The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-05-29
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

The financial markets have this
week shown some reaction from the
enthusiasm created by the Supreme
Courts decision in the Standard Oil
case. This Is quite natural. especial
ly in view of the expectation that there
will be announced on Monday by the
same tribunal another ruling by which
the status of the American Tobacco
company will probably be finally de-
termined. There seems "a more or less
cles, not excluding Government Cir
els, not excluding Government cir
cles. that the Tobacco decision will
not prove as drastic as in the instance
OF the Oil company; and this idea has
become so general that 1t is not inn
probable that a different result would
be the source of some disappointment
that might well be reflected by the
general price level. II the decision is
not announced on Monday, the entire
question will, perforce, lay over until
the autumn at least. for the Supreme
Court adiourns after its Monday de-
cisions until it's regular October term.
II is not my intention to attempt to
compare the methods by which the
two companies particularly concerned
In the decisions were formed. But
there is one fundamental difference
which has undoubtedly received the
attention of the Supreme Court, name
ly, the fact that the product in one in
stance is a necessity and in the other
instance 1t Is luxury. The Standard
Oil company may be said to control
the light which is so necessary for the
welfare and comfort of our poorer
classes. while tobacco, in many OF its
forms, at least, may be regarded as
undermining the health and manhood
of our rising generations.
But viewed in broad sense. the
question of trust litigation has been
definitely decided and the stock mar
ket has little practical concern in fu-
ture decisions since they will affect
individual companies, and will merely
mean that those of our industrial cor
porations-be they few or many
who are not conducting their affairs
In a proper and legal manner must
Immediately reform their ways. All
public spirited citizens will quite agree
that such condition will prove in the
long run of great benefit to the bust
ness and Industrial world at large, and
that insofar as under the Oil decision
competition by combinations must be
fair and reasonable, the consumer will
be protected against unjust and I'M
necessary exactions.
Advices from various sections of the
country show that business general
ly has not appreciably participated in
the enthusiasm shown at this, the fl
nancial center of the country. This,
however, is not discouraging from any
reasonable viewpoint of general BUSH
ness prospects. for it is an acknowl-
edged prerogative of the stock market
to recognize and act upon and thus
discount the future of the country.
The Trust decisions being for all prac-
teal purposes out of the way: the
threat of extremely radical tariff re-
vision having been measurably re-
moved; the possibility of international
complications in connection with the
Mexican situation having been elimi-
mated by the obviously improved pros
poets for early and permanent peace
all these are influences that the fl
nancial market has been sufficiently
wideawake to recognize and properly
appraise. II remains for trade and in
dustry to in turn appraise them at
their proper value.
The fundamental factor in the stu
alton which merits close attention is
the progress of the crops. We have
now arrived at the period when this
will be the controlling consideration in
the calculations of experienced opera
tors. Thus far the promise is an ex-
cellent one. The acreage of winter
wheat has been largely increased and
the condition of the plant is suggestive
of harvest that will rank well with