The Paducah evening sun., 1910-02-21
HENRY uLEws' WEEKLY LETTER.

and more or less good buying ensued
The uneasiness attending the politica
situation appears to have about ru'
its course; especially since the diseoy
cry that no funds have been provide'
TO carry out the publicity features o
the corporation tax. 1t is now recog
nized that most of the reforms 70
which President Taft stands canno
work injury in the long run. Hi
latitude regarding reasonable publi
lefty for large corporations Is sound
and should be supported. There 4
no more reason why the great IN.
'dustrial corporations should not give
certain details regarding their affairs
than the railroads. Publicity regard.
ing their affairs is one of the CHIEF
safeguards against abuse of the great
powers which they possess Remove
the mystery concerning these large
Organizations and much of the public
distrust of them would Immediately
vanish. Publicity. by promoting the
confidence of investors and dlsarming
popular clamor, would do more to-
haAd N1hAcClNAilb NnN III
lterests of stockholders than any other
single act. Publicity. however, is
only one OF other reforms necessary
in the management of our great cor
operations. and it is folly to assume
that carrying them out Is going TO
work any injury to the stock market.
II is quite probable that the intro
duction OF reforms may interfere with
the plans of certain individuals. caus-
j1g temporary unsettlemento of values
but in the long run II Is going to be
highly beneficial to have our great
business institutions conducted upon
Ines that are unquestionable, whether
from the ethical, legal or the econo-
mic standpoint For this reason II Is
hardly prudent to anticipate any seri-
Gus disaster from the forthcoming de-
.cisions Of the supreme court There
IS no doubt but that the men who
form that august body are better ex-
lponents of the law and better judges
of public welfare than the managers
of some of our large industrial cor
porations. who have often exploited
their newly gained powers for purely
selfish ends. The country and in
vestors generally will profit IL such
difficult There is still some fear re-
garding the forthcoming decisions OF
the supreme court on the tobacco.
STANDARD Oil and Union Pacific cases:
but II would create no surprise II.
even should these be unfavorable.
their effect will have been more than
discounted. In each instance these
organizations will continue to per-
form their functions as before, TO
the benefit of capital and labor alike,
and whatever disturbance may occur
owing to disruption OF organization
it viii be purely temporary.
Outlook.
The monetary outlook is assuring.
Funds are abundant and compara-
lively easy rates of interest are prac-
tieally assured for several months to
come. 1t must be remembered also
that money Is now more efficient and
will go further than three months
ago because OF the heavy shrinkage
in values. General business has
shown a slight slackening down in
activity, the recent decline in the
stock market having induced a much
more conservative feeling in bust
ness circle-something very desirable
!, in view OF the ultra-optimism with
which the new year opened. 1n all
probability with the approach OF
spring there will be decided quick
ening in all departments of CONNER
cal and industrial activity. The win
ter has been somewhat severe, nat
'urally interfering with many lines OF
business. Two other factors which
have induced conservatism have been
the high prices of merchandise and
fears OF labor troubles. Retailers are
showing a natural disposition not 20
stock up with high priced goods and
are conducting their operations on a
lhand-to-mouth policy. With the proc
poets OF demands for higher wages
contractors and others are indisposed
Ito enter future engagements. These
are problems. however. which should
partially settle themselves in time.
In some cases labor has been salts
fed with moderate advances, thus
avoiding the possibilities of serious
friction. The question Of high mer-
lchandise prices. however, is still a
.vexed one. In January there was a
moderate recession in merchandise
values, "Bradstreet's" figures show
ing a drop OF IL per cent, due partly
Ito the popular agitation against high
costs of food and partly to the break
in cotton. The true remedy for pres
ent high prices is a general increase
OF production, especially of food pro-
ducts and raw materials, OF which the
supplies generally are moderate, II
not actually deficient. This country