New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-16

'egal advisers. 70 determine iuet aha, r7odi
fcstions or changes In the present system
% Industrial combination viii be recesssrv
20 be made. John r. Archbold. vice -prssi-
Dent ~ the Standard OF COMPANY ~ New
Jersey. said after tho 81 Louis decision
III carried out 20 The letter. the decision
Of the United states Circuit, Cour, in our
ase would form the basis for the dissolu-
ton ~ not only the principal Industrial
corporations Of the countrv but would
even also restrain business rs copartrer-
ships
John 8. Miller. Of Chicago. II counsel for
the Standard oil Companv. IN discussing
the same decision. said
Should rho decision ~ the cour; be sus-
tanned by the Supreme Court. # Is safe 20
say that tho change required will he
corporate change and will not involve the
destruction ~ property Reorga nization
and possible change Of Ownership would
probably be required but tho business Of
the company would GO on unaffected by
Legal Developments
The more cheerful vier Of the future
situa ton has come 70 be rather generally
accepted bv the investing public as is in
dicated b. the course Of the stocks directlv
affected by the decision II yesterday and
that expected on May % a. pell as by that
If the stock market in which prices are az
comparatively high Level although the
uncertainty as n the effect which the de
customs might have upon the business
structure Of the country has he'd restrain
ing influence upon The stock market ~
nas been an influence deterrent 70 business
ectivit,.
Standard Oil which ton Years ago
touched its high record price ~ s43. sold q :
Low as 5SS in the summer II 1910. when -
vas supposed that the Supreme Court would
coon hand down its decision in the case. In
the early part II this YEAR N made IFS low
price IF this year of ST.. and for the last
few weeks has been strong and advancing.
End YESTERDAY sold ~ 61ssa its high figure
~ the year. which ~ touched also last
week and American Tobacco has been cor
-espondngly strong
on the nsrs Of tho 81 Louis decision.
which came on SATURDAY. November %
1000. Standard oil declined only % points.
ON the following Monday ~ fell 10 points.
or small transactions. and on the Stock
| Exchange prices declined from 70 : points
The London market for americans IS
open until late In 'he Avening and some
orders were sent over for execution there
last night great deal ~ business on
orders from New York will probably he
executed I'm London to-day. as the regular
session there ends at about the time the
New York Stock Exchange begins opera
| tons
Broker. Expect Decline in Stocks.
| Brokers generally expect that tho mar
/ Let will decline on The Standard OIL deci-
/ sion but II has not been tneir opinion that
/ the break will be OF severe proportions 4
! bad break was looked FOR on the Northern
/ Securities decision. but the market actually
1 advanced. owing 70 a large short Interest
= which covered on vigorous bidding I'D ~
! prices by important interests and on me
/ absence ~ any movement NJ general liqui-
dation As adverse decisions I'm both ol
/ tho trust" cases have been expected. n
/ 70 widely believed that their stock mark"i
/ effect has been 10 large extent dis
! counted and II is also the prevailing
opinion that ample support will 10 giver
the market ny the powerful interests.
Whatever the form in which the STANDARD
oil and Tobacco decisions MAJ make u
necessary 10 recast the business orEaniza
,ions popularly known a trusts" IL is be-
ueved I'm the Street that larSe number ~
corporations will be affected, although the
oninion = that none ~ the readiustmAnts
VIII ro-k loss 20 the stockholders Of their
ownership Of the company's assets one 70
suit OF the decisions. u Is said viii be &c
end the plans for tho long rumored copper
merger. and the project for bringing th'
D ~
der the control OF the American Telephone
and Telegraph Company NAV also have r.
be shelved.
No annual report = issued by the stand
ard oil Companv and is stock is NOT listed
on any stock exchange, but IS dealt IN or
the New York curb usually m small lots
Much testimony vas given as 10 its profit;
in tie course If the hearing. IN to- and
Iq0S. and Mr. kellogg IN the course o. hi:
argument before the Supreme Court m
January. stated some Of the figures Pc
tween 1853 and So. = period ~ general bust
ness depression. the compau-. he said
steadily incrsa sd ifs profits from about
81 90 ga in so; 20 81 o1ofoo IN 1897. on Z
total investment of $50 t"lc0" the compan,
had since 1850 paid N.5s 71s"o m dividend.
and had surplus of sesi 0'0AGo The stand
ard OIL Conparv ~ Indiana. with 81 ""'"
capital stock he'd IN the sixteen wears prior
20 las earned tS3 r75.ooo The Standard
pipe lines had shown earning ranging from
Il 10 - per cent
The Standard oil Compan, has been
under FIRE from many quarters ia the last
few year. Actions have been brouz =
against the Ven Ie-sev coinran- or vsriouz
subsidiaries n the courts ~ this state
ohio. Minnesota Nebraska Texas Tenres
see and Mississippi The State Of Missouri
brought notable custer suit and George
eice and Others have fought thc STANDARD
IN the courts
The $50 10000 Fine Recalled
The most sensational # al these pro
oeedIng was that N the rni-ed states
District Court in chicago against ths
STANDARD OIL Company - Indiana on 4
charge ~ Relating where judge Lands
IN 100 imposed the maximum fine OF go
"a 90 upon the corporation. The capital -
u.hich vas 10000 The Unitsd sra's'
Circuit Cour, - Appeals IN Chicag" unani
rr,ouslv ordered rstrisl. holding that
Judge lands Rad made certain er-ors N
regard 70 the admission ~ tesrir1onv. and
,rst IN imposing the maximum ms for 2
frs. offence he had abused the discretion
,estAd I'm the court. Upon the rstrisl :
,.ardic- ri acauirral vas ordered b. Judge
Anderson