The Washington times., 1915-06-04

NEW YORK. June "A new era for
big business" summarized the opinions
Of the financial district on the out
come of the Governments suit against
the Steel Corporation. The majority
OF Wall Streets leading corpora
tion officials and bankers are
unanimous in declaring that the
precedent established by the cir
cult court of appeals for the Third
district augured we'll for the principle
that mere bigness in a corporation was
not in itself an infraction of Federal
law.
Appeal Is Possible.
E. H. Gary. chairman of the Steel
Corporation. expressed himself as being
greatly pleased over the completeness of
the victory, but refused to comment at
length on the decision. In view Of the
possibility of an appeal by the De-
partment of Justice to the Supreme
Court. He said:
II am very much gratified. feel
this decision approves the general policy
OF the steel CORPORATION. 1t should have
P great and good effect upon business
conditions throughout this country
Frank A. Vanderslip, president of the
National City Bank. hastened to say:
This Is the best news we have
heard In q long time, 1t will put cheer
into all of US in the face of what has
recently happened"
George w. Perkins, long prominently
identified with the corporation, said:
II consider the decision a very great
les. 1t is victory for moral conduct
over legal technicalites. The effect upon
business will be most beneficial and 1t
will be prompt and very general. The
-, h,,at ~ tNv, - hio
country will be heartened by this proof
that moral conduct and not legal tech
nicalities really does determine the
LEGALITY Of the country's great business
undertakings"
A summary of the steel decision was
placed before Colonel Roosevelt at Oy..
ster Bay last night. and he was asked
II he cared to comment on It,
haSs SscisIdh inGthng to he sep!sd
district court for New Jersey in refusing
the petition of the United States Gov
ernment to dissolve the United States
The court held that the Steel Corpora
ton. in acquiring its foreign and home
trade did not violate the Sherman anti
trust act, and refused all the injunctions
tice.
The court held that the committee
meetings participated in by 95 per cent
Suds Of tine 'ss thee see sFeee S6rpoao Ct as eHSn b
quent to the famous Gary dinners Of
eight or nine years ago, were unlawful
combinations to control prices, but as
these meetings had stopped before the
Government filed its complaint In Octo-
Der, 1911, there was no occasion for an
injunction.
Holds Door Open.
The opinion of the court suggests that
such practices lie within the province
OF the new Federal Trade Commission,
but adds that If their repetition is ap-
pretended the court will, on motion of
the Government, retain jurisdiction of
the case for that particular purpose.
The court found nothing wrong in the
Steel Corporation acquiring the Ten
nessee Coal and Iron Company during
the financial panic of 1907, and thus
virtually approved the attitude of the
Roosevelt Administration in not inter-
fering with that DEAL On this point
the court held that the output Of Ten
nessee at the time was only 1T per
cent of the country's total output; that
I'D to that time 1t had not been a busi-
ness success; that its principal product,
rails. was made at a loss: that its ulti-
mate success was doubtful and involved
further outlay of $25, ,000, 900. and that
the purchase Of the Tennessee property
was made in fair business course and
was the honest exertion of ones right
to contract ones benefit unaccompanied
by wrongful motive to injure others"