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Show MARKET'S STRONGER FINANCIAL TONE. The stronger financial undertone repeatedly referred to in these advices expressed itself this Aveek Avith- unexpected energy, says Henry Hen-ry Clews in reviewing the markqt for the past Aveek. The immediate stimulants Avere a better steel 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 Avas further fur-ther emphasized by good buying to cover shorts. The continued case in money at a season Avhen firm rates usually prevail is, of course, a poAverful factor in supporting stock exchange values There has been some signs of revival of investment demand, mainly from Avealthy buyers, Avho have 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 banking circles confidence is certainly gaining. gain-ing. Here and tljerc 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 Avhatever 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 laAv. There is nothing for those Avho are knoAV-ingly knoAV-ingly or unknowingly disobeying the laAv but to accept the situation as cheerfully as possible and readjust themselves accordingly. Obedience Obedi-ence to law is imperative, and only those who are 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 Avill only be a temporary matter. The an ti-trust crisis has been safely passed. Before long organizations so affected Avill be doing business just as usual. Competition will be, at least partially restored, and the country Avill benefit thereby. Smaller enterprises which feared to make a venture so long as the nig fellows monopolized the field Avill now have a fair chance for making a start, and the buyer Avho until recently Avas compelled to pay monopoly prices Avill noAV be better able to secure the advantage of some competition betAveen sellers. A partial return to competition docs 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 by law. Competition has always proved nature's best regulator in the markets as avoII 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 Ave shall be able to differentiate dif-ferentiate between fair aud unfair competition. What avc need is a competition that Avill "live and let live;" a competition that will give the smaller concern a fair chance with the greater, which usually requires no advantage from the 1iw. 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? |