Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-03-07
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ELEMENTS OF UNCERTAINTY.

ELEMENTS OF UNCERTAINTY.
The elements of uncertainty ar
now threatening the stock market
says Henry Clews, in his weekly re
port-the supreme court decisions
and an extra session of congress. TIL
general impression is that the su
preme court will decide adversely il
the oil and tobacco cases, but ma,
suggest way out of embarrassment
to the offending corporations.
If the decision proves adverse ther'
will undoubtedly be much disappoint
ment and disgust among corporation
managers, because large number o
concerns may be obliged to recog
nize. This decision will effect nearly
1900 holding concerns having about
5000 subsidiaries and including about
$10,000,O00 $1,000 of capital. Like the
railroad managers they will be Obliged
to meet the law, and the more grace
fully that is done the better for all
concerned. Nevertheless, guessing as
to supreme court decisions is espec.
tally hazardous, particularly in view
of the popular miscalculation of the
railroad rate decision. 1t will be re.
membered that compromise was
generally expected. whereas nothing
of the sort occurred.
The reciprocity question will un-
fortunately reopen the tariff contro-
versy at time when business needs
freedom from political agitation.
There appears to be little doubt con-
corning the passage of the recipro.
city measure; and not much liklhood
of any radical tariff revision during
the extra session. 1t is quite possible
however, that considerable tariff agi-
tation may be aroused if only for po-
litical effect, especially as the time
is drawing near for another president
tial campaign. For this very reason,
however, there is little prospect OF
any important changes being made in
present schedules. The tariff is alto.
together too full of excellent political
ammunition to permit of a prompt ad-
justment, and as it will be the best
material for the forthcoming cam
paign there is little reason to fear
session.
Still, tariff agitation is deterrent
and not a stimulent to business en-
terprise. There is more or less talk
of putting such articles on the free
list as vitality effect the cost of living
and there is renewed talk of attack
ing the wool, cotton and steel sched-
ules. But, as already said, radical
changes are not probable, at least
until after another presidential elec>
ton.
Time has been given for the finan-
cial community to recover it's equili-
brium after the shock of the decision
of the interstate commerce commits.
sion. Only railroad managers show.
ed any serious perturbation. Our
great bankers entirely ignored this
factor in the placing of their new
floations, thus proving that they did
not regard the decision as in any de-
gree affecting the credits of the rail-
roads.
The truth is, the railroads failed
to prove their case, and no injustice
was done them by the commission;
since, if present conditions are prov
ed to be unavoidable, they will have a
full opportunity for rehearsing after
further trial of present rates. Many
of the railroads are reporting liberal
gross earnings, and there is little
doubt but that by means of economy
they will be able to continue salts
tory net results. The stronger roads,
which are in the majority, seem likely
to 60 on as usual with projected i'm
provements. Some of the weaker
lines are already beginning to econ
omize and defer improvements. The
effect of the decision was certainly
disappointing to managers and also to
concerns which furnish the railroads
supplies, but there is no doubt what