The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-11-20
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

| NEW YORK, Nov. 20.-Confidence
and sanity are gradually resuming
their sway in the business world. De-
preston and resentment went to ex-
! tremes and big business is now begin
ming TO find that it has been more
frightened than hurt. Its discomfort
at being compelled to change from a
system that was against public policy
to system that is in compliance with
public policy was easily understood.
For nearly twenty years our indus
| trial leads had been working on the
lines Of industrial monopoly To be
| obliged to suddenly change that poll
cy and face the risks Of unbrdled COM
petition was unquestionably an unde-
sirable and somewhat startling revolu
| ton in business methods. 1t has been
! accomplished, however, without SER
| iOus friction and without the disasters
so freely predicted. The question as
to what shall be done with the Sher
man law is now one of the foremost
problems of the day. Congress will
undoubtedly give it much attention
during the coming session; yet it is
doubtful if any important changes will
be effected until after the Presiden-
tial election, the two chief issues of
which are certain to be the trusts and
the tariff. 1t is unfortunate that the
agitation should be thus prolonged, for
as President Taft has pointed out, the
supreme court has not only interpret
ed the Sherman law on lines of sound
a baf r.
read into the law the word ''reasona-
BILE" SO that no important new legisla-
ton is really necessary: although Mr..
Taft is likely to push his favorite ideas
regarding a Federal Incorporation law,
OF course, the era of inflated monopoly
profits is over, but nobody supposes
that our great Industrial concerns will
be obliged in consequence to run upon
an Improbable basis. Fair cOmpeti-
ton will be good for business 1t
will promote enterprise and bring out
into the open the best methods and the
best men. Competition stands for pro-
gress, while monopoly leads to lether-
gy and decay. In the restoration of
competition nobody wishes to see that
force run to extremes, and reasona-
BILE restraint upon competition is quite
as necessary as restraint upon monop-
Olistic forces.
General business shows continued
tendency toward improvement. There
has been no important increase in the
volume of trade, but at the same time
there has been no important shrink
age compared with last year, AS a
matter of fact business is running at
about normal proportions. Profits are
not as large as a year or two ago, and
this is the main cause Of recent dis
gruntlement. In many respects, how
ever, the situation is really very sat
isfactory. Financial and commercial
conditions are sound, having been
thoroughly tried out by the liquidation
and the unfavorable experience of the
past two years. The rise in commodity
values has been check and in many
cases prices are decidedly lower. Our
crops as whole are about on an av-
erage; the big yield of cotton and an
ample yield of corn compromising for
shortages in other directions. Our for
eign trade is in very satisfactory form.
Railroad rates have been restored, and
the action of the commerce court in
regard to the Spokane case has been