The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-02-21

ne Improvement looked lor III our
previous advices made itself apparent
even more promptly than expected.
In place of the extreme pessimism and
uneasiness which has existed for sew
eral weeks, more hopeful and conf
dent feeling developed. Stocks are
resting on level below the normal in
view of existing conditions and now
find firmer support than previously
In consequence the bear interest cur
tailed their operations. and more or
less good buying ensued. The uueas-
mess attending the political situation
appears to have about run its course:
especially since the discovery that no
funds have been provided to carry OUT
the publicity feature of the Corpora
ton tax. 1t is now recognized that
most of the reforms for which Presi-
dent Taft stands cannot work INJURY
in the long run. His attitude regard
ing reasonable publicity for large cor
porations is sound, and should be sup
ported. There is no more reason why
the great industrial corporations
ing their affairs than the railroads.
Publicity regarding 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 imme-
diately vanish. Publicity, by promot-
ing the confidence of investors and dis
arming popular clamor, would do more
toward conserving the legitimate in
terests of stockholders than any other
single act. Publicity. however. is on
| ly one of other reforms necessary in
the management of our great corpora
tions. and it is folly to assume that
carrying the mOut is going to work any
injury to the stock market. 1t is
quite probable that the introduction of
reforms may interfere with the plans
of certain individuals. causing tempo
| rary unSettlement of values: but in
the long run it is going to be highly
beneficial to have our great business
! institutions conducted upon lines that
are unQuestionable. whether from the
ethical. legal or the economic stand,
point. For this reason it is hardly
prudent to anticipate any serious dis
aster from the forthcoming decisions
Of the Supreme Court. There is no
doubt but that the men who form that
| august body are better opponents OF
the law and better judges of public
welfare than the managers of some of
our large industrial corporations. who
have often exploited their newly gain
I'd powers for purely selfish ends. The
country and investors generally will
profit if such operations are made in
| creasingly difficult. There is still
some fear regarding the Forthcoming
decisions of the Supreme Court on the
Tobacco. Standard Oil and Union Pa
cific cases: but it would create no sur.
prise if. even should these be unfavOr-
able, their effect will have been more
than discounted. In each instance
these organizations will continue to
perform their functions as before, to
the benefit of capital and labor alike
and whatever disturbance may occur
owing to disruption of organization
it will be purely temporary.
The monetary outlook is assuring.
Funds are abundant and comparative.
ly easy rates of interest are practic.
ally 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 val
ues General business has shown a
slight slackening down in activity. the
recent decline in the stock market hav-
ing induced much more conservative
feeling in business something
very desirable in view of the ultra
optimism with which the new yeal
opened. In all probability with the
approach of spring there will be de
cided Guickening in all departments
of commercial and industrial activity
The winter has been somewhat severe
naturally interfering with many lines
Of business. Two other factors whict
have induced conservatism have beer
the high prices of merchandise and
fears of labor troubles. Retailers are