The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-04-17

New York, April 1S.-Jacob H. Schiff
of the banking firm of Kuhn, Loeb &
Co., members of the Hartman syndi-
cate and a director of the Northern Sc
Ohio Railroad Company and the Union
Pacific Company, in an interview in
The Evening Post, on the Northern Sc
~curities decision said today:
The result of the decision is that if it
be confirmed upon appeal, must ncessa-
rily be f~ar-reaching. The decision prac-
tically establishes this, that anything
done which will put it in the power of
any company to restrain industry and
trade. is illegal, even if the very re-
verse Of such restraint is intended. as
has no doubt been the bona fide pur-
pose Of the i~ncorporators of the North
ern Securities Company. Thus. as a
logical the power the
Pennsylvania possesses to influence
Baltimore and Ohio. and other corpor-
ate arrangements, or the power the
New York Central possesses to direct
the Nickle Plate Company's nag
ment or the New York. New Haven and
Hartford's influence over the New
England road, even if such power of
influence as actually exercised be bene-
foio1 TO tho n1h1io 10 i11noo1 TNbi- Sc
the danger in the situation which has
now been created. Not that 1 believe
that the government will at present go
any further, but as it is, almost any
one, for the purpose of blackmail or sin
lister imposes has it henceforth in his
power to open fire and harrass most of
the large railroad and industrial cor
| porations.
With all of this. 1 do not feel par
ticularly pessimistic. We shall, no doubt
| for some time find a great unwilling
ness to embark in new affairs. but that
is no misfortune, for promotion has
been carried too far and in this respect
perhaps the Northern Securities decis-
ion may prove a blessing in disguise.
The American people lave a particular
faculty for adapting themselves to con-
NS 49, S-NOJ SAASAp C24o liz lux liz
the effects n results of even the stu
alton o created will wear off and as
a consequence Of inactivity and further
liquidation which we ares certain to
have, money will, after a time, become
plentiful, and then likely all sound Sc
c%urities will benefit by the process of
recovery. which sooner or later will
surely set in.
1ha country has ar NO fipoa ~ ,+c
history been in a better and more pros
porous condition than it is at present
and it IS certain to profit by the expe-
rience, which it is just gaining in per-
maps a somewhat forcible, and to some
unexpected manner"
New York, April 13.-J. P. Morgan
was in conference today at his office
with President ]. J. Hill, of the North
ern securities Company n E. H. Har-
riman. of the Union Pacific and South
ern Pacific roads. The conference was
reported to have some bearing on the
decision in the Northern Securities case
but no confirmation vas obtainable,
those present at the conference declined
to talk for publication. Other promi-
nent financiers and railroad men who
visited Mr.. Morgan in the course Of the
day includes p. A. 3. Widener. Thos. T.
Rlan, Geo. F. Baker, II. B. Hollins,
President Spencer of the Southern
and President Thomas of the Lehigh
Valley. Mr.. Hill made special visits to
Mr.. Morgan'S office,
A representative of the Morgan firm
denied that there had been anything
like a formal decision of the final sit
uation or that the Northern Securities
decision had been talked about save in
a casual way.
New York. Anril 1s.-President James
j. Hill, of the Northern Securities Com
pany said today: I'VE will have our ap-
peal per ready in a day or two. We
expect to win. But even though the
United States supreme court should
compel the Northern Securities Com
any to give back the stock to the
Great Northern and the Northern Pa
cifc Companies, the control would still
be the same"