The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1904-03-31
Tho Merger Decision.

who live along the lines of the Great
Northern, the Northern Pacific, and
the Chicago, Burlington and Quincy
Railroads will be benefited by the Su
preme Court decision against the
merger of those railroads into one COM
bination, 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,
Mr.. 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 orig
inally owned the stock and had ex-
changed their holdings for the stock
of the Northern Securities Company
will now have 1t returned to them.
There is nothing in the decision to
prevent one or more men from owning
the three railroads. as he or they have
money to buy. No part Of the decision
will prevent the owners Of the stock
getting together and agreeing to run
the roads In unison-a "gentlenaan's
agreement" as it Is called. What the
court has affirmed is the decree Of the
United States Circuit Court, the pro
visions Of which are:
"The Northern Securities Company,
its officers, etc, are hereby enjoined:
From acquiring or attempting to
acquire 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 either
railway company by virtue Of its hold
Ing 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
Company, or its officers, etc, to exer-
else 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 leased its own shares in
exchange for those of either railway
company"
The result of this decision from the
railroads standpoint is stated by for
mer United States Senator Manderson,
general solicitor of one Of the rail-
roads, who said: .'They will beyond
a doubt continue to be operated as sep
.arate entities, so far as the general
public is concerned. Therefore do
not see how it can be either benefited
or injured by the decision"
Attorney General Knox, in giving
his views upon the decision, plainly
declares that "the government does
not mean to run amuck" by rushing
into litigation against other similar il
legal combinations of railroads. Unless
President Roosevelt and his Attorney
General follow up this decision by the
more drastic criminal section of the
antitrust law, 1t is certain that the
conspirators in restraint of trade and
those who hold a monopoly Of the
railroad business Of the country have
nothing to fear from the result Of the
decision Of the court The big hold
ers of railroad stock are put to some
inconvenience by the decision. Their
pet company, which was to control
and hold about all the stock of these
naturally competing railroads, must
now be succeeded by some other agree
ment that will secretly bind them. The
railroads 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 compete
ton Is the only thing that will help
the public.
That the railroads are not hurt by
the decision is in a measure proven 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.
It 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 administra-
ton 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 be.
Antitrust Legislation.
The self-laudatiOn Of the Republican
leaders at the decision of the Supreme
Court on the railroad merger case
would be justified il the history Of
their antitrust legislation indicated
it. They claim all the credit TO: the
passage of the Sherman law, but the
granger uprising forced that legisla-
ton upon the attention Of Congress.
and with great flourish of political
trumpets it was claimed to be trust
killer. The extraordinary growth Of
the trusts and combines since 1880, the
date of the passage Of the antitrust
law. should cause those exuberant Re
publican trust fighters to pause in ex-
pressing their qualification. At least
since 1898 the Republican leaders have
notoriously been giving aid and COM
fort to the trusts and have received
contributions of large amount from
the corporations to carry on their cor
ruption Of the voters. in return for
standing pat' and Letting well
enough alone" Until the greed and au-
1acity of the coal trust and the beef
combine in 1902 pinched the people to
cry aloud for relief, the executive arm
Of the government made no move to
put the power given In the Sherman
law into operation, and then the coal
trust, one of the most notorious mon
opolies, was purposely allowed to con-
inue its exactiOns. The beef combine
was selected as the combine Of all 9th
ers to subdue, but in spite of all the
power of President Roosevelt and his
Attorney General and the injunction
Of the United States Court, it still con-