The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-04
FINANCIAL NEWS
AND COMMENT
Decision for q. 8. Steel Cor
poration Will Enhance
Confidence.
STOCK MARKET STRONG

lcms represented by International uncer
families would seem to have been re
moved from first place In financial con
sideration by the great importance o
the sweeping decision In favor Of tn
United States Steel Corporation rendere,
by the Federal Circuit Court at Trento'
In the Governments suit under tn
Sherman antitrust law. Indeed. II |
a question. Judging from the way Il
which the stock market began this wee
to break through the restraints impose,
by the uncertainty Of foreign affairs. 1
the matter Of our relation with German.
had not already begun to lose control
However that may be. there Is nc doub
that in the United States Steel decision
not only Wall Street but tho entir
business community Of the country l
furnished with new and powerful
reason for . further ccovery OF con
ndence In the prospect for volumes an'
values. with the probability Of an ex
panding expression of confidence no
only through the securities market bu
through trade and industry.
II Is of much more permanent
quence to our business and banking In
terests to have such assurance as thu
Steel case provides that the long relgi
OF uncertainty as to the status OF cor
porate enterprise under the laws agains
monopoly is ending han to know Jus
what Ia TO be the present outcome o
the International situation. SO muci
evidence has been supplied OF the posi-
ton of great economic strength which
the country enjoys In any event OF for
eign affairs hat the process OF fnancia
and business Improvement had alread,
begun to resume In the last few day,
irrespective of the determination of thu
Washington Berlin negotiations. TIT
movement In the direction OF continuing
the Improvement which started In th'
spring Is likely to be accelerated by tn,
encouragement which the issue of tn
Steel suit will give to investors, cor
pora;e arrangements and finance gen
orally.
1t has now beer demonstrated by
test OF the law against h creates
of our industrial corporations that hon
est intent in organizations and conduc'
In accordance with the spirit OF fai,
dealing suffice to protect any concern
however large. from demagogic poll
tics. and a stunning blow has beer
struck at the kind OF politics which wa,
primarily responsible for involving tn,
steel Corporation in the litigation OF
which judgment vas rendered yester
day. The decision OF the court. by IL:
unanimlty and by Its overwhelming
vindication Of the Steel Corporatio,
on all points raised by the Government
Is bound to have a far reaching In
fluence on financial and business scnti'
ment, which had been so sorely i'm
paired in ,ecen, years by persistent poli,'
zeal efforts to bring about the dis
ruption of corporate enterprise throug'
lawsuits.
Both the character of the lower court,
ruling and the .xhaustiveness OF II,
opinion suggest that. on appeal. ,h'
Government is hardly likely to obta'r
any changed result from the Supreme
Court. IL the present bearing OF the
decision is translated stock marketwiss
in terms OF a pronounced renewal II
increased activity at aggressive pric.
advances. however interrupted by re
action. II will not be surprising. Wal
street Will lilulN Itll 10 llttF pref llt
decision as a mOmen,ous contribution
to the strengthening of general condi.
tons throughout the country In thi,
time of worldwide strain. for 1t will tend
immeasurably TO release corporate en-
deavor from very substantial restriction:
which have held IL in check.
Rumors were In circulation durini
the stock market session yesterday tina
the Steel suit decision was immipen
and that Ii was likely to he favorabl,
TO the corporation. The fact hat tn,
Steel shares were heavily bought al
day II were the leaders in the add
tional which was made by tn,
whole share list became the basis afteI
the announcement of the decision, whici
came a half hour subsequent to tn,
close OF the market, for insinuation'
that there had been a leak"
Not much credence was gained To-
this improbable view because in thu
first place the general trend OF stoca'
since the beginning OF the week haC
upward, n 1t merely becam,
more pronounced yesterday. SO far a.
concerned the United States Steel shares
themselves, there had for many week
past been a steadily growing conviction
that judgment in the suit would not b.
adverse to the corporation. The recen'
tenor OF lower Federal court decisions
under the Sherman law had indicate,
the likelihood of a favorable fndin4
In the most important case of all. Fol
tho rest II was quite in the nature o.
thinsa that the Stsc! 5haics should b.
strong on the dav VIXEN the decision
was handed down. because expectation
that the decision would come at an,
time now was bound to coincide witt
the actual fact.
From the opening to the close Of tn.
Stock Exchange yesterday quoted value.
rose firmly and trading increased to al
active scale on the advance. Issues OF
all descriptions participated In the
further Improvement and the dealings
testified to the substantial betterment OF
Wall street confidence lately despite the
contingencies OF the international crisis.