New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-16
ANTITRUST LEGISLATION
NO MORE NAY BE NEEDED.
Merger Decision Only Condemns
Unreasonable Restraint of Trade.
Iron TIE rRrHrvr RrEEAr.I

washin gton March 1J-Addftional legislation
affecting trusts Is rega rded unnecessary by some
OF the most prominent and able members OF
the Senate. in the light Of the decision OF the
Supreme Court in the Northern Securities case.
and especially IN view OF the obvious attitude
OF a majority Of the court toward the reason
able" construction OF the law which set
forth this morning only In The Tribune. This
view Of the situation IS not the radical change
Of opinion on the part OF Senators who yester-
day declared that further legislation was need
ed that it might Seem. In the hasty view OF
the decision afforded yesterday. It was assumed
that majority OF the court had adhered 70 its
former positIon-that the Sherman act prohib-
tied every combination which restrained trade.
whether that restraint were reasonable or the
reverse.
In the light thrown upon the decision by Jus
tice Brewers opinion, however. it IS perceived
that such is not the fact, but that IN every case
brought to the attention Of the Supreme Court
It must be shown that the restraint Is unreason-
able In order to secure the support Of major
ity Of the court for action instituted to prevent
the continuance OF such restraint. This IS, in
the opinion OF leading Senators and Of prOrni-
nent lawyers outside Of the Senate. the precise
end to be desired and it is regarded. therefore.
as unnecessary for Congress to enact lestsla-
tion which would amount little more than
direction to the courts TO construe the Sher-
man law along the lines Of the precedent laid
down by yesterdays decision.
1T seems to me that the law Is all right
II is" said a prominent member OF this Senate
whose financial interests entitled his opinions
to respect. we could not strengthen the law.
We might weaken Il. The court has now estab-
lshed precedent for constituting the law IN
cordance with the intention OF its trainers. The
decision in this instance is pre-eminently Just
What more can we want?'
There is still a certain contingent among the
Congress attorneys. however. who believe that
the law should be amended by the insertion Of
the word reasonable" before restraint Of
trade" They point to the fact that the Sher-
nan law is crudely drawn and that the very
title refers to unlawful combinations" but that
the word reasonable was omitted from the
text through an error. They further assert that
the decision OF yesterday. while demonstrating
beyond question the attitude Of the court as II
stands to-day. viii not prove a sufficiently clear
cut precedent to serve as guide to subordinate
courts in the future, and might even be reversed
by the Supreme Court itself were It's present
personnel to change. In no event VIII there be
any attempt at trust legislation Of any charao-
ter at this session OF Congress.
The statement Of Attorney General Knox COM
rnauded extended admiration. His remark that
Il think the danger OF uncontrolled personal
power in railway management has been averted'
especially commended. and each and every
line OF his statement was declared % be happily
expressed and 70 the point. The belief that the
decision viii rebound TO the credit OF the Presi-
dent is also increasing, and even those who last
night feared that IL might prove detriment
the party in certain financial circles have
come 70 the conclusion thar their fears were not
well founded and that eventually every one will
come TO appreciate the correctness Of the PTesi-
dents in bringing 70 the attention OF the
courts the Northern Securities merger
The steadiness Of the financial market. despite
decision uufavc'ble 20 the Northern Securt-
ties Company. proved especial source OS re-
lief TO the more timid souls. for in that they be-
Heved they perceived evidence that not only
had the financial world anticipated the decision.
but that Il had been predicting disaster largely
with view frightening the court" one
Senator expressed IL.
Another source OF consolation to many who
watched yesterdays markets with something
closely akin to alarm was the conviction to-day
that the nations securities were n frmer
foundation than they had been for many months
past, and that no further serious decline IN
values was he feared.