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Two giants of American railroading and finance were involved in this process of railroad consolidation. Hill was one of the nation's greatest railroad magnates, Morgan its greatest Wall Street financier. Both Hill and Morgan saw an advantage in controlling the Burlington Railroad, which connected the Twin Cities of Minnesota with Chicago, and whose lines extended deep into the grain belt of the upper Midwest. Hill and Morgan arranged a new corporation, which they jointly controlled, the Northern Securities Company, to own the stock of both the Northern Pacific and the Burlington railroads.
This arrangement would end competition between those two great "transcontinental" carriers and provide shippers with improved long-haul service. For Roosevelt, this proved a great victory. Not only did the victory earn him the politically popular title of "trust buster. In the seven years he served as President, Roosevelt brought suit against 43 other trusts. Harriman on the other. Deciding that accommodation was preferable to a fight to the death, the erstwhile competitors merged their holdings in the Northern Securities Company.
Knox to bring suit, alleging restraint of trade. Morgan and Mark Hanna pleaded personally with the president to halt the action, but to no avail. In court, Northern Securities attorneys argued that the company did not really engage in interstate commerce, but simply was a stockholder.
The majority opinion was ruled in favor of the government, saying that the only reason for the existence of Northern Securities was to create a monopoly on railroad traffic across the northern part of the country. The court ordered the company to be separated by selling the railroads it had acquired. Because the railroads, had a substantial effect over a large area of the north, it was considered interstate and can be regulated by the government.
Relevance: This case opposed the decision of E. C Knight vs. United States. In the E.
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