The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-07-07
PUBLICITY is AN ESSENTIAL.

world should know of but that has its
range of usefulness extended by pup.
licity, and no bad thing but that its
influence IS curbed by publicity. Pub
licity is an essential.
The trust problem is a case il.
point. Even with but cursory ex-
animation it will be plainly seen that
the grasp of the trust, it's throttline
tendency, has been checked by pub
licity. The speakers and journals and
party platforms that have ventilated
trust methods and trust perform
ances have been of invaluable aid
to the whole people, for these gave
publicity, and that is the root Of the
exterminating policy. 1t is the antith.
esis of keep it in the dark"
1.-THE prevailing fad Of publicity"
is the term used by Mr.. Edward w
Bemis, who too kpart in the discus
sion of the trust problem at the last
meeting of the American Economic
Association. He was not in opposi-
ton to publicity, but took the ground
that it was not fundamental RENE
dy for the trust problem. His argd-
ment was of the surface order wher
he decried publicity by terming it Is
fad.
In developing his idea he declared
that Publicity for investors is well
enough, but what we are chiefly seek
ing is protection for the consuming
public and for competitors and en-
ployes. The kind of publicity thai
will bring that about, is not the kind
that is primarily in the minds of most
advocates of the term"
This is one criticism that is made
on the value Of publicity, and there
are others, one of these having for
it's basic argument that no matter how
much publicity is given. that the only
safeguard for the public is in the
personal integrity of men in charge
of corporations and businesses which
touch the public. and in which the
funds of the people are invested. In
other words that with dishonest men
i'm charge the books and statements
and statistics could be so doctored
publicity would be of no value at all
the garbled arrangement of inside
workings doing away with any good
which might come from it.
Taking these two views into con-
sideration there is much to be gained
to a final analysis they are, first
that publicity is inadequate, is not
fundamental, that it simply aids the
public to separate the good from the
bad, but gives no relief from monop-
oily, and, secondly: that publicity does
if this is true, depend upon the per-
sonal character of the men who are
| in control of the affairs at issue.
| The Wall Street Journal, which is
an ardent advocate of the doctrine
that publicity is fundamental has an
able article on the value of publicity
in the course of which it has the
following to say:
anyone, be he a theorist or a prac-
teal man of affairs, be he a political
economist, or a trust manager, who
attempts to brush aside publicity as :.
mere fad, might as well attempt to
stand up in antagonism to the sun
and declare that light, while all very,
we'll in it's way, was not fundamental
to life. No one, of course, can dis
pute the value of character in thu
management of the. corporations.
That of course, is essential, but moth
ing promotes character in corporate
management, SO much as the knowl-
edge that there exists a system of pub
liclty by which corporate management
is kept continually under review and
public examination. 1t is a great
thing to have character in a cashier
but the honesty of the cashier is best
safe-guarded by a system of frequent
inspection of his books and counting
of his cash. 1t is a great thing to
have a man of high character and
business ability at the head of a cor
poration, but nothing promotes charA
acter in corporate management so
much, as a system of publicity.
ut should not be supposed that the
word publicity applies merely to the
publication of financial statements
earnings and other statistics for the
guidance of investors. That is very
narrow conception of the term, al
though, if publicity performed no 9TH
err service than that, there would be
lishment. But, there is another form
of publicity, a publicity which de-
mands such knowledge of the affairs
of the corporations as shall be a pro-
lection to the public against violation
of law and oppressive monopoly. II
was to secure that kind of publicity
that the bureau of corporations was
recently instituted at Washington. 1t
is plain, that publicity will not alone
solve the trust problem or remove
all the evils attendant upon the man
agement of corporations, but, it is the
first essential step in corporate re-
form. Without the light of publicity
we should, indeed grope in the dark
and we would surely miss every othe:
remedy that may be necessary to at
feet cure. Prevention of discrimt
ination in railroad rates. the esta blish1
ment of National interpretations oil
companies, the prevention of over
capitalization and corrupt promotions
all these would, no doubt, so far
toward removing such evils as exist
in the growth and control of the cory
porations, but, these would amour /
to little unless a reasonable publicity
were first established
DuSIDN VVIIV WAGON