A Victory For The Government

Thevietory won by the govevnment in the gi-eat Merger suit brought by Attorney Goneral Knox against the Northern Securities company is a notable one. It is probably the greatest, or at least, one of the most important, in the history of the government. It must yet pass the gauntlet of the United States supreme court before it wlll be good law, but this !- cision seems to be in keeping with the recent decisión in the famous lottery case and conseqttently is not likoly to be overturned by the supreme court. And if it stands, it will undoubtedly become one of the great construetive decisions of the courts relativo to the powers of congress. . The decisión appears very simple. It liolds that Ihe stock of the Great Northern and Northern Pacific railwjiys held by the Northern Securities company was acquired through an organlzation operating in restralnt of trade. This is declared to be in violation of the Sherman anti-trust act and eonsequontly the Northern Securities company is an IHegal comblnatlon. The court liolds, therefore, that the Securities company must not exereise any control over the corporate acts of the two rallroads mentloned. This decisión, therefore, puts the Northern Securlties company out of business, if the decisión be upneld by the supreme court. The Northern Securities eompany was supposed to be the most scientifle development of the trust principie as it is understood today. The shrewdest aud keenest trust lawyers of the country wère coucerned in its construction and it was supposed all provisions of law had been evaded. But the court of appeals holds othervrise and places In congress plenary power as to the control of interstate commerce. It will thus be seen tliat the victory is a most important antitrust victory, the greatest since the trust issue became important. The political effect of the decisión undoubtedly will be far reaehing. If it be upheld by the supreme court, it eannot fail to increase the prestige of the president. It is well known that he practically defied the powers of Wall street when he ordered the attorney general to commence this suit. Lt is well understood that Attorney General Kuox is one of the ablest trust lawyers in the country and under bis direction, at the command of the president, this suit was commenced ad the victory must, therefore, acorue to the credit of the administratíon.