... roads would be operated as one, their earnings pooled, competition between the two eliminated and a virtual consolidation effected. On the advice of the Attorney-General, Philander C. Knox, President Roosevelt directed that proceedings be instituted against the holding company—an act that seemed almost useless in view of the decision of the Supreme Court in the Knight Case. But the decision in the Northern Securities Case, handed down in 1904, was a surprise. By a vote of five to four the Court declared the company ... — The United States Since The Civil War • Charles Ramsdell Lingley
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