The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-01-09

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the stock market should exhibit III
creased activity" While an early de-.
cision from the supreme court is high
~ desirable there would seem to be
no occasion for speciai uneasiness r..
garding the outcome Of these cases.
Should the decisions on Tobacco ami
oil be unfayorable no great harm
would result. The production and
consumption Of oil, tobacco, and all
otner products would go on as before;
only the forms of organization would
be changed The worst that could
happen would be the temporary incon-
venience of reorganization, which in
all probability has been thoroughly
anticipated by the concerns likely to
be affected. II should not be forg t.
ten that the famous Northern Securi
ties case excited vastly more appre.
hension than the cases now awaiting
dcision; yet was settled adversely
without any Ill effect upon the stock
market. Moreover, our corporations
have shown marked change Of
spirit during the last few months
and are no longer antagon:stic to the
law; they simply desire an authorize.
tive Interpretation SO that they MAJ
know what course Is safe and within
the law
The Railroad Cases.
As to the railroad cases, they are
really a more serious matter. Since
the roads have been forced to make
concessions to labor, estimated at be-
tween $10o,000,001 and sl50,0O0.0O0 a
year, it seems perfectly reasonable
that they should be permitted to re-
coup at least a portion OF this loss
through the means of better rates
Certainly there is no justice in ex
pecting stockholders to stand the en-
tire burden, which is becoming more
and more evident; as the monthly re-
turns of the various roads show heavy
and very significant losses in net earn
ings. Under the circumstances II
probable that the roads will obtain
some concessions, for this would be
good policy on the part of the gov
eminent, and the readiness with
which the western roads last week
granted an advance to ,ne;r employees
suggests that railroad managers en-.
tertain expectations of this character,
favorable decision viii unquestiOE
ably have a wide spread effect upon
business. Railroads which are now
economizing in many directions will
have to retrench still more severely
should no advances De permitted.
This would mean the throwing out Of
employment of large number Of
hands. 1t would also mean a contrac.
ton in improvements and a further
reduction in the employment of labor
On the other hand, if concessions are
made to the railroads Improvements
will be continued, orders for equip.
ment and rails which have been held
Lack for months will be forthcoming,
and the effect will of course be 10
stimulate business.
Period Of Activity.
Another element in the situation s
that a number Of important new IS.
gues are pending, making it desirab.e
for banking interests to keep the mar.
ket in as healthy and active condition
as possible This is the period of the
year when such operations are car.
ried on with more activity than usual
There is no prospect OF any pro
longed rise in values or any unusua
activity in the market until the con
! ditions of general business improve;
but the financial situation is generally
gound and more cheerful sentimcn
prevails everywhere and these are
! factors which cannot fail to have az
least a moderately stimulating efec
4 upon values.
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