The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-02-28

New York. Feb. 27.-The average range
Of security prices was at the end OF last
week a little higher. perhaps, than at
the close Of the week preceding, but it
was so little higher as 10 make the
changes. except in the case Of one or
two inactive stocks. practically insig-
nifcsnt
Stock exchange business was, in fact,
az lower ebb, both as regards the
volume OF transactions and the interest
taken in them, than II has been at any
time since the middle OF last summer.
All this is, in one sense, a state of al
fairs entirely normal to the present sea-
son Of the year and the inactivity as
noted is doubtless accentuated by the
circumstance that for long time pre-
viously the market was obviously some
what stimulated
one disappointing development. TO
which reference must be made. is the
failure OF the bond market 10 evince
signs Of a renewal Of life under the
influence Of cheap money. There seems
10 be no demand at all now for railway
JULIUS VI TIC Nlt4-AdGllDlAE1 NidSH
Inquiry as 10 just what are the reasons
why investment purchases have thus
been reduced. open a wide field for dis
eussion, but ii is apparent that one
cause therefor Is something quite apart
from the usual forces operating TO bring
about a dull security market at the be
tween seasons period OF the year, This
cause IS in all probability the feeling Of
hesitation and uncertainty that has over
spread business circles throughout the
country regarding the action likely 20
be taken by the Supreme Court in the
American Tobacco and Standard Oil
cases.
Effect of Trust Legislation.
An amendment by Congress Of the anti
trust law could confne It's provisions to
corporations in unreasonable restraint Of
trade. or. in other words, limit the opera
ton instead Of making it ironbound and
all comprehending as a panacea for
trade. But could such an amendment be
made? Are the people Of the country
educated enough TO understand the neces-
sity for such an amendment, or must
such a necessity be impressed upon them
by a financial panic, which, as Mr.. Beck
well said recently in his Philadelphia
speech. would be, compared with the
financial trouble of 1907. as a cyclone to
a zephyr?
The difficulty on this point is that there
does not yet seem to be in our land a
appreciation of the fact
that corporations and great cOmbina-
tons, even in the shape Of holding COM
panies, are necessary to the modern in
dustrial life Of the country; that the
natural tendency OF business is toward
and that business can no
longer be transacted either with a profit
to those engaged In it or with usefulness
to the country as a whole by means OF
numerous small scattered concerns, each
cutting the others throat and each CON-
PEELED by the very terms of its existence
to conduct it's affairs at a high ratio of
operating expense. President Taft, in his
speech on Washington's Birthday IN this
city. declared It TO be the true principle
Of the antitrust law that those engaged
IN modern business. especially Of manu-
facture and transportation. shall pursue
the policy with respect to their COM
petitors of live and let live and that
they shall not use the bigness of their
concerns to brighten exclusive patronage
from customers and eliminate smaller
concerns from competition. and thus con-
-rol output and fix prices"
Passing OF the BIiddIeman.
II there is anything that has been |
demonstrated by the experience Of the |
asst half century Of our national life, and |
by the worlds business life as well, it is /
hat the strong instructive tendency OF |
hese affairs is toward the elimination of |