The Standard Oil Company Dissolved
THE decision of the United States Circuit Court of Appeals dissolving the Standard Oil Company is considered by Attorney-general Wickersham to be “one of the most important decisions ever rendered in this country.” The four judges were unanimous. The opinion written by Justice Cook declares that “the modern doctrine is but a recognition of the obvious truth that what a government should not grant, because injurious to public welfare, the individual should not be allowed to secure and hold by wrongful means. The baneful effect is the same whether the monopoly comes as a gift from a government or is the result of individual wrong-doing. Nor can arguments of reduced prices of product, economy in operation, and the like, have weight.” On these principles the decision was rendered. It was felt that the company was a form of trust or combination prohibited by section 1 of the Sherman anti-trust act. What will be the result of the decision remains to be seen. Will the Standard Oil Company still continue doing business? Will it appeal to the United States Supreme Court? Or will it take some other of the protean forms which combinations assume in these days, and still gather its enormous riches from the people? Some thinkers regard the decision as a great blow at Socialism.