The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-05-16
Standard Belongs to the Glass
Deserving Condemnation.
TAFT ANDH HIS CABINET
Discuss the Situation at Meet.
ing Today.
Federal Incorporation Act May
Be Given a Boost.

Washington. May 16.-The govern
ment's policy in dealing with trusts
and combinations of capital as it must
be shaped in the light of the supreme
courts decision in the Standard Oil
case was discussed by President Taft
and his cabinet today.
There was great rush at the clerks
office of the supreme court today for
copies of the opinion. There were not
enough to supply the demand, but more
will be available later.
Although the full opinion of the court
totalled more than 10000 words Chief
Justice White, to the surprise of all,
announced at least half of it without
apparently, glancing at the notes which
lay before him. = Evidently the chief
justice had the opinion so well arrang
ed in his mind that he spoke it with
out help.
The court in declaring that the Stand
ard Oil company of New Jersey and it's
10 subsidiary companies, were COM
bination and company in unreasonable
restraint of trade, did not condemn all
great interstate corporations and did
not hold that every restraint of
trade was violation of law. In other
words, the court seems to have upheld
the doctrine that there are good" and
bad trusts and that the Standard
Oil was a bad" trust.
There was much discussion here to-
ion. He declared that there ought to
be no recognition of the difference be-
tween reasonable restraint and unrea-
sonable restraint by the supreme court
but that congress ought to do it If 1t
were to be done.
But the fact remains" declared
Justice Harlan, that until this day
congress has been satisfied with the
law as written in this respect, and
today the law stands that every con-
tract in restraint of trade is illegal"
AS one of the direct results of the
decision it is said the federal incorpor-
alton act, prepared by Attorney Gen
eral Wickersham at the direction OF
President Taft may be brought up ow-
ing to the situation created by the
courts action, and pressed for passage
in congress.
Wall Street Is Pleased.
New York, May 16-The largest
gains of many months were made this
morning in the stock market which in
terpreted the Standard Oil decision as
being favorable from the Wall street
viewpoint.
The strength and activity of the
market were due also to no small ex-
tent to relief which was felt that the
decision had been rendered and that
the uncertainty which has restricted
business for months was out of the
way. Predictions of increased activity
in the market after the decision was
announced whatever it might be, were
fully borne out, for in the first hour
more than 100000 shares of stock
were traded in three times the amount
of business done at yesterdays entire
session Activity decreased for time
in the second hour, but prices were
maintained. Later there was another
surge upward and large amounts of
stock changed hands at still higher
levels. One block of 1900 shares of
U. S. Steel brough 781k. Commission
houses reached a large influx of out
side orders and the strength activity
and breadth of the market gave strik-
ing testimony to the speculative and
investment operations on a large scale.
Noon prices were from to 3 points
above yesterdays close figures for the
principal stocks. Bonds also were
strong and active.
Trading on the stock exchange slack
ened this afternoon but the high level
of prices was fully maintained. In fact
best prices of the session were then
quite general. The short interest was
almost entirely eliminated but resum-
ed operations on a very moderate scale
when trading diminished. Leading
banking interests regarded the opinion
of the court as a compromise, milder
in tone than they had expected. The
early demand for securities was more
genuine and comprehensive than at
any time since last July. Business for
the first hour was over 100000 shares.
BY noon these figures had swollen to
over $4,000 shares.
Opinions Differ.
Washington, May 16. - Divergent
statements were expressed today by
members of congress on the supreme
courts Interpretation of the Sherman
antitrust law in the Standard Oil case.
"A wonderfully wise decision which
will be of great good to the business
interests of the country" was the way
Senator Clark of Wyoming, chairman
of the senate judiciary committee,
characterized the decision. Represent
ative Mann, minority leader of the
house and former chairman of the com
mittee on interstate and foreign COM
merce, was equally hearty in his en-
| dOrSement
Representative Adamson, chairman