Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1911-12-06
DEALERS IN STOCKS
WANTED THEIR MONEY
According to Henry Clews, New York
Banker. That is Reason for
Realizing Sales
(By HENRY ClEWS)

| NEW YORK. Dec. l. 19l1.-Owinc
| t. the Intervention Of Thanksgiving
! day and the approaching opening OF
! Congress December the tendency of
the stock market was reversed and
considerable realizing of profits en-
sued. \ temporary furry i'm money
Incidental t" the end Of the month
further aided the decline.
In forming opinions on the course
"f the stock market il is important To
first get line upon what congress is
likely L. do during the coming SEES
sion The main political issues. it is
already known. will be first the trusts
and second the tariff. with currency
legislation remote third. President
Taft is expected To- devote his atten-
ton chiefly To- the trust problem
Since his ideas upon this subject as
vell as the tariff are already well
known and are not likely To change
the chief interest will fan upon the
attitude of congress At present the
trust issue is much confused by some
desire To amend or repeal the Sher-
man law Its repeal is an idle dream
Its amendments. however. MAY be pos
sible, though for reasons already "N-
planned in these advices not entirely
dies irable In all probability strong
efforts Will be made to pass Il fed
,ral Incorporation law. This pro-
rosal has many advantages ana
would go a long way toward check
Jig the abuses arising from loose and
conflicting state laws. The chief OBJ
iections L. federal Incorporation law
are purely political. inasmuch as it
would lead To a further Capitalization
of power AT Washington. tendency
which has been growing almost too
rapidly during the last few years.
Indications are strengthening daily
that the big corporations have gore
through their seVerCst trials. and that
kenceforth the government is likely To
show more lepiency in its enforce
nlert Of the law. II is recognized that
biz corporations have come To- stay.
and as the public become better ac-
CustOmed To- their existence popular
prejudice will become less acute. Al
the same time it is fully recognized
that these great corporations md the
enormous powers which they have
der the influence of the law Some
sort of reasonable regulation mus;
be devised: not So much to satisfy
popular clamor as to prevent abuses
of the great power which they in
eVitably possess. Whether suitable !
regulation can be developed by fur
Their amendment of the Sherman nav !
OF whether an Industrial Commission |
viii he provided for the regulation Of |
big concerns on similar lines 10 the |
Interstate Commerce Commission re-
mains Ia be seen. The latter idea has /
many advocates and is worthy or seri |
Gus discussion. Until the settlement |
Of this trust problem is in sight bust |
ness will hesitate more or less be- |
cause the leaders in big business can |
have no settled idea upon what basis
their operations can he conducted. |
The tariff also will BE- an element of |
uncertainty. yet no very serious or |
important changes are to be antici- I
rated. except in instances of abs1 |
lutely unnecessary and extreme pro- !
lection The presidential campaign is |
of course. a distracting element. but |
when the political atmosphere be |
comes clearer. its Importance viii be |
on the wane. 80 far as its effects upon |
business are concerned. After all. /
little real legislation will be accomp-1
lished simply because this is a presi |
Dental year. and each party will h.
endeavoring 10 put the other in a hole |
rather than solving problems
So much for politics, which are at
present the chief hindrance t" busi-
ress recovery. Were il not for the
noisy political agitator commerce and
industry in the United States would /
quickly return to the normal. In other /,
respects the business situation shows
slow but steady improvement. The
iron trade is still leading the way. sand
proved the most active
month Of the year for that industry.
we are now approaching midwinter
when much structural work has To be
abandoned so il should cause no dis
thara follows