Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1904-04-09
THE MERGER DECISION
1t Will Not Bring Relief to the
Suffering People.
CRIMINAL PROSECUTIONS NEEDED

The Only Method That VIII Bring
the Combines and Trusts to Time.
wall Street Seems to Be Satisfied
That the Administration VIII Do
Nothing Drastic.
If any one expects that the people
who live along the lines of the Great
Northern, the Northern Pacific and
the Chicago, Burlington and Quincy
railroads will be benefited by the SUI
preme court decision against the mer-
ger of those railroads into one combi-
nation he will be grievously disap-
pointed. Passenger and freight rates
will not be reduced, nor will there be
competition at the points where these
railroads touch each other. Mr.. Hill,
Ar. Morgan and the other StOckhold-
ers will still control these railroads
and charge the public all the traffic
will bear. The only result of the deci-
sion is that the individuals who origi-
nally owned the stock and had eX-
changed their holdings for the stock of
the Northern Securities company will
now have it returned TO them. There
is nothing in the decision to prevent
one or more men from owning the
three railroads if he or they have mon
ey to buy. No part of the decision Will
prevent the owners of the stock get
ting together and agreeing to run the
roads in unison-a "gentlemen's agree
ment," as it is called. What the court
has affirmed is the decree of the Unit
ed States circuit court, the provisions
OF which are:
The Northern Securities company,
its officers, etc, are hereby enjOined:
From acquiring or attempting to ac-
quire any more of such stock.
From voting any such stock at any
meeting of the stockholders of either
railway company.
From exercising or attempting to
exercise any control, direction, super
vision or influence on the acts of Ell
Their railway company by virtue of its
holding of stock therein.
From allowing the Securities COM
pany or its attorneys or agents to vote
the stock held by it.
From paying any dividends on such
stock to the Securities company.
From permitting the Securities COM
pany, or its officers. etc, TO exercise
any control over the corporate acts of
such railway companies.
This order shall not be construed
as preventing a re-exchange between
the Securities company and those to
whom it has issued it's own shares in
exchange for those of either railway
company
The result of this decision from the
railroads standpoint is stated by for
meT United States Senator Henderson,
general solicitor of one of the rail-
roads, who said: They will beyond
doubt continue to be operated rs sep
arate entities, so far as the general
public is concerned. Therefore l do
not see how they can be either bene-
flied or injured by the decision"
Attorney General Knox, in giving his
views upon the decision, plainly de-
clares that 1.-The government does not
mean to run amuck" by rushing into
litigation against other similar illegal
combinations of railroads. Unless
President Roosevelt and his attorney
general follow up this decision by the
antitrust law it is certain that the con-
spirators in restraint of trade and
those who hold n monopoly of the rail
road business of the country have
nothing to fear from the result of the
decision of the court. The big holders
of railroad stock are put to some in
convenience by the decision. Their
pet company. which was to control and
hold about all the stock of these natu-
rally competing railroads. must now be
succeeded by some other agreement
that will secretly bind them. The rail-
roads will be run as separate COM
panies. as they have been under the
Northern Securities merger. but this
decision does not compel them to COM
pete against each other. and competi-
ton is the only thing that will help
the public.
That the railroads are not hurt by
the decision is in measure proved by
the action of the stock market since
the decision was made public. the
stocks of the leading railroads having
advanced, especially that of the COM
pany involved.
II is probable that Wall street was
expecting the decision to be against
the merger and had prepared for it and
is so pleased with the administration
tip given out by Attorney General
Knox that other combines need not
fear; that it considers the trusts and
conspirators safe until politics require
another raid by the powers that he