Evening star., 1896-12-30
DISCUSSING CORPORATIONS
President Adams Address Cops;der.a
bS the Economic Assocfattou-

The American Economic Associatio,, 49,.
terday took up President Adams a,,,,,,.,
address on corporations, which was r..d
Monday night, and spent the early hours
discussing 1t. Professor Hadley of Yale
the hrs1 speaker, took issue with Presidept
ADAMS upon many of the points i'm the ad
oress, and thought the corporations were
IN many respects orerabused. For himself
ne said he had rather deal with the Penn
sylVania railway than with a Neapolifap
shopkeeper, as far as courtesy was con-
cerned. N0
Professor Giddings of Columbia favor.d
the position taken by President Adams
ana Professor Walker of the Massachusetts
Agricultural College thought that labor
MISCONCEPTIONS VI ought TO be Incorporated
ana that they should be required TO nossass
fund OF some kind, so that they might he
mace responsible for the misdeeds of mem
pers, as is the case with corporations under
existing laws.
DIR. Rowe of the University of pennsvl.
Vanfa spoke of the legal aspect of the cssc
especially with reference to the deyelop-
ment or corporations. Prof George Gum
ton, editor OF Gunton's Magazine, followed,
aIler Whlch Prof. John Cummins of Yale
made a vigorous speech, in which he tool;
the ground that corporations were by no
means an evil, and expressed the BELLE
mat In many cases legislation concerning
them was far too antagonistic. Presiden
Adams then took the floor and closed m.
discussion. ~
The next subject taken up was the query;
rs there distinct agricultural question:
L MS was participated in by Prof. VIM A
Scott of the University of Wisconsin: Prof
Walker OF the Massachusetts Agricultural
College, and DIR. Lester F. Wood Of Wash
lngton' ana others, occupying the remainder
of the morning session.
Between the two sessions lunch was
served, and the council held a meeting ar
Which routine business was presented. On
reassembling Prof. Roland Z. Falkner of
the University of PENNSYLVANIA reported
that a memorial asking for the establish
ment OF a permanent census bureau had
been presented to Congress. The memorial
stated the census reports 10 be. I'm many
respects, unsatisfactory to economists and
statisticians, owing to the lack of con-
tinuity I'm the work ard to the haste with
which the whole census machinery is put in
motion.
Prof. David Kinley of the University of
Illinois read a paper on the use of credit
instruments In retail trade. His estimate
was that sixty per cent of the total retail
trade was done without the use of money,
and at least 80 per cent of the entire bust
ness of the country.
He said that the monetary circulation of
the country was not SO greatly enlarged by
this extensive use OF credit. because much
money was held In reserve I'm the banks
Credit based upon such reserve by set
ting free certain amount of money lowers
prices or keeps them from advancing
general discussion followed. Mr. Thos
q. Shearman of Brooklyn criticising Pro-
fessor kinley's statistics and asserting that
they would have a false influence in the
political agitation of this country.
Mr.. Shearman showed that the absence
OF banking facilities compelled the people
Of the south and southwest to carry about
large amounts of currency and that tended
TO a constant demand for currency He
hoped that the proper method might be de-
vfsed, whereby relief could be had for the
two great sections, so that a new sectional
ism would be avoided.
The convention will conclude its business
Thursday.