Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-03-22

SADIE that 1t would have inevitably
created for the political campaign Of
!, 1874. One other result is quite likely
TO follow this decision. and that Is
the amendment OF the Sherman anti
trust law. There Is a vast difference
between reasonable and unreasonable
contracts In restraint Of trade, and
the present antitrust law will prob
ably be amended later on 50 as to
give the courts liberty In deciding
what restraints are reasonable and
what are not. Five OF the judges out
OF nine were OF opinion that the Sher.
man law forbids reasonable as well
as unreasonable restraints but as
Judge Brewer evidently considered
the Northern Securities merger an I'M
reasonable restraint. he cast his vote
adversely, showing that the verdict
of the highest tribunal upon a most
vital point Is dependent upon the dur
alton Of a single life. 1t Is unlikely,
however, that any new legislation
will be attempted this session Of con.
gress.
The improvement In stocks which
followed the merger decision was
further stimulated BY better accounts
of the iron trade and continued ease
In money. Prices OF iron and steel
have been quietly hardening the last
few weeks, and 0 that the convic-
tion has been reached that prices are
~ bottom level. Orders held back for
months are being placed, and the out
look for all kinds OF steel products
Is better than at any time since the
reaction began. While the western
roads seems to have nearly finished
their extensive outlays for improve
ments. this Is not the case with the
big eastern railways. which are and
will be for some time To come heavy
buyers Of iron and steel. The Penn-
~sylyania, for instance, has already
placed some large orders in the mar.
het, which is not without significance,
since this company nearly always ex.
hfbits exceptional shrewdness In Its
operations, whether In the financial
markets Or In Its purchases Of raw
materials. The transportation i'm
provements alone in the large eastern
cities will compel unusually heavy
orders for iron and steel during the
next two or three years, and this is
q sustaining factor of much import.
ance. There Ii only one hindrance to
recovery In the iron and In other Id.
dustries. and that Is the uncertain at
titnde Of labor. New enterprises are
already seriously held in check, not
only by the unreliable policy followed
by some unions, but also by the high
cost of labor, which, In many instanc-
es. has reached an extreme level.
Much OF the recent business reaction
IL due TO this influence, and any fur
Their demands on the part OF unreas.
enable labor leaders would be simply
disastrous. There are indications,
however, that sanity is resuming It's
sway. The bituminous coal miners
have decided not to strike, thus avert.
ing a disastrous struggle, and in some
trades labor has submitted to med
crate reductions, which permitted a
revival Of business and should this
spring escape an upheaval labor will
probably benefit more than capital.
AS for the money market, that con.
tinucs easy. Funds are returning
freely from the interior. bank reserves
are high, speculative demands are
light and ordinary business require.
ments strictly moderate. The pros.
poets are for easy money until the
new movement begins. except OF
course the usual stringency incidental
TO April !, With the breakup Of win.
ter general business should become
more active and transportation BE.
viye. Following this We should have
better railroad earnings than In Jan.
and February besides which It
ID about time for the western roads
TO feel the economies expected from
the heavy outlays OF the last three or
four years and which are now nearly
This week the war In the
lar east has not been a factor, but
more decisive events may be expect.
before very long, and these are
10 influence the foreign financial
markets. and by sympathy this mar.
ket also. Many OF the financial lead
FRS are absent on their customary
outings. When they return
activity mas accompany the
~ new plans. II must not
forgotten, also. that many good
securities have had a severe fall,
"A fVq Nor rent hasfe and