New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-15
PRESIDENT INDICATED.
COURT SUSTAINS HIN.
Majority Not against "Reasonable" :"
Restraint of Trade.
rrRox THE TRIBUNE sUEEAU.I

Washington. March 1.-THE Supreme Court
OF the United States to-day upheld the conten-
tions OF the government IN the Northern securi-
ties case by vote Of to 4. Justices Holmes
and White delivering dissenting opinions. Tbs
decision. which was delivered by Justice Harlan.
was concurred in by Justices Brewer, Brown.
McKeuna and Day. Chief Justice Fuller and
Justices White. Holmes and Peckham disssnteds
from the finding Of the court.
This result is regarded as a remarkable tri-
unph for the President and the Attorney Gem
eraL The Supreme Court has by It's decision
confirmed the Judgment Of the President thas
I'll. Northern Securities Company was formed In
violation Of a law which. irrespective OF its
merits. he was sworn TO uphold and enforce,
Moreover. a movement, which, IN tho opinion ot
Justice Harlan might logically have led to the
absorption OF all the railroads OF the United
States by a holding corporation which could
control rates throughout the country IN defancs
~ Congress" has been checked IN its inceptio1
by the courage Of a President who. with entire
s,ngI.pess OF purpose. dared TO invoke the courts
against a great aggregation Of capital
REVERSAL OF FORMER DECISIONS.
Not less important than the decision ITSELF
md IN the opinion Of some authorities. OF even
moro moment. is the fact that a majority %
the Supreme Court holds 20 the opinion thas
the sherman act must be construed IN Accord
snce with the principles OF common law. tnas
;, annles onlv to combinations In unreasonabls
r--sraint OF trade a complete reversal Of the po-
sttior Of this court when II handed down chs
decision in the Missouri case. That MS
,o-itv OF the court now hold 20 this opinion 10
brought out in the opinions. Justices Funsr,
r4orr,ss White and Peckham dissented from ths
decision handed down to-day. and Justics
Brewer while asserting 70 the decision as ap-
pIied 10 the Northern Securities case. which
he declared 20 be clearly n combination in un-
reasonable restraint OF trade. dissented from
the opinion Of Justice Harlan. putting hirnself
on record as OF the opinion that. were the re-
st-afnt OF trade I'm this instance reasonable. hs
would have voted against the decision rendered
Justice Brewer said in his opinion. referring
To the decisions in the Of the United States
vs. the Freight Association and OF the United
states vs. the Joint Traffi, Association: Il think
in some respects the opinions went too far. In
stead Of holding that the Antitrust act in
Guided all contracts. reasonable or unreasonable.
IN restraint OF interstate trade the ruling should
have been that the contracts there presented
We're I'm themselves unreasonable restraints Cf
trade. ana therefore Within the score Of the
act
NO CRUSADE AGAINST BUSINESS
The attitude OF a majority Of the court being
thus clearly defined in support OF the contention
that the sherman law was not intended 20 in
terfere with combinations in reasonable re-
straint OF trade" the fear. expressed in many
euarrers that the Northern Securities decision
would he promptly followed ty action agai2-t
IN evils
IS dispozsd o. and numerous financial interests
which have viewed with the gravest alarm the
decision in the case will enjoy the utmost relief
as a result OF the attitude &C the court as rs-
vealed to-day.
That the decision rendered to-day viii tn
r~ediateiy be followed by wholesale prosecutions
under the Sherman act may be authOritatively
denied. There is no desire on the Part OF the
administration TO disturb business or impair
the value Of legitimate enterprises or securities.
Time viii be required 20 weigh the full value %
tO-days decision. and il is probable that few
other instances will be found where Coubina-
tions so clearly in violation not only Of the let
ter but Of the spirit o. the sherman law have
been effected. Il Is possible that State authcri-
ties will he encouraged 70 undertake the prose-
cution of the so-caHed Beef Trust. but no
definite Information on that point IS obtaina5ls
I'm Washington
THE DIVISION OF THE COURT.
Some attempt was made in certain quarters
to-day 10 draw a political Inference from ths
fact that all OF the Democrats IN the Supreme
Court voted agniust the decision. while the Re-
pubIicans. with exception upheld II. but
competent observers declare that the only sig
nifcance to be attached to this division 70
be found in the strict adherence Of the Demo-
Gratis 10 the old doctrine OF State rights. which
they evidently feared would be endangered by
a decision under the Sherman law. in favor OF
the government. II is regarded significant OF
the entire case. however. that. despite the clamOr
Of the Democrats against corporate rights. il re-
maned for a Republican President to invoke the
law in the interests OF the people as against a
corporate combination
PRESIDENT CONGRATULATED.
President Roosevelt received the news OF the
merger decision within FIVE minutes after il was
delivered by telephone from one Of the news as
socatiOns. Soon after that congratulations be-
gan to pour into the White House from ell
quarters Of the city. Senators. Menrber OF the
House and bureau chiefs called up by telephone
70 tell Secretary Loeb to convey TO the Presi-
dent their satisfaction over his victory. Before
nightfau these Fluctuations were supplemented
by tslegraphic congratulations. and bv tO-n1or-
row morning the President will begin to receive