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Show MARKET'S STRONGER FINANCIAL TONE. The stronger financial undertone repeatedly referred to in these advices expressed itself this week with unexpected energy, says Henry Hen-ry Clews in reviewing the market for the past week. The immediate stimulants were a better sfcel statement than anticipatd; some lessening lessen-ing in the rigor of the United States government in the tobacco cases, and more satisfactory monthly statements put out by the railroads. These events caused a turn in speculative sentiment, which was further fur-ther emphasized by good buying to cover shorts. The continued ease in inoney at a season when firm rates usually prevail is, of course, a powerful factor in supporting stock exchange values. There has been some signs of revival of investment demand, mainly from wealthy buyers, who havo considered the present a good opportunity for picking up high grade investments. The demand for bonds has also shown some improvement, although not quite up to earlier expectations. In hanking circles confidence is certainly gaining, gain-ing, nerc and there unsatisfactory conditions remain, particularly in the political field, but some important uncertainties have been removed, re-moved, and this fact is gradually leading to a clearer comprehension of what the future presents. There is no longer any doubt whatever about the Sherman law and its requirements. That has been settled by the supreme court of the United States, and made effective by President Taft's emphatic reiteration that it is his duty and his intention in-tention to enforce the law. There is nothing for those who are knowingly know-ingly or unknowingly disobeying the law but to accept the situation as cheerfully as possible and readjust themselves accordingly. Obedience Obedi-ence to law is. imperative, and only those who arc improperly suppressing sup-pressing competition or combining to hold up prices need have any fear of being classed as offenders. The irritation and confusion arising from the readjustment stage will only be a temporary matter. The anti-trust crisis has been safely passed. Before long organizations so affected will be doing business just as usual. Competition will be at least partially restored, and the country will benefit thereby. Smaller enterprises which feared to make a venture so long as the big fellows monopolized the field will now have a fair chance for making a start, and the buyer who until recently was compelled to -pay monopoly prices will now be better nVlr )n cnonrn -tlin orlvniifiinn ? .-.... a?. , .. . Y . lv... . uu,uiHu61i ul aum uujnpeuuon Between sellers. A partial return to competition does not necessarily mean a period of such reckless and destructive rivalry as paved the way for the last trust movement. Competition in trade as well as restraint of trade should be reasonable and fair, and the commercial pirate should be execrated in public opinion, and if necessary made impossible bylaw. Competition has always proved nature's host regulator in the markets as well as a most powerful stimulus to progress 'and invention. As a great force it is just as liable to abuse as the opposing power of monopoly. Without any doubt in due time we shall be able to differentiate dif-ferentiate between fair and unfair competition. What wc need is a competition that will "live and let live;" a competition that will give the smaller concern n fair chance with the greater, which usually requires no advantage from the law. Competition is inevitably harsh and cruel at times, and as far as possible its injurious effects should be limited to the elimination of what is inefficient and obsolete. Even that is painful, and what real progress is not? |