-The same car lines
are doing the same business" only
more of it. Following that line of
argument, il is recalled that some
years ago the supreme court decided
that the Standard Oil company was
to go out of business" but the Stand
ard Oil company Of New Jersey seems
to be getting along all right" although
merely a lawless relic of the mercy of
the supreme court" Then, again, there
was the sugar trust, which it is de-
clared, the supreme court of New York
wiped out" a dozen or more years
ago. but which is still making sugar
and selling it ''at about one-quarter of
the old price" It is ALL SO the street is
inclined to believe. the old principle
of property right" which seems diff
cult to overturn, however unpopular
possessors of the same may make
themselves. In the case of Northern
Securities, as some understand it, the
courts may resolve it into its original
elements, dissolve it, scatter it, tear 1t
up into little companies-but when they
finish the process J. J. Hill and his
friends will probably turn up with a
grip on each of the pieces. If history
means anything, the first thing Mr..
Hill would so would be to begin stick
ing them together again." This might
call for new name for the system
but the railroads would probably stay
| on the map and do business.
! The point raised is certainly amusing,
even if not welcome. Northern Secu-
rites may disappear, but who shall in
terfere with the title to ownership of
Great Northern, Northern Pacific and
Burlington? Will the supreme court
proceed to undo the thousand and one
transactions by which representatives
/ of Messrs. Hill and Morgan acquired
those properties, assume to decide that
a man may not buy what he can pay
for? If not, Wall street asks, what
will be gained by it all? If it may do
SO. some interest attaches to the modus
operandi by which it is to be accom-
| plished.