President Roosevelt has made another step forward in his war
against the Trust system. An organisation called the Northern Securities Trust was created, the object of which was to pool the shares of the Great Northern and Northern Pacific Railways, and thus abolish competition between those great lines. As this organisation was alleged to be contrary to the Sherman Anti-Trust Law, which forbids the combination of inter-State concerns when contrary to the public interest, the question was appealed to the Supreme Court, which on the 14th inst. gave judgment. By five to four the Court decided that such a combination was illegal. The financiers interested will possibly find means to evade the decision, but it will have important political consequences. The people desire to restrict the power of such combinations, and look to Mr. Roosevelt as their leader in seeking that end. The Supreme Court now tells them directly that they have such power, and by implication that the exercise of it is in consonance with good public policy. The result will be an increase of the desire for Mr. Roosevelt's re-election, and increased embarrassment for the capitalists who now seek wealth through monopolies. The decision, it is said, threatens many combinations besides the one to which it applies, but they are not as yet to be prosecuted, as they are not visibly opposed to the public interest.
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