Morning journal and courier., 1893-03-01
BUSINESS mKrHoDs AND MORALS

An Instructive Lecture by Professor
Hadley ut North Shemeld Hall Last
Evening-A Few Words About the
Reading Combine.
The fifth lecture In the mechanics course
on Business Methods and Business Nor
ale" was delivered at North Sheffield hall
evening by Professor Arthur T. Hsdley of
Yale university to large audience, in
spite of the lively snow fall He spoke in
part as follows:
IT there was any person whom the me-
di@val merchant hated it was the specula-
tive merchants man who saved the wheat
until 1t was needed. Down as far as the
thirteenth century goods were produced
for orders only, as far as possible. The
needs of the market were not anticipated.
Inheritance decided what business a young
man should go into. After this lime grad
ually people began to make goods before
the demand, and 1t was found 90 advanta-
geous to the community at large that men
were encouraged to borrow capital to carry
on their business with. Thus the world
passed from the ancient system of trading,
when each town lived within itself and
exchanged only . few articles with other
towns, to the modern system, where We
manipulate for the world at large.
Most men who have an artificial start In
life from inherited money almost inyaria-
bly, drop out and give plsce to those who
rise from the ranks, who become recog-
nizsd as leaders. It Is generally supposed
with tie large amount of capital required
in modern industry that poor men cannot
rise and become capitalists. But.you will
be surprised to look over the list of those
who are recognized as leaders, and note
how many there are who have made their
own fortune.
We were all surprised last summer when
we put in our STOCK of coal to find the
price rising. Up and up they went- This
was because the Reading and various other
roads had made a coal combine whereby
they thought to control the price and the
market. And then Providencs arranged q
series of snow storms by the side of which
that of this evening is the least, 80 that
more coal had to be used.
But the Reading could not sell as much
coal at Sc 30 as 1t could at 81 so, by any
means. So it found large quantity of
unsold goods on Its hands, and it went and
borrow wed money to pay its interest and
performed several Otnsr pieces or snort.
sighted policy. Thus when Rssdipg wa.
thought to be at its highest its inside man.
agement was found to be inherently vicious
and that the men at tie head OF 1t had put
up the price just because they thought they
could. Thus i; often IL that when com
bination of capitalists try TO put up price,
because they think they can their policy
only reacts on them. All sueh fnancia
disasters lend force to the soclslistic de
mand for a change.
Besides success in money making by sd
vertising Ut by legislative acts there i
SUCCESS in money making by gambling
Part of the prominent railroad men hav
| come into prominence by operating theii
properties and part by gambling in Wal
street A man who makes his money il
| the latter way is as ft to be high way
| robber as he is to manage g railroad Iii
| a defect In our ethical feeling to-day tina
| we look at the amount of money a man
| worth rather than how hs made it, None
| Is q public trust not something to be in
discriminatory pursued. Such have been tn
dangers to which money and bushes
methods have been subjected. We homo
the pursuit of money getting, because W
recognizes 1t as means of public service
But let us take care not to become indis
criminate in pursuit of 1t. Let us striv
to keep our morals in this respect pure, Q
that we may be saved from the evils G
financial disaster and popular revolution
Professor Reynolds will l~cture mel
Friday evening on "a Ramble in Greece. ~