East Oregonian : E.O. (Pendleton, OR) 1888-current, 1909-12-01

New York, Dec 1.-(Special.)-
Wall street was decidedly disturbed
by the decision of the United states
circuit court against the standard Oil
company. Although not entirely un-
expected, this decision emphasizes the
ban which the courts are placing up
on the efforts to suppress compeu-
ton. Needless to say these mandates
interfere materially with the plars
Of many industrial and financial
leaders who had contemplated mer-
gers. holding companies or other de-
vices for circumventing the law
Such plans must necessarily be Sc
riously interfered with, and all COM
binations of a monopolistic character
are now wondering how the decision
may affect their future welfare. II
is not to be supposed that either the
government or the courts are gong
TO take extreme or unintellgent ac-
ton towards the great combinations
Of capital. which are necessary TO the
development of the country and more
efficient and more economical than
numerous small concerns. Nevertne-
less. il may as well be recognized AT
once that the government seriously
intends to comply with the popular
demand for adequate restraint of mo-
nopolies 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 requiring some modifi-
cations in order to make its enforce
HI xt-i11
the law of the land. The prime IN
tent of that measure is to MAINTAIN
the open field and fair play. Monop-
olies are un-American, for they con-
flict with such purposes and en-
danger the very foundation of our po-
litical Institutions. The door of OPP
portunity must not be shut and lock-
ed fast by monopoly. Competitor
has been the main incentive in the
material development of this grea'
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 ma
ton depends very largely upon th'
decision of the courts on this vita
question; and it is really encouragn'
to observe that the present DRIFT Il
towards sound and well established
economic principles and away IRON
the popular fallacies which capture'
many light thinking or ultra -seltlsl
people. who in the pursuit OF thel
purposes are blind to public welfare
The check upon this tendency to
wards monopoly and excessive cen
tralization of industry, may, OF course
be temporarily unsettling in wa
street. but the ultimate effect eve
upon investments will be highly ben
eficial. for it will disarm much of tn
public criticism naturally aimed at tn
great corporations and monopohe
which would surely continue to aous
the great power cttained without du
restraint It will be remembered thf
none of the calamities which weT
predicted IN event of a decisio
against the Northern Securities con
pany ever happened. On the cor
trarv the decision was distinctly pei
eficiaI; it averted worse political ag
tation. and the Standard Oil decisic
will do likewise.
Stock Exchange Affected.
stock exchange prices exhibited
lower tendency owing to the cond
tions Just referred to. New issues a.
still forthcoming in large amount
but the buying power of the marx
is very limited. Investors and spec'
lators alike keep aloof and there nj
been no support except from the mi
nipulations of big traders The a.
preaching opening Of congress is all
an element of uneasiness. Preside
Taft is expected to live up to h
promises Of carrying out the Roos
welt anti-corpOration policies IL
not to be supposed that Mr.. Tart pc
sonally would propose any radlc
measures. yet he fully understan