The Washington times., 1915-06-06
WEEK IN FINANCIAL CIRCLES

Disregarding the foreign situation,
which has apparently become further
complicated by the induction Of the
Mexican turmoil into the already seeth-
ing pot. American business and COM
mercial interests hitched their hopes to
the star that may yet prove meteoric
and found in the failure of the Govern
ment's case against the Steel Corpora
ton the greatest inspiration that has
been given industry from a domestic
point of view for several years.
Big business accepted the decision Of
the district court as an indication Of
a change Of attitude on the part Of the
public and the judiciary toward cor
porate interests. concluding that the
courts ruling marked the end Of what
some were inclined to regard as an ef-
fort to strangle initiative when repre-
sented by concentrated capital and ef-
fort. Some capitalists went SO Tar as
to wager that the Administration. de-
sirous. they alleged, to palliate the busi-
ness powers, would not press the case
on appeal
That the Steel Corporation won a big
victory 10 generally conceded. Ihe una
nimity with which the decision was
reached and the overwheiming manner inner
ruled on every point raised In the case,
substantiated the stand. But already
the students of the situation nave come
to a realization that the outposss only
have been taken; the cltaoel YET re-
mains to be stormed.
Attorney General Gregory has an
nounced definitely that the case is 70 g2
to the Supreme Court OF the Oniteu
states, where the provisions and mean
ing of the Sherman antitrust law have
atssa Beth the % Union Pacific in dsfsndins
its combination with the southern fa-
eific and the AmeT,ean dssntion won their
cases in the district courts only to De
later overruled by the Supreme Court.
Another district court pronounced the
International Harvester Company TO DC
solution. a decision from which that
corporation appealed to the tribunal 70
which the steel case will now go. The
Northern Securities Company was q
Government victory in Its fight against
so-called trusts and established what
have been regarded as the fundamentals
Of the legal Interpretation OF the sher-
man law.
Consequently. 1t Is not by any means
an established fact that the steer decls-
lon will stand Satisfaction. however
is found by those inclined to the cor
poration's side of the controversy In a
realization that probably full year
will elapse before the supreme Court
will review the case. Meanwhile, gen
eral business will have advanced SO far
on the inspiration which has been re.
quired to start the proverbiai SNOWFALL
down hill. that. favorable or unfaVor.
able to the industry. the decision VIII
not have very material effect upon
the country generally.
Improvement in business conditions
throughout the country had been pro-
crossing gradually Men versed in the
true situation assert that such a de-
velopment as this Steel decision only
was necessary to reveal the fact to the
general public. No more direct indica-
ton of the improvement can be found
than in the reduction OF business fall
lures. Month by month the number has
been decreasing.
Dun g. Co. have issued statistics
to show that May was the best month
of the year. The total number of in
solvencies for that month was l.707,
as compared with 2,063 in April, 2,0s0
in March, and 2.27S in February while
\ NH 1 A