Bisbee daily review., 1911-09-28
DISTURBING CAUSES
 OF TIE STOCK MARKET
A Lack of Nerve to Face the Situation With
 CaImneSS
WRITES HENRY CLEWS

In his weekly review of the fnan- cial situation, Henry Clews, in ac. counting for the state of the market last week, says:
 Of course there are reasons for much of the depression; reasons too familiar to require repitition and which would have seemed to be more than discounted by recent declines
 What strikes the experienced -obseT- yer is the entire lack of nerve and ut ter indispositiOn to face any distuF- banee with calmness or courage. Our financial leaders are not the weak kneed, rubber spined, mea they now seem to be 1t is not, 10 be supposed that they are shivering because of current adverse conditions, or the fact that many of our huge industrial con ceTns must go through the throes Of reorganization. They know full well that the country will consume the same amount of food and clothing as usual and that shelter will be as ne cesary as ever. They appreciate that the trusts will continue to work six days in the week in spite of legal mandates compelling them to change their form. They know that real val ues will not be destroyed. Standard Ull and American Tobacco have gone through the period Of alarm and are earning none the less because they must dissolve like other corporations organized in defiance of law. Many complaints come from those who are enjoying mOmoply profits, which, if continued would certainly lead the country 10 far worse social and poli- tical troubles than now threaten
 True, the correction of such abuses is never pleasant. Reforms are always unpopular, and sometimes, as at pre- sent, We may have an overdose of re form: but for this the law breaker, not the reformer must be held respon- sible. One thing is certain that if the law breaking monopolies had not been checked. we should now be on the high road of socialism and to
 far greatoF political disorder than now seems likely. What is now being endured is not so bad as what might have been, for which there is reason
 10 give thanks. it Is time that our business men took a calmer and more courageous view Of the situation
 The country is resting, liquidatiHg coming down from the heights of in hation to more normal level; and because we are not rushing on at re- cord breaking pace and making big profits. that is no reason for the pre- sent irrational state of depression.
 The presidents address on the Sher- man act on Tuesday was at first mis- 1 VH unwarranted feeling of uneasiness, when in reality it should have given ample assurance, if cor rectly interpreted. Mir. Taft's attitude toward monoply is unchanged. s He re- recognizes, as does any thoughtful observer, that the drift toward mono ply is is against public welfare and has brought us closer to individual revolution and socialism than than any other known force. He, there fore, wisely insists in performing his duty in enforcing the law. He wisely objects to any revision in the Saer- man law because the supreme court has already built up a series of in- negotiations which make the law in it's application well understood. Re vision, he believes, would simply re- yive agitation and probably set aside all of the excellent work and thought already expended upon the subject b. the supreme court. The decision is now being enforced in the light Of reason, and revision he thinks is wholly unnecessary and could accom- plish nothing except further injurious disturbance Of business affairs. MT. Taft also very properly argues against the proposal that the supreme court should decide between good and bad trusts, as imposing improper work up on the court, the inference being that trade monoDolics when good
 would be allowed 10 live, only the bad
 Icing sent 10 perdition. Nil. Taft probably recognizes the utter impos- sibility of keeping the trusts always