The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-12-21
VICTORY WOULD
PROVE BARREN
RAILROAD MAN SAYS MERGER
DECISION LAVAL LITTLE.
Points Out the Futility of Antitrust
Decisions Previously Handed Down
by the Supreme Court and Declares
that Mr.. Hills Northern Securities
/! Company May Fall, but that the
Merger Will Rise Phoenix-like from
It's Ashes.
Special to The Journal.

Special to The Journal.
New York, Dec. 21.-The head of
one of the large western systems says
of the Northern Securities case:
1T won't lead anywhere. Even sup
posing that the government gains the
decision absolutely what can be done
about 1t? Not SO many years ago the
New York supreme court decided that
the surface car lines in this city had
no charter rights. They outlawed the
street railways, declared them against
the law and without legal existence.
The same car lines are doing the same
business to-day. the only difference
being that they are doing more of 1t.
And If they didn't do it what howl
there would be!
Then again, remember not so
long ago a decision in the supreme
court of the United States that the
Standard Oil trust was to go out Of
business. The decision was sweeping,
direct, powerful and absolute. It went
out of business for day or two. The
last I heard Of it it was called the
Standard Oil company Of New Jersey.
1t owned an interest in nearly every
railroad in the United States that had
over 1000 miles Of track. It was a
monopoly Of the oil business of the
world. 1t seemed to be getting along
all right, even tho 1t was merely a
lawless relic Of the mercy of the SUI
preme court.
Other Trust Survivals.
ANY corporation lawyer can tell
you q dozen of similar instances. Re-
member the sugar trust. The supreme
court of New York state wiped it out
not long ago--1S91 I think. It was
wiped out clean. Have you ever heard
since of the American sugar trust? Is
there a day passes that you don't hear
oahnHv hNwlfnQ about If Thew
have been doing that now for thirteen
years and I suppose they will keep on
doing it for another thirteen years.
Meanwhile the so-called trust is MAX
ing sugar for the American people
and hear they make 1t pretty good
and fairly cheap-about one-quarter
of the old price, I think.
THE whole secret of all this is that
you can't get around the underlying
principle Of private ownership-of
property rights. A man owns thing
and he claims the privilege of doing
what he likes with it. If it happens
that in the course Of his money
making he makes a lot Of money for
other people, too, for the public, let
us say, they call him a. Captain OF
Industry" or "a philanthropist, or
something like that. If it happens that
he treadS on the toes of some other
public pet, or that he does not share
call him 'bloated capitalist or a
pirate, or something equally polite
Any one who stirs up an agitation
against him, abuses him, or tries to
cause him trouble is lauded to the
skies.
Principle of Property Right.
''1n spite Of it all the principle OF
property right is there and all the
abuse in the world does not touch it
q In the case Of Northern Securities the
fact u.s., understand, that the courts
may resolve it into its original ele.
ments, dissolve it, scatter it, tear i
up into little companies, but when the,
finished the process J. J. Hill and hi:
friends would probably turn up witt
grip on each Of the pieces.
If history means anything the frs
thing Mr.. Hill would do would be tt
begin sticking them together again
The process might be repeated unit
Mr.. Hill had to hire q photographs
to find new name for his system
but in the meantime I suppose tn
railroads would still stay on the maj
and do business. The only peopl
who would really suffer would be tn
little stockholders who wanted, per
haps, to sell their shares and bu.
something. They would sell at abou
half the value of their property.
think that's about where Northern
Securities is selling now"