Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-12-31

lrfD
shows a disposition to handle the tar
iff judiciously and to enforce such a
reduction of the schedules as will
produce as little ftarlm rs possible. II
may be six months before a new bill
will be passed, and this uncertainty
must inevitably be regarded as a de
terrent upon business activity, espe.
cially in the textile industry; but the
democratic party, which now includes
a considerable protective element, is
not likely to rain its political future
at the outset by smashing the tariff.
Revenue necessities VIII also prevent
any serious lowering OF schedules. 4
On the trust question there is at
present little demand for legislation
The monOpolistic movement reached
its zenith in 1910 at the time'o of the
Oil and Tobacco decisions. These de.
cisdons not only brought about disso-
luton OF two of the largest so-called
inonopolies in the country, but what
was of more Importance they pre-.
vented the contamination Of many
new combinations then merely
dreams i'm the minds OF ambitious
men. The supreme court has since
then handed down other Important de-
c%isions, notably the Union-SoutheH1l
Pacific merger, supporting the anti
trust law. tits now quite certain that
the trend towards undue monopoly
has been severely checked. Time will
be required fGr the restoration of
l~cOmpetitiOn, on reasonable lines; Just
as time wassrequired Ito create many
of the great combinations. The i'm.
portant thing to remember in connec.
ton with the Sherman antitrust law
is that a very menacing political dan
ger has been restrained, for ii. is quite
~ccretain that had the monopoly move
lanant gone much further the c0,nHry
would 1,ave had ITO lace al grave polit.
ical upheayal. ending either in much
more Objectionable government con.
troll than is in, prospect today, on in
an immediate introduction to absolute
sOcialism. 1t Is not to be supposed
that the country can do without big
corporations, or that future consOlida-
lions lHay not be justified; but the
elimination of competition outside oil
rational m0uOpolis and patents will
now be q much more difficult matter,
and the chances of success in new
enterprises are vastly better today
than in many years. Meanwhile, there
must remain considerable uncertainty
Tor Our big corporations until the
Sherman law becomes more clearly
interpreted by the supreme court.
This is one of the most disturbing ell.
ements of the day.
Banking Reform
AS for banking reform, the outlook
at this writing is not particularly en-
cOuraging, and much depends upon
the attitude OF MIR. Wilson. Should
he come out decisively for a sound
banking and currency act there would
be a good chance of success. Senti.
ment lis running somewhat more in
favor of a central bank, provided it ia
safeguahded from Wall Street control
1t DIS not probable, however, that any.
thing will be dome without urgent
pressure from the business communi.
ty; nor is any action expected or de.
sired during the special session OF
congress to be called for revising the
tariff.
~" ..E = n-' 'E
Serious Railroad Problems
Everything the railroad buys, par
ticularly labor, has advanced serious
ly; while the only thing railroads
have to sell, transportation, has re.
manned practically stationary. Fol
three-quarters of the year the roads
endured a period of light traffic. Du-
ring the last quarter there was a
gratifying increase of revenue, thanks
to a big harvest, and the roads are
closing the year under somewhat bet
ter conditions. Whether this will
continue or not is problemtatical. Suf
fee 1t to say, THE RAILROADS are MOI
vet out OF the woods by any means
Traffic conditions are such las to i'm
peratiyely call for large amounts oil
new capital for improvements. B0t
political conditions r not particu
lally encouraging to investors in rail
road shares, and the higher rates ol
Interest demanded simply add to the
burdens from which they cann0t CD
cape. Their only hope is either 4
permanent increase in gross earnings
or permission Ito advance rates srtf
ficiently to alt least PARTIALLY cosnlpen
safe for enlarged expenses. Some
solution of railroad problems must be
found during the coming year, and a
the Interstate commerce commission
persists in its present policy Of hold
ing down the railroads, lit will have
to- shoulder the responsibility Of IN
adequate facilities later on. Between
tn %stubhornly repressive interstate
commission which cripples the com
panies on the one hand, and the ere
alton or conditions favorable to agi
tation for government ownership or
the other, the path Of 0ur great rail
road managers is Gar from beine
strewn with roses.
The High Cost Of Living
The problem OF high prices ,still
monopolizes public attention, end che