The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-05-31


and 400 ASH a. compared with
$40 and sis just before the close
on Monday
WASHINGTON, d. G.. May al
Asserting that the Supreme Court has
practically licensed the Standard Oil
and Tobacco Trusts to violate the law
for six months. Representative e. w.
Madison. fnsurgent OF Kansas, one
of the leading lawyers In the House.
o-day declared that the goods of both
trusts now moving In interstate COM
merce are liable to imm ediate con-
fscation. Judge Madison prepared
the following for the United Press:
A concerted bear drive, aimed at the
entire list. followed, an attack upon
American Tobacco stock and bonds on
the Stock Exchange to-day and forced
prices down from one To four points
| IN most OF the active issues There
was heavy selling OF Steel and Con-
per shares on runners that these COM
panies may be attacked by the gov
eminent in suit similar to that which
brought about the order of dissolution
in the Standard OIL and Tobacco cases
These rumors had the effect OF bring
ing out much stock from outside sour
ces and the tone OF the market was
decidedly pSssifnistic and especially as
minor suspension was announced
shortly before noon.
American Tobacco was Oft So points
on sales Of less than 500 shares.
Rally After Initial Furry.
After the initial lnrry prices gems
f~erally hardened and rally set in
which wiped out q good part or the
early losses. Union Pacific. Steel and
Reading led in the recovery. The to-
bacco Issues were also supported. the
8 per cent. bonds rallying to 104 liz
as compared with Mondays close OF
1o9 rs. Reports Of strength in the
London market assisted the general re.
covery.
Henry Coolidge Suspenda.
The suspension OF Henry Coolidge
was announced on the floor of the
stock exchange to-day. He has been
a member since 1854.
Coolidge had desk room in the officea
of Provost Brothers and Company at
20 Broad Street and 1t was stated there
that only Z small amount of money
was involved.
BY REPRESENTATIVE r. w.
.--,-.-.7 MADISON.
The provisions OF the decisions al
the Supreme Court in both the Stand-
ard oil and Tobacco cases, which
give the adjudged trusts six month4
in which to dissolve, operate practi-
cally as licenses for six months vio-
of the court undoubtedly was that
decree demanding immediate dissolu-
tton, would Operate ,ta the disadvantages
OF the public, in my mind the adj
vantages of Immediately applying the
heavy hand OF the law would have
been much greater than any disad@
va ntages.
In practical operatioe. this exten-
sion Of time will allow the trusts to-
t~.t cit tA., ~
under the unlawful combinations
which the court has so severely con-
demned. While the decisions declare
Ing both big combinations to be un-
reasonably In restraint OF trade il
valuable, much of It's value to the
people ia lost by the milk and water
application OF the penalty OF the law.
This phase of the decisions Is, think.
more open to criticism than some
other phases which have been harsh-
ly discussed.
Subject to Confiscation.
Another fact that Is lost sight o6
in the discussion OF these decisions
Is that Immediately upon being pros
nounced Illegal combinations. these
trusts are subject TO section Of the
antitrust law. which makes II the
duty of the prosecuting officers OF tho
government to seize and confiscate alt
Oh lRe KOpuS OF tnc duJuuKtu LYU8x0N
moving in interstate commerce.
Attorney General Wtckersham, and.
In fact. every United States districE
attorney throughout the country, can.
under the law. declare forfeit and
hold for the government every pound
OF tobacco, every gallon of oil mov-
ing between the States which Ia being
shipped by the Standard OIL Com-
pany or the Tobacco Trusts.
Criminal prosecutions of the trustU
and their organizers could under the
facts found by the court be brougho
Immediately and prosecuted TO su0<s
cessful conclusions. and. In my tudg~
ment ought to be brought. Never
such an opportunity has been pre-
scented to an encouragement to ren@
der real effective service to the coun~s
try. to strike a real Blow at the
trusts that for twenty years have b04u
operating In ePen defiance of the fxyvss
While the court has apparent1N
granted leave for continuation OF o.
erations for six months. l do not ho1As
lieve that portion of the decree CO.
operate either to prevent seizures
under section or criminal prosecu4
lions.
Ripe For Criminal Prosccuti0m. "A
BOSTON, MASS. May 31.---ThoS
time Is now ripe for criminal action
against violators OF the Sherman ant1.S
Louis D. Brandeis. the antitrust GTyl~&
sader. The supreme courts dcd4alos
in the tobacco case is a long step as
advance OF the Standard Oil dectefaq
said Mr.. Brandeis, and now the ~
toward criminal prosecutor oee
clear. s.. H.