The Cairo bulletin., 1909-11-29

special.
New York, Nov q, 19o9-Wall
street was decidedly disturbed by the
decision of the United States circuit
Court against tho Standard Oil Co.
Although not entirely unexpected, this
decision emphasizes the ban which
1.-THE Courts are placing upon the eff
forts to suppress competition. Need
less TO say these mandates interfere
materially with the plans of many
industrial and financial leaders VINO
had contemplated mergers, holding
companies or other devices for cir
cnmventing the law Such plans
must necessarily be seriously inter,
fered with and all combinations of a
monopolistic character are now wond-
ering how the decision may affect
their future welfare. 1t is not to be
supposed that either the Government
or the courts are going to take eX-
IRENE or unintelligent action towards
the great combinations of capital,
which are necessary to the develop,
ment Of the country and more eff.
cient and more economical than num-
erous small concerns. Nevertheless,
it may as well be recognized at once
that the Government seriously intends
to comply with the popular demand
for adequate restraint of monopolies
and great aggregations of capital. 1t
is evident too that the Courts of last
resort will support this movement;
and that the Sherman law, though re-
quiring some notifications in order
to make its enforcement more reason,
able. will remain the law of the land.
The prime intent of that measure is
to maintain the open field and fair
play.
Competition Necessary.
Monopoies are un-American, for
they conflict with such purposes and
endanger the very foundations of our
political institutions The door of op-
portunity must not be shut and lock-
ed fast by monopoly Competition has
been the main incentive in the ma
terial development of this great ma.
ton, and the recent tendency towards
its elimination, If not resisted. would
rapidly lead to socialism, national de.
'ay and revolution. The political and
industrial life of the nation depends
very largely upon the decision Of the
Courts on this vital question; AMI it
really encouraging to observe the
present drift is toward ssound and well
established economic principles and
away from the popular fallacies which
captured many light thinking or ul-
traselfish people, who in the pursuit
Of their purposes are blind to the
public welfare. The checks upon
his tendency towards monopoly and
excessive contradictions of industry
may, of course, be temporarily unset
cling in Wall street, but the ultimate
effect uDon investments will he highly
beneficial, for it will disarm much of
the public criticism naturally aimed
at the great corporations ana monopo
les which would surely continue to
abuse the great power obtained with,
out due restraint. 1t will be remem
bered that none of the calamiries
which were predicted in event of de-
aision against the Northern Securi-
ties Co ever happened On the con
trary the decision was distinctly ben.
aficial. it averted worse political agi,
tation: and the Standard Oil decision
vii do likewise.
Prices Trend Down.
Stock Exchange prices exhibited a
lower tendency owing to the condi.
tons just referred to. New issues are
still forthcoming in large amounts,
but the buying power of the market
is very limited. Investors and specu-
ators alike keep aloof and there has
been no support except from the ma
nipulations of big traders. The ap-
preaching opening of congress is also
an element of uneasines. President
Taft is expected to live up to his
promises of carrying out the Roose-
welt anti-corporation policies. 1t is
not to be supposed that MIR. Taft per-