ter of the Great Northern, and confidence existed between
him and Morgan.

They wished a secure outlet for the products of the Northwest, also
access to Chicago over a line of their own. After a survey of the field
the promoters selected as the most available for the latter office the
Chicago, Burlington and Quincy. Purchase of shares in this corporation
was quietly begun. Soon the Burlington road was apparently in hand.
Prices rose.

[Illustration: Portrait.]
Copyright. 1902. by Pach Bros., N. Y.
James J. Hill.

The Union Pacific control perceived in the aggression of the two
northern lines a menace to its northwestern and Pacific coast
connections. The Union Pacific leader, E. H. Harriman, resorted to an
unexpected coup. He attempted to purchase the Northern Pacific,
Burlington and all. A mysterious demand, set Northern Pacific shares
soaring. The stock reached $1,000 a share and none was obtainable. Panic
arose; bankers and brokers faced ruin.

The two sides now declared a truce. The Northern Securities Company was
created, with a capital approaching a billion dollars, to take over the
Burlington, Northern Pacific, and Great Northern stocks.

[Illustration: Portrait.]
E. H. Harriman.

The States of Minnesota and Washington, unable in their own courts to
thwart this plan, sought the intervention of the United States Supreme
Court. Their suit was vain till the Administration came to the rescue.
At the instance of the Attorney-General, an injunction issued from the
high court named forbidding the Securities Company to receive the
control of the roads, and the holders of the railroad stocks involved to
give it over. It was observed, however, that at the very time of the
above proceedings the Southern Railways' power obtained control of the
Louisville and Nashville without jar or judicial obstruction.

While general, the process of confederation was specially conspicuous in
the iron and steel trade. In rapid succession the National Steel
Company, the American Sheet Steel Company, and the American Tin Plate
Company were each made up of numerous smaller plants. Each of these
corporations, with a capital from $12,000,000 to $40,000,000, owned the
mines, the ships, and the railways for hauling its products, the mills
for manufacturing, and the agencies for sale. Through the efforts of
John W. Gates numerous wire and nail works were combined into the
American Steel and Wire Company. The Federal Steel Company, t