The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1909-11-29
Business Review of The
Past Week BY Henry ClewS

Wall street was decidedly disturbed
by the decision of the United States
Circuit Court against the Standard Oil
Co. Although not entirely unexpect-
ed, this decision emphasizes the ban
which the courts are placing upon the
efforts to suppress competition. Need
less to say these mandates interfere
materially with the plans of many in
dustrial and financial leaders who had
contemplated mergers, holding COM
panies or other devices for circum-
venting the law. Such plans must
necessarily be seriously interfered with
and all combinations of monopolis-
tic character are now wondering 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 extreme Or unintel-
ligent action towards the great comb :
nations of capital. which are necessary
to the development of the country and
more efficient and more economical
than numerous small concerns. New
.ertheless. it may as we'll be recognized
at once that the government seriously
intends to comply with the popular de-
mand for adequate restraint of monop-
olies and great aggregations of CAPT
tai. 1t is evident. too. that the
courts of last resort will support this
movement; and that the Sherman law,
though requiring some notifications
in order to make it's enforcement more
reasonable, will remain the law Of the
land. The prime intent of that meas
ure is to maintain the open field and
fair play. Monopolies are un-Ameri-
can, for they conflict with such pur-
poses and endanger the very founda-
ton of our political institutions. The
door of opportunity must not be shut
and locked fast by monopoly Compe-
tition has been the main incentive in
the material development of this great
nation, and the recent tendency to-
wards its elimination. if not resisted,
would rapidly lead to socialism. ma
tional decay and revolution The po-
litical and industrial life of the nation
depends very largely upon the decis-
ion of the courts on this vital ques-
ton: and it is really encouraging to
observe that the present drift is to-
wards sound and we'll established eco
nomic principles and away from the
popular fallacies which captured many
light thinking or ultra-selfish people.
who in the pursuit of their purposes
are blind to public welfare. The
check upon this tendency towards mo-
nopoly and excessive contradictions of
industry may, of course. be temporarily
unsettling in Wall Street. but the I'LL
innate effects even upon investments
will be highly beneficial, for it will dis
arm much of the public criticism nat
urally aimed at the great corporations
and monopolies. which would surely
continue to abuse the great power OBJ
tanned without due restraint. 1t will
be remembered that none of the ca
lamities which were predicted in event
of a decision against the Northern Sc
curities Co. ever happened. On the
contrary the decision was distinctly
beneficial: it averted worse political
ion will do likewise.
Stock Exchange prices exhibited
lower tendency owing to the conditions
just referred to. New issues are still
forthcoming in large amounts. but the
buying power of the market is very
limited. Investors and spectators
alike. keep aloof and there has been no
support except from the manipulations
of big traders. The approaching open
ing of congress is also an element Of
uneasiness. President Taft is expect
ed to live up to his promises of car
rying out the Roosevelt anti-corpora-
ton policies. 1t is not to be sup
posed that Mr.. Taft personally would
oppose any radical measures. Vet he
fully understands the strong public
opinion throughout the country which
is hostile TO such combinations, AMI
recognizes that if he does not satisfy
the public desire for action. Mr. Roose-
welt may be summoned to that task
three years hence AS to the attitude
of Congress, nothing can yet be ascer-
tanned owing to the conflict of various
issues. The legislature. however. is
likely to be more unfriendly than 9TH
erwise to corporate interests. and
there is no doubt that amendment of
the Sherman law will be attended with
difficulty this season. Another de-
pressing influence has been the firm
ness of money. No particular strin-
gency is anticipated, but good interest