Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-12
HELPS BIG BUSINESS
Tobacco Trust Decision Great
+. Relief to Wall Street.
CLEAR ROAD TO PROGRESS
Uncertainty and Doubt Are Now
Largely Swept Away.
BANKS OPPOSED TO BOOM
Favor Steady Betterment of Condi-
tions, But Look With Disfavor
on Wild Speculation.
6y w. G, Nicholas.

Special Correspondence OF The Star.
NEW YORK, November 1f.-Tne prompt
and peaceable settlement of the tobacco
trust case is the most important develop
ment of the Year in q business and stock
market sense. 1t gives to the business
world assurance that the purpose of the
government is to enforce the antitrust
law along the lines laid down by the Su-
preIne Court in its temperate decisions
ordering the dissolution OF the Standard
OH and tobacco trusts and not TO rough
house big business.
For the first time the men intrusted
with the mana cement of large affairs
can see and understand what they have
to do to meet the requirements of the
law. They no longer have reason to fear
the club or tho knife of a supposedly in
furiate Department of Justice backed and
directed by a President imbued only with
a sense Of incarnate Justice. The fog and
uncertainty have been lifted from the
situation. A great light has dissolved the
darkness that has hitherto prevented
business men from seeing what was III
front of them. Doubt, fear and distrust
arc eliminated. No good reason can now
be advanced for further halt and inaction.
The government at Washington can no
longer be regarded as a hideouS monster
bent on the destruction OF business and
full Of lust for the ruin Of the people. Big
business will he permitted to adjust itself
to the new order of things and to per-
form that duty with the cordial help and
cooperation of the administration instead
of being coerced brutally into obedience.
Not Peril to Business.
1t is difficult to adequately and clearly
describe the relief that was experienc ed
-
on the plan for the dissolution Of the to-
bacco trust For the first time the real
purpose Of the government program was
disclosed, and it became evident that the
business interests were in no danger of
being torn and ripped to pieces. but that
they were to be given ample time to put
the house in order. so that the transfer
nation could be wrought decently and
in order and without serious disturbance
Of values
A great weight was lifted from the
minds of thinking men. They had been
seriously perturbed and were cropping
blindly to find their way out OF the maze
of uncertainty. The effect on sentiment
was uplifting in q remarkable degree.
The first reflection was seen in the stock
market, which was quick to judge of how
enlightenment as to the true meaning of
the government program would be re-
teived by the country at large The stock
market moved with real confidence for
the first time in more than year. TiIntd-
ity and fear were cast to the winds.
There was exhilaration and cheerfulness
In the very air Of Wall street. The finan-
cial pulse beat strongly and surely.
Trust Never Popular.
Not that anybody cared particularly
what became Of the tobacco trust as an
entity. 1t has long been looked upon as
one OF the most sordid and Objectionable
OF trusts. 1t could have been dropped
into the sea without causing universal
grief. There are many features of the
settlement of its affairs that leave much
to be desired. but, in the opinion of the
court, the plan of settlement was the best
that can be devised 1t aims to strip the
combination OF its monopoiistic powers
and may accomplish that result. The
finding of the court is as important in the
moral lesson 1t teaches as In the ability
shown by the government and the defend
ant trust to arrive at plan for reform
and obedience to the spirit and letter of
the law. 1t further brands as contrary
to the will OF the people usages consid-
cred contrary to the deep-seated demand
for fair ay. The country has been more
than twenty-five years In arriving at this
point. Il marks an advanced stage in
the progress of education as to the policy
and wisdom Of deccncy in business and to
the folly of running counter to broad
help leaders and managers Of big bust
ness to a clearer view of their obligations
to the public. 1t may in time lead to an
appreciation of the dishonesty of specula-
ton by directors and officials intrusted
with the management of corporations
whose stocks are listed on the exchanges.
Freedom to gamble on advance infor-
nation of deve. opments in properties I'M
der their control may never be entirely
abolished by law, but the force of an edu-
Gated public sentiment directed against
such practices is bound in time to have
its effect, where mere laws might fail.
1t has been effective to a Very large eX-
tent in England and is becoming grow
ingly more effective here. To that end is
public opinion being directed in the United
States. 1t is the real force behind the
antitrust agitation, and has moved poll
ticians In the national and state capitals
to enact laws for the regulation and con-
troll of associated business.
Way Clear for Business.