Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1903-04-11
Concern in Wall Street
Over Ruling in Mer-
ger Case.
THE POSSIBLE EFFECT
May Knock Out Other
Railroad Dea1S--A1So
Steel and Oil.

New York, April 11.-The lawyers
for the Northern Securities company
declare immediate steps Will be taken
to carry the merger case to the Unit
ed States supreme court, but none of
them expects a decision can be reach
ed until the end of the year, and some
believe the final decision cannot be ex-
pected until well into 1904. The fact
that the matter will remain in an un-
settled state for another year is view
ed with some concern because of the
vast number of very important mat
ters which hinge upon a final deter
minatiOn of the case.
other Roads Interested
Not only are other railroads. like
the Union Pacific. Rock Island. New
York Central and Pennsylvania, which
control a majority of the stock of
other lines, held to be effected more
or less by the adverse decision. but
the question is raised by some cor
poratiOn lawyers whether the scope
of the meaning of the decision may
not be broadened by the government.
SO that it will also include the great
industrials, like the; steel trust and
the Standard Oil trust, whose owner
ship of many subsidiary companies
may be construed as restraining com
petition.
Even should the government make
no effort to include the industrials
within the scope of the st. Paul dccis-
ion, it is feared that while the matter
is pending it may expose some of the
NrIlTpra 1AIa Of fhasa
to strike" suits and thereby add a
new cloud to the financial situation
The effect of the decision abroad up
on American securities is looked for
ward to with. much interest in Wall
street.
The Northern Securities stock own
ed by the Union Pacific road is held
in the name of the Oregon Short line.
The interest on the large issue of
bonds made by the latter comes from
the dividends of the Northern Securi-
ties company. Should the govern
ment take any steps to enforce the
courts injunction restraining the
payment of Northern Securities divi-
dends while the appeal is pending an
awkward condition would be created.
No drastic move of the kind on the
part of the government is looked for
by the lawyers of the Securities COM
pany. In view of the exceptional inn
portance of the case they also believe
that the matter will be set down for
argument on the October calendar of
the supreme court.
The vast consequences involved in
the decision against the Northern Sc
curities company was demonstrated
yesterday by the anxious attention
given the matter by the great leaders
of finance whose carefully worked
out plans have been stamped as lille
gal Though it was a holiday in the
financial district, j. Pierpont Nor
gan. James J. Hill, Daniel S. Lamont,
John w. Griggs and Col. W. p. Clough
were all at their offices. Several con-
ferences were held during the day.
VIII Hold to Pet Schemes.
Even if the supreme court of the
United States, to which an appeal in
this case is to be taken Immediately,
holds that the merger is illegal, Mr..
Hill viii not give up his pet scheme.
He is determined that in one way or
another the main object of the mer-
ger, planned SO carefully by himself
and JSPierpont Morgan, shall be at
tanned