The Birmingham age-herald., 1911-11-12
TRUST SETTLEMENT CLEARS SITUATION Elections Have Caused, Bit
 ter Feeling FEELING OF RELIEF Nothing Now in Way of Speedy Ad- justment of Big Business to
 Meet the New Con-
 ditions
FEELING OF RELIEF
BY w. G. NICHOLAS

BY w. G. NICHOLAS
 New York, November 11.-(SpeciaD.- The prompt and peaceable settlement of the Tobacco trust case is the most im- portant development of the year in business and stock market sense. It gives to the business world assurance that the purpose of the government Is to enforce the antitrust law along the lines laid down by the supreme court in it's tenn perate decisions ordering the dissolution of the Standard Oih.and Tobacco trusts, and not through rough house big business.
 For the first time the men entrusted with the management of large affairs can see and understand what they have to do to meet the requirements of the law. They no longer have reason to fear the club or the knife of a supposedly infuriat- ec department of justice backed and di- rected by president imbued only with a sense of incarnate justice. The fog and uncertainty have been lifted from the situation. A great light has dissolved tho darkness that has hitherto prevented bus mess men from seeing what was in front of then Doubt, fear and distress are eliminated. No good reason can now be advanced for further halt and inaction. The government at Washington can no longer be regarded as a hideous monster bent on the destruction of business, and full of lust for the ruin of the people. Big business will be permitted to adjust itself to the new order of things and to perform that duty with the cordial help and cooperation of the administration ln- Stead of being coerced brutally into obe- dience
 It is difficult to adequately and clearly describe the relief that was experienced after the court set it's seal of approval on the plan for the dissolution of the To- bacco trust. For the first time the real purpose of the government programme was disclosed and it became evident that the business interests were in no danger of being torn and ripped to pieces but that they were to be given ample time to put the house in order so that the transformation could be wrought decently and in order and without serious disturb 2 ance of values.
 A great weight was lifted fSom the nlinds of thinking men. They had been seriously perturbed and were groping blindly to find their way out of the maze of uncertainty. The effect on sentiment was uplifting in remarkable degree. The first reflection was seen in the stock mar ket which was quick to judge of how en- lightenment as to the true meaning of the government programme would be ie- ceived by the country at large. The stock market moved with real confidence for the first time in more than year. Tim l1ity and fear were cast to the winds. There was exhilaraton and cheerfulness in the very air of Wall street. The f. nancial pulse beat strongly and surely.
 Not that anybody cared particularly what became of the Tobacco trust, as an entity. It has long been looked upon as one of the most sordid and objection able of trusts. It could have been dropped into the sea without causing univsr- sal grief. There are many features of the settlement of it's affairs that leave much to be desired but in the opinion of the court the plan of settlement was the best that can be devised. It aims to strip the combination of its monopolistic pow CTS and may accomplish that result The finding of the court is as important in the moral lesson it teaches as in the ability shown by the government and the. defendant trust to arrive at plan for le- form and obedience to the spirit and let ter of the law. It further brands as con- trary to the will of the people usages considered contrary to the deep seated demand for fair play. The country has been more than 20 years in arriving at this point. It marks an advanced stage in the progress of education, as to the policy and wisdom of decency in business and to the folly of running counter to broad public sentiment in that respect. It will help leaders and managers of big business to a clearer view of their obli- gations to the public.
 It may in time lead to an appreciation of the dishonesty of speculation by direc- tcrs and officials intrusted with the man. aeement of corporations whose stocks are listed on the exchanges. Freedom to gam ble on advance information of develop ments in properties under their control may never be entirely abolished by law but the force of an educated public sen- timent directed against such practices is hound in time to have it's effect, where mere laws might fail. It has been effec- tive to a very large extent in England and is becoming growingly more effec- tive here. To that end is public opinion being directed in the United States. Ii is the real force behind the antitrust agitation, and has moved politicians in tho national and state capitals to cna,t laws for the regulation and control of associated business
 The overshadowing feeling in Wan street at the. present moment is that there Is nothing now in the way of a speedy re- adjustment of big business to meet inc conditions imposed under the new order of things. Any disposition on the part of generals and captains of finance and in dustry to impede this result will he fre wned upon. It will not be popular for the Steel trust or any other trust to con tlnue in contumacious frame of mind. II would appear that we have entered upon an era of sanity and conciliation-an age of reason in its broadest and best in- depreciation. For the moment tha sto, market affords the best medium for th~ expression of this feeling. The real ff- feet goes deeper and extends more broad ly than this Wall street stage; 1t is iron, &eneath and beyond that the great i'm 3else will originate ''
 There is danger that the exuberance d,s- played immediately following the Judicial