Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-15
BLAME THE PRESIDENT
Wall Street Sore Over Merger
Decision.
LOUD IN INVECTIVE E
ATTORNEY GENERAL KNOX Is
NOT CENSURED.
Argued That He Merely Carried Out
Personal Wishes Of MI.
Roosevelt.
LOUD IN INVECTIVE E
lal From a STAFF Correspondent.

Special From a STAFF Correspondent.
NEW YORK. April 15.-It would be diff
cult for an outsider to appreciate the
amount of bitter invective which is being
hurled at President Roosevelt by the finan-
cial world of New York. The President is
held personally responsible for the crusade
against the trusts, as exemplified In the
Northern Securities case. The financiers of
New York assume to belive that the Presi-
dent is moving solely on his own initiative.
not in response to any public or party de-
mand, and that his course is dictated by
personal practical ambition.
The President is denounced on every
hand. Attorney General Knox does not
come in for share of the violent anath-
ema hurled at the chief executive, as the
Attorney General is regarded but the
instrument of President Rocsevelt's will.
How Wall Street Argues.
Wall street argues the case after this
fashion: The antitrust law has been on
the statute books for many years; there
had been numerous combinations, whose
principle was the same as in the Northern
Securities case, although the amount in
volved was not so large, yet the law had
never been invoked Wall streets conclu-
has taken it upon himself to make this a
personal issue.
One of the prominent men in the circle of
financial magnates is Jacob H. Schff of
Kuhn, Loeb q Co., director of the North
ern Securities Company, and member of
the group of financiers known the Har-
riman Union Pacific interests. Mr.. Schiff
says that the practical effect of the decis-
ion is to place in the hands of any ill-dis-
to blackmail corporations and combinations
of industries. For the future some Of the
greatest industrial groups Of the country,
according to Mr.. schiff, are to be placed
at the mercy of one mans whim.
The most conservative opinion in financial
circles is that the Supreme Court is likely
to uphold the decision in the Northern Sc
curities case. Naturally the legal advisors
of the corporations denounce the decision
as bad law and express grave surprise that
the circuit court should have handed down
such decision. But at the same time
these same legal gentlemen recognize the
fact that the unanimity of the lower court
is a bad sign for them and indicates grave
doubt of the Supreme Court overruling the
judgment of the lower court.
Rumor as to Appeal.
rumor was in circulation yesterday
that the appeal to the Supreme Court would
likely be abandoned. That report was not
credited in well-informed circles. and later
In the day was emphatically denied by
James ]. Hill and ]. Pierpont Morgan.
Even while reafing that the decision will
go against them, it is the policy of the in
terested parties to carry the appeal for
ward In the first place such action would
give sixty days time in which to mature
other plans for future proceedings. If the
appeal should be abandoned now, imme-
diate reorganization of all the immense III
tereSts would be necessitated
AS stated in these dispatches yesterday
there is division of opinion among the.
railway and financial magnates as to the
adviSability of attempting to evade the law
and organize combinations under other
forms. Mr.. ]. Pierpont Morgan personally
stated last night that the game was not
ended yet. and that the great interests at
stake had not exhausted all their re-
sources. He added significantly that there
would be developments pretty soon which
would indicate the intention of the corpo-
rotionS.
Mr.. Morgan is Aggressive.
Mr.. Morgan is in favor of aggressive pro-
cedure He honestly believes that the legal
rights of the corporations have been in
fringed In this decision. He is convinced
that it would be for the best interests of
every UOuy COlCeTHeU 10 eUeCl the COmDlnd-
ton proposed. His anger has been aroused
by what he regards a political play of
Mr. Roosevelt. and he Is in favor Of setting
the best legal talent to work to devise. If
possible. means of getting around the
courts decision and accomplishing the de-
sired purposes in other ways.
Mr.. James j. Hill, president of the Great
Northern railway. is just as anxious as Mr..
Morgan to effect the combination but he is
a little more wary and cautious. Mr. Hill
is in closer touch with the sentiment Of the
country, especially of the west, and realizes
to a greater degree than Mr.. Morgan the
danger of outrageously defying public opin-
ion. Each of these gentlemen is supported
in his views by factions in the financial
world. The contention will be fought ont
In few days. however and a decision
reached.
Expect No More Attacks.
There is one important fact In connection
with this indecision Of the financiers They
not sure that the Attorney General
won't make another move against the
trusts There was a hint from Washing
ton a day or two ago that he might pro-
ceed against the notorious combination of
the anthracite coal roads. II the Attorney
General should even move to inyestinpate
the deal through which the New York Cen
trail controls the Lake Shore road the in
fluence of the New York New Haven and
Hartford over the New England lines and
the connection between the Pennsylvania.
Wall street would see days of torment
which would live Tor years.
Some of the financiers are afraid to dis
play too much defiance lest the Attorney
General might make a move in these direc-
tions.- They have been awakened to a
realization of the power possessed by that
quiet-mannered. unostentatious lawyer
who sits in the Attorney Generals chair
and who knows the ways of the trusts and
railway combines from the ground up.
Situation is Perplexing.
So the situation presents many phases of
pe-plexity and uncertainty for Wall street
There are shrewd men at work upon the
problems. however, employing the abIest
legal talent the country affords Confident
of the ability of this coterie to work out
solution the stock market Is holding on
by the skin of it's teeth for better times
the lesson of Monday teaching how fatal
II is to let go for only a moment
Supporting strength continued to como
from high financial quarters during the
morning and early forenoon, and the
market ruled strong. There were promi-