New-York tribune., 1910-04-12
STOCK MARKET ADVANCES
Wall Street Pleased by Delay in
Deciding Cases.
READING JUMPS 5 POINTS
Feeling of Easiness After Eliml-
nation of Disturbing Factor
for Months.

A sudden advance Of from : 20 points
n many OF the issues was the response OF
the stock market to the announcement OF
the delay in the Standard Oil and American
Tobacco cases. The market had been ir-
regular and dull during tine morning. and
advices from Washington had given the i'm
presslon in Wall Street that no decision in
either case would be handed down this
week.
Nevertheless. as noon approached the
market manifested some uneasiness. as has
been the case every Monday morning for
several weeks At abou; $3.50 O'Clock came
the news that reargument had been ordered
for both actions, and instantly prices began
to leap upward on heavy buying by shorts.
who realized that one Of the chief dampers
or the market had been lifted. at least for
several months 70 come.
Within five minutes or Union Pacific
had risen Al points. Reading 5. Steel COM
mon . Anna lgamated Copper, 'St. Paul and
Atchison q. each. and American Smelling
ana Refining, Southern Pacific, American
Car and Foundry and New York Central
about points each.
The violence and extent OF the advance
naturally soon induced profit taking. under
which the market lost most Of its gains
but in the late afternoon another upward
movement occurred and the market closed
with net advances running 70 ga points in
Reading. ~ in Union Pacific. - in South
ern Pacific. 81. in AmalGamated and Amer
lean Smelling and Refining 2ss in Louis
willie & Nashville. "a in AtchisOn and Con-
solidated Gas. ia in New York Central and
points in Northern Pacific and Great
Northern. On the curb STANDARD oil sold
Up TO 646. 90 for the day Of Il points
and Tobacco closed at $50, an advance Of 10
points
As April % is the last day before the sum
mer recess on which the court is to hear
argument in any case. il was speedily ac-
cepted in the Street that the standard OH
and Tobacco cases would go over until fall
at least and that It might be nearly year
before final disposition OF them would De
announced. 1t was realized that the uncer-
tainty which has OF late hung over the
market as result OF the weekly expscta-
ton Of the decisions would develop again.
but IL was none. the less promptly and
clearly realized that a disturbing factor
had been eliminated for a number OF
months TO come.
History of the Suits.
The government suits against the stand
ard OF Company and the American To-
bacco Company were begun under the
Roosevelt administration. The first move
IN the Standard Oil suit vas in November.
1906. anC the case came before the Supreme
Court OF the United States In March 1910
The government began its action against
the tobacco company in July. 1907 the case
reaching the Supreme Court in January
of this year
fled in the United States Circuit Court
in ST. Louis a petition in equity against the
Standard oil Company OF New Jersey and
its seventy-One constituent corporations
and partnerships and. seven individual de-
PENDANTS. including John D and William
Rockefeller.
The government in its petition prayed
that the court decree the alleged cOmbina-
ton and conspiracy 70 be VI lawful under
the Sherman antitrust act, that il decree
the ownership and control OF the various
subsidiary defendant corporations by the
Individual defendants and by the Standard
Oil Company OF New Jersey TO be similarly
unlawful, and that the New Jersey COM
pany be enjoined from exercising any con-
troll over the subsidiaries and the latter
enjoined from paying dividends directly or
Indirectly TO the New Jersey company. the
holding corporation.
The petition also asked for a restraining
order against each and al OF the defendants
20 prohibit them from doing anything
which might restrain the trade or commerce
in petroleum or which might work a
monopoly OF the same
4 long series OF hearings were held N
this city before Franklin Ferris. special
examiner at which John D. ROckefel!ei,
John d. Archbold. W. II. Tilford. Charles
NJ Pratt and William Q. Rockefeller were
among the CHIEF witnesses on the part Of
the defendants. and many independent oil
men also were heard. Frank 3. hellOgg.
of St Paul was the principa! counsel for
the government. while the standard oil
Company was -epesented by John g. Mil
burn and MOritz ROsenthal.
on November -. 1873, he United States
Circuit Court of Appeals in st. Louis
handed down q decision favorable 20 the
governments petition. The Standard took
an appeal to the Supreme Court OF the
United States. where arguments were made
last month by Attorney General Wicker
sham and +. B. Kellogg for the government
and John e. Mlbura and D. T. Watson fOr
the Standard oil Company.
on July 10. 1897, the government fled
bill in equity IN the United States Circuit