The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-07-03

New York, July 2-The decision OF
the Circuit court that the Union Paci-I
fic's control Of the Southern Pacific
5y stock ownership does not contra
vene the Sherman antitrust act Is a.
development OF distinct Importance.
t removes barrier shat has existed
for some time preventing the open,
concerted operation OF non-compeu-
i've lines Of transportation. Coming
at this time when court rulings have
cen so uniformly against formal Co
operation among our great industrial
and railroad combinations, 1t will eX-
ert a steadying influence on the mind
If the investor. as it DIS direct EVIL
ience that the courts may be de-
ended upon to protect properly IN
.erests as faithfully as they do Pub.
ic interests.
The sharp advance in the stock
naret price level that accompanied
NE deci. ion received somewhat a
heck. however, as a result OF the
weeks additional and conclusive eyi-
fence of the disposition ON the part
II the Administration to continue to
robe the current methods of our
arge industrial corporations. And
here Is evidently substantial ground
Tor the belief that until after the
Presidential election of next year
Doth of the great political parties may
Va derended upon to make as great
spectacular display as possible in
he direction of appealing to popular
yreiuaice BIZ attacking tr'usts-in less
lignified language of continuing a
trust-busting' campaign. Each po-
itical party is jealous OF the other
in this connection, and the one in OF
lice is hardly likely to leave any
tone uhturned that will permit i'm
9ortant advantage to be taken by q
competitor in the approaching poltti-
cal campaign. Thus, we have still in
sight period of unsettlement There
has this week, for instance been the
action of the local Federal Grand
Jury in filing criminal indictments in
he case of officials and corporations
(incluling Steel Corporation subsid-
laries) in connection with the wire
orice agreement of some years ago;
and this follows similar information
connected with Investigations of the
Steel Corporations cement activities,
The Bureau of Corporations today
furnished to the President a report
diving the result of Its studies into
he iron and steel industry in tnis
country. In this report the Commits.
sioner. MIR. Herbert Knox Smith, pre-
sents statements to show that the
Steel Corporation is a much greater
dominating influence, though chiefly
as result of its ore resources, than
has been generally supposed. The
report as whole is favorable to the
Corporation, but 1t will nevertheless
constitute what may be termed a text
book campaign orators of both poll
teal parties to denounce trusts dur
ing next years Presidential cam
paign.
Thus, we have before us in this
direction incentive for no little irreg-
ularity in the market for Stock Elk
change securities. On the other
hand fundamental influences are Ger
tainly favorable and the outlook
therefore, suggests period of active
fluctuations that will constitute an
ideal and protracted market for
traders.
Looking at the more favorable in.
fuences that present themselves. we
have in the first place what are I'M
denialby excellent crop prospects
Rains in North and South Dakota
have measurably improved the spring
what harvest outlook. An excellent
winter wheat yield lis already as.
sured, and corn, while still subjec
| to the yicissitudes of weather, il
thus far in good shape. Cotton give'
every promise Of a satisfactory yielt
at excellent prices, resulting from al
accumulated demand. Hay and oat
are rather Disappointing and will