The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-11-21
OIL TRUST READY
TO ENTER APPEAL
Continued from Page one.

Van Devanter. OF Cheyenne: Hook, OF
Leavenworth, and Adams, OF ST. Louis
Judge Sanborn OF St Paul. the presiding
Judge. wrote the opinion and the decree
in which all the judges concur and sent
them with concurring opinion OF Judge
Hook to Judge Adams at ST. Louis, who
filed them and entered the decree in that
city yesterday morning.
The case was argued by Frank b. KEEL
Iogg. Of St Paul, and Charles B. Nor
rison. of Chicago. for the United States
and John g. Milburn, OF Buffalo, David
T. Watson, Of Pittsburg. Moritz ROsen-
thai. OF Chicago. and John G. Johnson, Of
Philadelphia, on behalf OF the defendants.
The suit was brought 10 enjoin John ID
Rockefeller, William Rockefeller, Henry
NJ Flagler. Henry II. Rogers. John -.
Archbold, Oliver H. Payne, Charles NJ.
Pratt, the Standard Oil Company OF New
Jersey. and about seventy other corpora
tons from maintaining "A combination
and conspiracy in restraint Of trade. TO
monopollze interstate and international
commerce, and the decree grants the In
junction sought by the government
The case is one Of the most notable in
the history OF the nation. on account OF
the important industrial and legal ques-
tons and the vast financial interests in
volved The evidence filled twenty-one
volumes, and occupied more than 10000
printed pages, and the arguments OF
counsel more than 800 printed pages
Affects stock Market.
The news of the decision was hardly
on the ticker sheets before Wall street
began to guess how the Standard OIL
people would act in the event OF neces-
sity 20 conform 90 the Circuit Court de-
cision and at the same time retain, in
some other form. a working hold upon
their enormous assets. Corporation law
yers were of opinion the decision would
yield next 20 nothing in practical results.
They based this view on the results OF
other dissolution judgments.
Il am afraid" said Henry Wohlman.
who was associated with Attorney Cen
eral Hadiey. Of Missouri in prosecuting
that States well-known suit against the
Standard Oh Company. the effect Of this
dissolution judgment. IL sustained. VIII
be about the same as that obtained from
other similar decisions against great cor
porations. None OF them has yielded
power Of cOuhscation is withheld there
is no effective relief from an order OF
because the property remains
eventually in the same hands. The only
benefit that can come from Il Is through
its moral effect.
'LcOk at the history Of attempts 10
compel great corporations TO dissolve |
There was the North River sugar case
the original sugar trust. The New York |
State Court Of Appeals ordered It's dis !
solution. and yet the sugar trust is alive !
and doing business to-day"
Mr.. Wohlman's remarks reflected the /
the general belief among corporation law |
yers that the Standard Oh Company /
would lose nothing IN the end through the I
dissolution decision
The news Of the decision caused a sharp /
drop in prices on the stock exchange /
Up TO the time when Judge Sangborn's /
decision was made public the market 4
had shown a continuance OF strength, but /
advances were Immediately halted. and /
after a few minutes OF hesitation quota /
lions began 20 fall Professional traders l
took advantage Of the furry to hammer I
the market with short stock. Toward /
the close there were signs Of support. but 4
the conditions were unsettled
Reading Led Decline.
Reading led in the decline, losing i've
points from the highest in half an hour /
Steel common broke two points, Amalga- |
mated two and three-Quarter points. and 4
all the other leading issues one, two. and /
three points.
A total of $500 shares were traded IN. /
which was greater than the total for /
last Wednesdays full market day. Out
on the curb Standard Oh stock feH ten l
points. Fifty-eight shares changed hands,
which Is higher than the usual daily I
In the stock The dlssolu-
ton decision had far less effect on the
market quotation of the stock than the
famous S29,OOO.0OO fine by Judge lands.
When the news OF the Lands decision
reached the curb the stock dropped 10 $50,
while $50 was to-day's lowest quotation.