Dissolution Of Pooling Agreements

DISSOLUTION OF POOLING AGREEMENTS.

President Roosevelt's order to the attorney general to proceed against the Northern Securities company and to prepare a bill asking for an injunction restraining railroads centering in Chicago from violating the interstate commerce and Sherman acts, is already bearing fruit. The Northern Securities company has incorporated in Canada with a view to escaping the penalty of violated law here, and a general meeting of the executive officials of western railway lines, in Chicago on Thursday, voted the abolition of all pooling agreements and the dissolution of all associations organized for the purpose of carrying out pooling agreements which are contrary to law. This action was taken because these illegal concerns feared an injunction. All this goes to prove that it is not as difficult as has been thought to destroy such illegal combines, if only there be public officials willing to do their sworn duty in enforcing the laws. The great trouble in dealing, or failing to deal, with these illegal combinations is in the scare created by the hue and cry raised to the effect that any interference with these law breakers will cause excitement and lead to business disturbances and panic. This cry has generally made the executive officers of the government afraid to perform their duty for fear of causing detrimental business excitement. In this way these unlawful concerns have secured immunity from punishment for their crimes against the public. Having formed combinations in violation of the law, these representatives of ennormous wealth contend that they should not be punished for their criminal conduct lest business be disturbed thereby and the influence of the economic power back of them is used to prevent the law from taking its course. By such means these powerful combinations become superior to law and beget contempt for the law. Nor do they stop with open law-breaking. They also reach out and corrupt city councils, legislatures and congress itself in the furtherance of their lawless purposes. So fraught with evil have the great private capitalistic concerns with monopolistic tendencies become that thousands of citizens have come to believe there should be none such permitted outside of government ownership. That the law might be enforced against them is evidenced by the results of the threatened action under the direction of a determined president in the before mentioned cases. But to be convinced that it is not so enforced in the majority of cases required but a look around.