The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1912-11-22
Henry Clews On the
Present Situation

of etrust-busting" and "tariff-smash-
ing Reform may be necessary in
both these directions, but it should
come gradually and not violently.
Systems ard tendencies which have
been at work for years cannot be
overturned in a day without injury
to all concerned Some effort may
be attempted at banking reform,
which, if carried out on sound and
non-sensational lines, should be en-
couraged. We have had altogether
too much trifling with banking in
situations for political effect, and the
sooner our politicians learn the dan
ger of playing with credit the bet.
ter for all concerned. Nothing is
more sensitive than credit. The tar.
if problem will, of course, remain
for adjustment by the incoming ad.
ministration. Pr esident-elect Wilson
has not yet announced his decision
as to the calling of a special SEES
sion. He is wisely waiting for the
consensus of public opinion on this
subject. In all probability the
balance will be largely in favor OF
reasonably prompt action. Nothing
so embarrasses merchants and man.
ufacturers as uncertainty. Tariff re-
vision is certainty, hence manu-
facturer and merchant alike desire
to know when and how far revision
will go. If Mr. Wilson's wishes are
obeyed revision will be moderate and
of a character least disturbing tC
established industry. If this be the
case, the sooner the change the bet
| ter. There is general scarcity Of
merchandise throughout the country
which the restraint upon productior
and importation imposed by uncer
taintv will simply aggravate. Wher
our manufacturers know what to cX
| pect they will be free to go forward
with plans for engagements and ne
enterprises. Until that decision
reached all important operations eX
| tending into the future will be large
| ly suspended. While it is natura
| that those enjoying exceptional ad
vantages from the tariff should pre-
| fer to have revision postponed as
| long as possible, still all practica
reasons are against unreasonable
! postponement of the inevitable. Nc
great changes are anticiDatcd in the
steel and cotton schedules. The wool
! EN- industry may suffer somewhat
| by the inevitable cut in extreme
rates, but the effects of this are al
ready being discounted, and it is
believed that no destructive changes
can be carried through.
! Conditions at the moment favor
continued fluctuations in. securities
but no very positive advance in
view of the above circumstances
The decision of the arbitration board
re garding the wages of railroad en-
| gineers will be shortly announced
This may have an important bear
ing. If important concessions are
made without permitting the rail
roads to recoup themselves by bet
ter rates the effect would be detri
mental to railroad shares. A few O
the industrials will also be certain
| ly affected by tariff revision. Oul
steel trade continues abnormally &C
! tive. Many mills are choked will
orders for months to come, and are
securing handsome premiums fol
prompt deliveries, which will materi
ally swell their profits. The pres
ent activity in steel cannot be eX
pected to continue indefinitely. New
ertheless the present boom in thi!
industry is worldwide, and is shared
by Great Britain and Germany as
well as the United States. 1t is par
Of worldwide development, which
it is to be hoped will add to its
stability and duration. "