The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-11
Important Conferences on ST.
preIna Court Decisions Have
Been Held Recently
FEDERAL incorporation
BILL MAY Be PASSED UP
Plan of Administration Is No. to Give
Immunity to Trusts Under the
Proposed Law But for Their
Proper Regulation

Washington, February 1o.-A confer
ence which was held at the White House
last night between President Taft and
Senator Aldrich was only the forerunner
of others In the near future, the outcome
of which probably will be the early issue
through some appropriate channel of a
statement dealing with a situation which
IS discussed here wherever two or three
are gathered together, and apparently
nobody thus far has deemed 1t prudent
to make the subject a subject of utter
ances.
The discussion relates to the possible
consequences financial. industrial and po-
ltical, hanging upon the decisions of the
supreme court of the United States in the
pending cases of the American Tobacco
company and the Standard Oil company.
The former has been argued and is now
in the hands of the court; the latter has
been advanced and set for argument on
March IA.
The immediate subject of last nights
conference between the President and Mr..
Aldricl was the perfectlng of the admin
terstate commerce law, but the effects of
the supreme courts decisions in the To-
bacco and Standard Oil cases were dis
cussed also to some extent and will be
further discussed after Senator Aldrich's
return Monday from New York. whittier
lie went this afternoon. Meanwhile the
President will speak in New York Sat
urday on the subject, it is said, Of Party
Pledges and How They Should Be Kept"
In fc nft fr,rr M 40 aor,tf
modification OF his intention TO make the
decision of the supreme court the guide
of the governments further action in re-
gard to corporations charged with VIOLA
tons of the Sherman antitrust law. He
makes it plain to all inqurers that he
had in no wise changed his view of what.
in his message to Congress, he described
as his duty. and his purpose to investi-
gate the conduct of all trusts and will
not be swerved therefrom by rumors or
flurries or other manifestations in Wall
street.
UnfavOrnb1e to Bill
The general impression here is that the
proposed federal incorporation law will not
be passed at the present Congress-; all
the talk is unfavorable to its substantial
progress, and Mr. Taft recently dis
claimed any intention of attempting to
force Its passage Even if it were enact
ed in its present form, it offers, in the
opinion both of astute members of Con-
gress and representative corporation men
no material relief from the condition
which hangs upon the decision in the an
THRUST cases.
The bill provides, in all but so many
words. that it shall not be construed
to create shelter or immunity for any
corporation which has offended the proh-
billions of the Sherman law. Nobody here
shares what appears to have been the
popular impression-that the proposed
federal Incorporation act would afford re-
lief to corporations directly or indirectly
threatened under a possible adverse de-
clsion of the court of last resort.
Nor is other legislation contemplated
which might be expected to relieve the
tension. Senator Aldrich said today be-
fore his departure for New York
II can conceive of no legislation with
in the power of Congress which can meet
this situation, either in anticipation OF
the supreme courts decision or subse-
quent to it,
Unless. perhaps. the repeal of the
Sherman law?" the questioner suggested.
The Senator smiled grimly.
1t was evident that he regarded that
as outside the domain of possibility
A for the scope of the antitrust cases
before the supreme court. here is what
Attorney General Wickersham said in
connection with his motion to advance
the Standard Oil case to immediate hear
ing
.rhe tobacco case just argued and
submitted to the court and the Standard
Oil case present to the court practically
the entire range Of modern industrial or
ganizations in this country. and substan-
TALLY every feature of the so-called trust
problem in so far as it is affected by
the Sherman act"
Tests to he Made
It has been the policy to select a few
y extreme subjects of great combinations
Apparently controlling the greater part
OF the trade and commerce in a partic-
ular line of industry and to make them
tests of the full meaning and application
Of the statute, The Standard Oil case
is the most important of all these cases.
affecting, as 1t does. the widest range
Of combinations and contracts which may
he claimed to offend against the act of
Congress. Under these circumstances.
and as this act, in its general scope,
affects an enormous number of business
and industrial organizations throughout
the country, 1t is of momentous public
Importance that this court shall define
and apply the act in reference to this
character of organization.
The proverbally delicate relation which
the market, wall street. and the
financial world generally bear to the
news and gossip of the three great
branches of the government make 1t SUI
perfuous to point out the effect which
the decisions of the supreme court, one
way or the other. in the great cases,
:. will certainly have in the field of finance.
Almost pathetic is the eagerness with
- which those here who are in communi-
cation with "the market clutch at every
crumb of news or gossip on the SUBJ
feet.
Good and had Trusts
Industrially. Mr.. Wickersham said
70 the court, practically the whole scope
OF modern corporate organization is In
one way or another involved in these
cases. Good trusts" and bad trusts"
apparently have a stake in the affair.
II the court should sustain the judg-
ments OF the courts below 1t might call.
for industrial readjustments of far-reach-
sn9 effect. Political leaders here closely