Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1904-04-06
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8 POLITICS aaaaw
81 == OF THE DAY "a
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The Merger Decision.

The Merger Decision.
II anyone expects that the people
who live along the lines of tile Great
Northern, the Northern Pacific, and
the Chicago. Bur ington aud Quincy
Railroads will be benefited by the Su-
preme Court decision again The
merger OF those railroads Into one COM
bination, lie will he grevoHsly disap-
pointed. Passenger and freight rates
will not be reduced, nor VIII there lie
competition Mt the points where these
railroads touch each other. MIR. llil.,
Mr.. Morgan and the other stockh2ld-
ers will still control these railroads
and charge the pubic all thu traffic
Will bear Tho only result of the da'.-
sion is that the individuals who orig
inally owned the stock ana Ind eX-
changed their holdings for the stock
of the Northern Securities Com, an
will now have 1t returned to tht m.
There is nothing In the dacis on to
prevent one or mere men from own ns
the three railroads, as lie or they have
money 10 buy. No part Of the decision
viii! prevent tho owners of the STOCK
getting together and agreeing to run
the roads in unison-a "gentleman's
agreement" as 1t is called. What the
court has affirmed is the de:ree OF the
| United States Circuit Court, the pro-
visions of which are:
1.-THE Northern Securities Company,
its officers, ETC.. are hereby cnjoined:
From acquiring or attempting TO
acquire any more of such stock.
"From voting any such S o X at any
meeting of the stockholders of e.thcs
railway company.
Prom c1ercising or attempting to
exercise any control, direction. super
vision OF influence Oh the acts of eithe,
railway company y virtue Of its hold
ing of stock therein.
Prom allowing the Securities Com
pany or its attorneys or agents to vot'
the stock held by it.
prom paying any dividends on suci
stock to the Securities Company.
Prom permitting the Sscur.tie
Company, or its officers, etc, b eSer
else any control over the corporate act
of such railway companies.
"This order shall not be construe
rs preventing a re-cSchange betwce
the Securities Company and those I
whom 1t has leased its own shares i
exchange for those of either railwa
company"
The result OF this decision from til
railroads standpoint is stated by To-
mer United States Senator Mandersol
. general solicitor of one of the raj
= roads, who said: "They will beyon
doubt continue to be operated us sci
arate entities, SO far rs the gcner
public is concerned. Therefore
. not see how it can be either beneate
or Injured by the decision"
Attorney General Knox, In glviI
: his views upon the decision, plain
3 declares that "tlie government do
not mean to run nniuck" by ruslll
into litigation against other similar
. legal combinations of railroads. Unle
70 President Roosevelt and his Attorn'
- General follow up this decision by Il
~ more drastic criminal section of Il
= antitrust law, 1t. Is eeIt1ln that 7
" conspirators in restraint of trade n
those who hold monopoly Of Il
= railroad bushes, Of the country la
I nothing to fear from the result of t
decision of the court. The big hol
crs of railroad stock are put to sol
inconvenience by the decision. Thu
pet company, which was to cont
and hold about all the stock Of the
naturally competing railroads, m,
now lie succeeded by some other ayr
ment that will secretly bind them. I
railroads will be run rs separate co
panies, as they have been under
Northern Securities merger, but I
decision does not compel them to CO
pete against each other, and comp,
ton IS the only thing that will Ii
the public.
That the railroads are not hurt
the decision is in n measure proven
the action of the stock market sil
the decision was made pub lie,
stocks of the leading railroads hay
advanced, especially that Of the &C
panE involved.
1t is probable that Wall street ,
expecting the decision to lie ngai
the merger, and had prepared for
. and is so pleased with the admins
bv ton tip, given out by Attorney Gen,
on Knox, that other combines need
,va fear; that it considers the trusts
nv conspirators safe until politics req,
- aDpther raid by the powers that b.
Antitrust Legislation.
The self-laudat!on of the Republi
leaders at the decision of the Supr'
led Court on the railroad merger
ern would be justified II the history
ten their antitrust legislation vindic;
Ia it. They claim all the credit for
I'M passage of the Sherman law, but
granger uprising forced TINT leg
iise ton upon the attention Of Congl
and with great flourish of po|i1
l'l's trnmpcts it was claimed to be n II
~ killer The extraordinary growtl
no the trusts and combines since 1870,
me- date of the passage of the unti-t
law, should cause those cXubcrant
ICs pl,+orc IN ,,ouc, IN