The Washington times., 1910-10-24

MS dlNldendS ana be free from worry
about the daily weekly or monthly
fluctuations in Wall Street
The Sherman Act.
The Sherman Act and its applica-
ton to securities is still a very i'm
portant factor in the market We
haven't heard very much about the
Sherman Act recently. It has appar-
emily been largely forgotten by the
men who talk finance" and who are
the buzzing little pulleys in the big
machine.
But the Sherman Act should not be
forgotten. It's bearing on our cor
porations is precisely the same as it
was last winter, when President Taft
sent his special message on the 9TH
of January TO Congress, urging a
Federal incorporation law. Up to
that time we were slated for a period
of exceptional prosperity. The Pres
ident made it clear-he couldn't have
made it clearer-that If Congress fail
ed to furnish relief to the corpora
tons, failed 10 provide a law that
would make it possible for the big in
terstate corporations to do business,
he would enforce the existing law. the
Sherman Act, be the results ever so
drastic.
The decisions il the Standard Oil
and Tobacco cases have not yet been
reached by the Supreme Court
These decisions, when they come,
which may be in three months, or IN
six months. will make it pretty clear
whether the railroads and other in
terstate corporations are doing busi-
ness legally or not. II the decisions
are against these two corporations, it
is obvious that not only they must be
reorganized, but other corporations
and big interstate railroads must be
reorganized as well.
But with no adequate provision IN
our laws for a satisfactory reOrgani-
zation, what will happen then? It
is tolerably certain that they cannot
90 out Of business. and it is equally
: certain that they cannot be resolved
back into the small concerns and
small railroads from which they have
been made up. II is the relation Of the
Sherman Act to corporations. there
fore, that has the greatest bearing on
this market and that is keeping the
big moneyed interests out II this
were satisfactorily cleared up, the
main obstacle in the way of a sub
stantisI and permanent advance in
the market would disappear.
( It is true that the big financiers
are disturbed over the political sltua-
ton, and that they regard the pro-
gressive spirit of the day with much
concern, but radicalism today is cor
servatism tomorrow. Human nature
quickly readjusts itself TO new c0ndi-
tions. This is particularly true Of
the younger men. Just how long it
will take the older men who have
done business on other lines TO fall
in with new conditions and look
pleased is a problem
But there is one thing certain
the man who doesn't get in step
with progress will soon find himself
out of the procession. It is q good
deal better and a good deal wiser,
it seems to me, to accept the inevi-
table, and help shape things up right,
than it is to stand on the outside
and kick an embittered and fruitless
kick.
While this Sherman Act in its re-
Iation to business and corporations
is an emphatic deterrent with big in
vestors. it does not necessarily fol-
low that they are right, and that Sc
curities should not be bought at pres
ent prices The angle of approach,
however, is not quite the same with
the man who has millions andSmiI-
lions to invest as it is with the man
who has a small surplus of money
(which he wishes to employ so that
hNTn D HIIVSC