The Marion daily mirror. (Marion, Ohio) 1892-1912, 1912-01-22
But Problem is Being Work
ed 0ut-Trusts Will be
Curbed.
Henry Clews Thinks Gov
ernment Should Not Fix
Prices.
Better Undertonc on Stock Exchange.
Railroads in Good Condition as
They Are safe in Shelter of Inter-
state Commission.

one respect at least IS observable in
the financial district. There Is a Wis
oble lessening Of apprehension OF cree
dit. over-trading, over-production or
over speculation. In all of these re-
spects there has been marked con-
traction and conservatism for a long
period. Not for many months has the
general financial ana business situa-
tion been so sound and free OF dis
order as today All along the line the
pclicy has been Ego slow" The result
has been highly beneficial. We are
still going slow, and that fact leaves
traces OF hesitation and fear among
the naturally timd; also, among those
who usually look upon surface condi-
tiCns.
There are now. however. no sub
stantial causes for uncertainty except
those Of political nature. This is n
presidential year, ana we have ac-
CURED the deadening habit of timidity
a. all such periods We are. It is true,
in the midst of reconstruction of our
toriT and antitrust laws:and though
Ia neither OF these directions Is there
wen grounded fear of damaging re-
suits yet until tariff schedules are
fixed and until our big corporations
clearly understand what legal require
ments will he imposed upon them
there will inevitably be more or less
douhting and waiting. Fortunately
our trust problem Is gradually being
worked out toward n solution. Public
opinion docs not insist that the great
combinations be destroyed, but only
curbed. It only requires that they shall
be wisely restrained. Sentiment for
the creation OF an Interstate Commits
sion for the purpose Of regulating large
corporations is steadily growing.
Regulation by Commission.
Regulation by comraasion has prov
ed satisfactory in the case of the rail-
roads, and this offers reasonable
solution, based on experience, for
meeting the trust problem, In the
case OF handling Industrial corpora
tions the situation is probably much
more complex and difficult. al
handle than that OF the railroads, al
though the latter had their special
problems There Is no doubt, however,
that with intelligent and patient cf-
fort solution will be reached, and
thus far no more practical proposal
has been made than that of a COM
mission. The responsibilities OF such
"a body would be great, and It's admin
istratiOn would call for men Of the
highest ability and unquestioned In
tegrity of purpose. At first such an
arrangement might work with con-
siderable friction, but i'm due season
many difficulties will be eliminated
There is one power which on no con-
sideration should be granted to such
a commisslon-that Is the power of
fixing prices. To give any small body
of men such n power would be highly
dangerous In any office of a political
nature. 1t would be easily possible
for a few men to practically condscate
an entire industry. For the govern
ment to attempt to fix prices Is un-
American, un-economic and would
practically amount TO Socialism.
When the consequences of such
policy are thoroughly appreciated it
is quite certain that they will not be
edopted. They would be Just as harm
full as If fixed by private monopoly,
If not more so.
Better UndertOne on Change.
on the Stock Exchange there has
been quiet but somewhat better un-
dcrtone The most favorable event OF
the week was the placing OF important
new issues with more success than at
one time anticipated. During the first
two weeks Of January there were few
or new notations than expected. main
~ for the reason that conditions We're
not considered entirely favorable by
bankers. 1t has been maintained In
these advices that capital was largely
holding back FOR better terms, and
that II lower prices or better rates
oi interest were granted capital would
be forthcoming more freely. This has
proved to be the case by the readiness
with which certain issues paying 8
rer cent were absorbed. The same
argument applies also with more or
less force TO stocks.
Dividends are generally being well
maintained and there are no further
approhensions OF their curtallment ex-
Icepting possibly in few instances.
Many Of the industrials are showing
unusually liberal returns In spite OF
comparatively dull business. These
securities, however, are more expos
ea to the yiclssitudes OF tariff and
other forms OF legislation. hence they
are less In favor than usual with care
ful investors. The continuance OF the
Investigation mania at Washington al
20 acts detrlmentally upon industrials.
For such reasons good railroad shares
are receiving more ana more attention
from shrewd investment buyers.
Railroads Feel Safe.
The railroads have been through the
fire Of an anti-monopoly crusade. and
have fallen into the sheltering arms
of the Interstate Commission. which.
has afforded them the advantage OF
abolishlng rebates, checking rulnous
competition. stopping free passes and
other evils which are now almost for
gotten Further 1t Is qr'tv ~bvlous