Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-05-23


do not injure public interests have
now nothing to fear from the Sher
man law. Instead of killing this stat
ute, our supreme court may be said
to have vitalized it. Chief Justice
White very properly intimated that
by applying the rule to the act in
stead of following it literally the court
has probably saved the statute from
condemnation as an unconstitutional
enactment. literal Interpretation
of the law would mean impairment OF
property rights. in obvious violation
of constitutional rights. A crafty
ing feature is the fact that the SUI
preme court bench is virtually unani-
nous in its attitude on the trust ques
ton. The decision will go a long
way towards removing the feeling OF
discrimination that has existed
AGAINST industrials as a class because
of the fear that their entire form OF
organization was antagonistic to TIE
provisions of the antitrust law. There
+ is no longer occasion to fear such 4
condition in case of those of our great
industrial combinations that are unde.
the direction of men of integrity and
ability and which do not seek by
unfair means to monopolize the in
dustres with which they are con-
nected.
! The markets technical situation
has unquestionably been greatly i'm
proved as the result of the supreme
courts action. During the recent
long-continued period of dullness and
depression public participation in the
stock market reached very negligible
proportions. Many small holders
became discouraged and sold out, and
among others the disposition was to
enter short commitments. Thus, when
the full significance of the courts rul-
ing on the industrial situation became
appreciated there was a combined de-
mand that quickly absorbed the COM
parative small supply of floating Sc
curities. Those who sold their Sc
curities have now begun to repurchase
remember when Union Pacific. for
instance, was selling at nearly 220. as
against 1873 at present. and when Steel
common was in the nineties instead
of about 80. They feel encourage
ment, therefore. to look for a higher
price level than has at present re-
suited.
The court decision is not by any
means the sole favorable development
of the week. The prospects of an
early and peaceful settlement of the
Mexican troubles remove factor that
contains many possibilities, not the
least of which was the necessity of
protecting not only our own citizens
in Mexico. but innocent foreigners as
we'll. Assuming in this way the OBJ
legations that this country has under
taken under the Monroe Doctrine.
We have, of course, had the constant
assurance of the guiding hand of an
Executive we'll qualified by judicial
temperament and training to properly
handle the delicate situation. His
action in mobilizing large army on
the border line to enforce neutrality
has proven. as intended, a measure for
peace. Singularly enough, President
Taft has not been criticized by un-
informed persons for his action in
taking adequate precautions in time.
This in itself may be regarded one of
the strongest tributes of confidence
in our chief executive.
Fear for disturbing tariff action at
the present session of congress is les
SEEMING and the best information OBJ
tainable suggests that an adjourn
ment by the first of July. There is
an evident disposition by both parties
to delay legislation of radical ma
ture until after the next presidential
electio. Crop prospects continue ia
vorable. and whether it be sentimental
or not, there is evidence of an appre-
cable improvement in the iron and
steel industry. The money situation
is beginning to show a rather stronger
tone. though supplies are still ade-
quate. Last weeks returns of the
clearing house banks show surplus re-
serves of $43,S94,OO0. These are the
largest at this season with the ex-
ception Of the abnormal year 1908,
since 1898. and compare with ST..
10000 at the corresponding date a
year ago. The governments offering
$50. 100000 Panama per cent bonds
will require funds from the banks
1t will undoubtedly be a successful is
sue and promises therefore to consti-
tute another favorable influence in the
! f11$ ofk