The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-03-15
No confscation of Pronertu-


As 20 the effect Of the decision upon
other corporations. q fuller knowledge
Is required OF the majority and minority
opinions of the court than was avail
able during business hours today. says
the sun" 1t was. however very well
said today. by one prominent banker.
that no Matchmaking action on any
thing approaching a wide scale had
ever yet succeeded against a great rail-
way or industrial corporation IN this
country. and il is wholly probable that
such viii be the future history. also Of
corporation litigation. Regarding the
present status OF the companies com
prised in the Northern Securities or
ganization. it would seem. on the face
Of things, as II matters are TO be left
exactly as they were Just preceding the
formation CT the Northern Securities
Company. that is 10 say, without con
nscation OF anybody's property and with
control Of the Northern Pacific. Great
Northern, and Chicago, Burlington and
Quincy railways in the hands Of indi-
viduals who are on friendly terms. and
with whom rate wars and other similar
troubles are impossible. The common
notion In Wall Stree in the return OF
stock contemplated under the decision
OF the court. that the Union Pacific
Railroad Company will be left IN control
or majority Of the Northern Pacific
shares. so that 1t might In turn become
subject 10 prosecution under the anti
trust law Is erroneous. The Union
PacibS company did have, prior TO the
form a.lon Of the Northern Securities
Sompeny. majority Of the Northern
Fac3fH stock. but II sold a portion Of
this stock 10 private bankers and now
holds Jess than majority OF the North
ern Pacific shares.
Not Entirely Satisfactory.
The stock market was aroused out
Of its lethargy by the sweeping decis-
Ion Of the Supreme Court IN favor
or the Government In the celebrated
Northern Securities case says the
World" The ghost which has so long
disturbed Wall STREET has at last been
laid. That II IS not entirely 20 the
satisfaction OF the financial community
goes without saying As a market
factor, however # was discounted long
ago. as was amply demonstrated by
the comparative steadiness Of the mar
kes VIXEN the worst was known. There
Wac no other influence AT work Specu-
l2tlve sentiment was. nodded entirely
By the nature u this important decis-
ion. There IS 10 public TO sell stocks.
and apparently none to buy them. hence
The traders IN their efforts 10 cover
their short contracts found rather limit
ID offerings. II is rumOred that a re-
hearing Will be asked for. but cannot
he held until autumn, II granted az all,
b. the Supreme Court justices
Not Fully Digested.
Il would be rash TO assume that all
OF the decisions normal consequences
have been expressed In tOday's apathetic
reception Of it. says the Evening
Post" Supreme Caurt opinions IN a
case OF great IL ,l-,aacG must be read
can be safely .1-ass- e.. This is par
ticularly true VI ths ~ case be-
cause the really leg slri-. t- .fs-r- az con-
servative Hah street .i..t Asa been
the extent 10 which othVr acquisitions
OF alliances worid be covered by the
ruling. No one imagined taac the in
vestinE public Woke lose sleep because
the. reci-' csq aud ELphaZa.d adventure
which 50 - u --r SorIern merger
hadj bee Lon.'rl Cec.Sive.y by the
coulkt Thtuszl. { -i@ti 49, Ire not con-
troHtd by their ..rsonsi interests or
amHA lions arrived icag 60 az the con-
clusian that that the theories and pur-
posesl embodied in the Northern SecuH-
ties / undertaking were excessively
dangeAsous 10 the Investor himself. Jus
tice Rr0Nxn's query at the hearing two
years ago S4epeated to1ay ia Justice
Harlsr,Ie IL uion-as 10 why. on the
basis now i stfended. all railways I'm the
country rni4ht not be merged into one
control Isl sunk very deeply into re-
fleeing nj 4 DIS Much has happened
since Anal 1 1903, 10 throw light on the
meaning Of II this merger theory 70 the
minority fuvestor- The haf-baked
propositions and shallow reasoning
which weref employed two years ago TO
prove thaf Asuch devices were necessary
20 the invH stors welfare viii never
again comutan0 similar hearing All
this may pcRrhaps Splain tOdays serene'
reception o. the news.