Perth Amboy evening news., 1911-05-17
STOCK MAR KET
TAKES A BOOM
Wall Street Begins Active
Trading Following Decision.


New York, May 17.-Throughout
Wall street the opinion prevails that
the Interpretation of the Sherman law
blythe supreme court with regard to
the discrimination between reasonable
and unreasonable restraint of trade is
not only responsible for the sudden
buoyanoy of the stock market and the
general feeling Of ex%hilaration which
man1fests itself, but would be respon-
sible also for a steady Improvement Of
financial conditions from this time on.
The Standard Oil company has an
nounced its intention to obey without
delay and without any evidence of OBJ
structive tactics the mandate of the
supreme court as conveyed in the de-
cision Of Monday. The announcement
Of the position Of the Standard Oh
company was contained In the brief
statement made by Morton T. Elliott.
If anybody yhose views might have
weight was in a dissenting mood he
did not make his opinion known, and
the tickers clicked merrily with opt
mistio u~tterances. This was not long
in having its effect on the Stock Elk
change, which did the largest business
since July 20 and traded in 1902, $50
shaI y, Union Pacific leading the list
Of active stocks.
Considering the fact that It was the
stock most vitality affected, Standard
Oil had a rather curious experience,
opening at 679 and then taking a squirt
up to 685, with trading very active.
Then followed a slump, which left 1t
at the close at sos. A total of 500
shares were sold. American Tobacco,
which still must await its fate, fol
lowed much the same course on the
curb, opening at 40 and sailing up to
ass, from which 1t fell to 475.
From the Standard Oil building at
20 Broadway came only n short Off
ctal statement of the momentous issue
just decided, and it threw no light on
the company's plans. This statement
was issued by Mortimer F. Elliott, the
company's general counsel, after a
conference which lasted several hours.
This is what Mr.. Elliott said:
Having only before US the press re-
port Of Chief Justice Whites IRA opin-
ion and the remarks of Justice Harlan
and not having yet seen the opinion of
the court In full, it is impossible to
make any lengthy statement. The full
opinion must be read and studied by
mn oS0npiotoS nn6 rorsaIf hofnro A.
can be intelligently dealt with.
ut may be said that the Standard
on company will obey the decree Of
the court and that all the companies
embraced In the courts decree will
carry on their business as usual under
the direction Of their W officers and
through their own corporate ~organiza-
ton"
John D. Rockefeller did not come
from his Pocantico home to attend the
conference which preceded the issu-
ance Of this statement, but his broth
president of the company, was there.
Among the other directors present
were William G. Rockefeller, Percy
Rockefeller, Henry s. Folger, Jr., sec
rotary of the company, and Walter
Jennings. The conference of the direc-
torate was also attended by John G.
Milburn, who was one of those to ar
que the case before the supreme court,
and by MI. Elliott.
One of those who discussed the prob
able outcome of the decision on the
company as 1t now exists was Moritz
Rosenthal, who until the case came
before the supreme court was one of
the leading counsel for the company in
defending the suit and who led it's
fight against the 5000, 900 fine i'm
posed by Judge Lands. He is now a
member Of the banking firm Of La
denburg, Thalman & Co. Mr.. Rosen-
thai said that in It's general applica-
ton he regarded the decision as ex-
tremely gratifying. to the business
community, In that the court apparent
ly had interpreted the act to be sub
stantially what the English common
law had been.
with respect to the effect the deci-
sion will have on the Standard OIL or
~ganization," said Mr.. RosenthaI, land
its ability to comply with the decree,
it will be a bold man who would I'M
dertake from a single reading of the
decision and the modification of the
decree Of the lower court to venture
with any degree OF particularly upon
ar analysis of such decree as modi-
fed, but such hasty' study as l have
been able to make leads me to con
clude that what the court calls a minor
modification Of the decree of the lower
court is most essential and porten-
tous.
at may well be argued that under
this decree the company can reorgan-
ize along lines that will permit a com
bination Of its companies into four
organizations-namely, producing com
Danies, manufacturing companies,