New-York tribune., 1910-02-07

dering ite decisions il the pending cases
II is asserted, however. that the de-
cisions Of the court interpreting the
Sherman act have been uniformly con-
sistent, with the single exception OF the
knight case, where the pleading is be-
lieve6 to have been too narrow TO permit
OF q proper application Of the statute
1t is believed that the knight case has
largely contributed to a misunderstand-
ing Of the law. as has also the language
employed by certain judges il constru-
.ng the statute or in dissenting from
majority opinions.
Despite certain eHtrava sances Of Ian
suage Of this character, however. IL
is maintained that the decisions in the
two traffic association cases. in the
packers case, in the Northern Securities
case, in the wall paper case, and, finally,
in the Danbury hafters' case. nave
shown absolute consistence and a per-
fectly normal development Of the judi
cial mind in applying the statute along
lines which avoid the extreme OF those
who maintain that all combinations are
crehibited and which make evident the
belief Of the court that the statute was
enacted simply 70 prevent the creation
Of uaonopoIies and of steps taken with
that intent.
Practically et the eleventh hour, With
TIRE decisions IN the Tobacco and Stand
ard OIL cases imminent, the business
public i is believed, has awakened TO
the menace which affirmative decisions
viii constitute 10 the stability OF the in
duscrial Tqcrid- The administration has
taag besa awake 70 Jh3s menace ano mas
sc1Eat by the advocacy OF the proposed
lzT 20 mitigate The hardships likely 10
result ii so far as that can be done with
OFT violation o. the spirit OF the Saerrnan
law. The administration IS keenly alTe
20 the fact that serious loss must result
20 rhe holders ot certain securities from
Affirmative decisions in its causes. IL
would occasion no great surprise 10 those
r power If something Of z panic ensueo-
POSITION NOT SHAKEN.
administration, however II regards the
body industrial as il a position analogous
20 that OF a patient suffering from
tuner. An operation may be ATTENDED
with grave Illness and even danger, but
e is necessary 70 save the life Of the pa
tent and restore IL TO permanent health
The tuu.or is not Of the making OF the
sdnainistrs ton, bur has been produced
hy q fawless disregard OF the Sherman
iar. Ths most the administration can
90 is 10 prepare in advance such re-
storatires as can properly be admins
tered for the resuscitation Of the patient
following the operation and speedily pro-
noting connpiste recover. It feels that
IN proposing the scheme Of federal in
corporation Il has done that, although
e remains for Congress TO determine if il
VII make effective the administrative
efforts.
Some emphasis Is placed on the fact
that the business world, or at least that
TART OF 1t represented by Wall Street,
lives either in q state Of unbounded op-
tiraisn or Of unreasoning pessiulisn. 4
period Of such optimism. during which
there has been absolute and reckless
disregard for the prohibitions of the law,
seems likely TO Is followed by a period
If intense pessiuisra; but It is regarded
as az least hopeful sign that men
proIliaert In the business world are at
isst awakening to the gravity Of the
situation and are displaying intense III
terest in the provisions of the proposed
scheme for federal Incorporation
The administration Will not, as has
leen told in these dispatches, endeaToT
Il drive Congress into doing its duty,
or even into giving TO its proposed
scheme the attention it deserves, hut
there is Z firm belief il administration
circles that events in the course of the
next few weeks viii serve to impress on
TIE leaders q Congress the Importance
Of seriously considering the federal in
corporation proposition, and there is
even z disposition 10 deprecaJe the as
sertions CT the leaders OF the Senate and
House that there is no likelihood Of such
legislation al this session OF Congress.