The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-03-28
March Of

The Supreme Court decision in the Trans.
Missouri Traffic Association case, the character OF
which Is now pretty thoroughly understood, has
been tho predominant influence In the stock
market this week. That decision was a severe blow
to confidence. which was begin ming to return,
because Of the sentiment created by the change
in the Federal Administration. tho perceptible
Improvement In railway traffic returns In the
face OF unfavorable natural conditions In q mum.
Der OF localities, and evidences Of q gradual
improvement In general business. The decision
Is a most unfortunate one, or, to go further
back, the law which the Court was called
upon to interpret is even moro deplor.
able, Viewed from q business, economic, or
political point Of view. The fact that tho
selling Of securities upon the decision has been
confined very closely to speculative holders and
their equally speculative opponents on the short
side of the market. shows that investors and largo
interests in transportation enterprises have not
yet accepted the Supreme Courts Interpretation
Of the Sherman Antitrust law as final. or,
rather. as ending judicial and legislative CON.
sideration Of the matter.
The agitation against capital. particularly
aggregations of It which are absolutely neces-
sary for the carrying out of any and
every great undertaking., such as the con-
struction of railway systems and tho produc-
ton Of the necessaries of life at q minimum
cost, has been continued 80 long. and has become
SO prevalent that n reaction would seem to be
inevitable. 1t is q hopeful sign that a bare
majority Of the Supreme Court was In
favor Of the sweeping and destructive
decision handed down last Monday, and
that the minority in a brief but forceful
dissenting opinion has shown the absurdity Of
the position taken by its colleague. In time
there will be q moro general appreciation than at
present that capital. 30 called. Is simply tho
savings Of labor; that tho number Of persons
who become rich by speculation or accident or
by reprehensible business methods 10 compare
lively small, and that the number Of those who
possess money which they are in q position to
lend to others who are struggling to become in.
dependent is increased only by those who labor
and save intelligently. 1t will also be appreciated
in time that the chances Of success are reduced
rather than Increased by class legisIation and by
Legislation aimed against the inseparable
companion of labor. namely, capital In
any form. Amy circumstance that reduces
the profits of a business. whether 1t is
mercantile, banking, agricultural or transporta-
tion. Is the precursor Of q reduction in wages,
which in turn reduces the possibility of saving
and also the amount Of money spent for articles
consumed.
Tho State of Kansas furnishes a plain and
comprehensive object lesson upon this point,
and other communities might also be cited.
They will continue In their present con-
dition until they become sufficiently enlightened
to appreciate a few Of the plaincst economic
truths. 1t may be said, briefly, that the entire
movement which eliminated In the decision of
the Supreme Court last Monday Is the result of
ignorance and has been fostered for political
purposes by those who arc conscious of that
fact. Should the Generalization In rates, which
IL is predicted In certain quarters will
follow the decision In the TRANSIT Traffic
case. take place. railway employees will feel 1t
as keenly us the holders of securities. Moreover,
II the decision Is enforced In every case, labor
organizations of all kinds will find that their
efforts to obtain what they believe to be
fair compensation for the services of their
member will count for naught. As q matter
OF fact, no railway traffic association was ever
as despotic as many labor organizations have
been. and certainly none of them has even
yentured to BIO as presumptuous as the one that
attempted to tie up the trafic of the entire
country a few years ago.
Signs OF a reaction may DO discernible when
the decision upon the appeal In tho case of the
Government against tho Joint Traffic Association
Is rendered. They may como before that, for trust
worthy adyices from Washington are that tho
leaders OF the party In power are beginning to
realize their serious embarrassment in
their endeavors to l~egislate tho country
into an era Of prosperity by this start
ling decision under an enactment for
which their party is responsible. To-day's
stock market was heavy throughout. In many
stocks 1t was positively weak and an unusually
large number Of noteworthy net declines were
sustained. as win DO soen by reference to the
comparative table at the end OF this report.
There were no resh considerations affecting