New-York tribune., 1902-12-31
PUBLICITY FOR TRUSTS.
A DANGEROUS REMEDY
So Commissioner Knapp Holds-Pa-
per's Read by Scientists.


American Association for the Advancement of Sci
enoe held largely attended meetings this morning
Among the papers read were the following The
Economic Law Of Competition and Monopoly. by
Allen r. Foote; capitalization and Publicity Inv
Martin A Knapp, chairman of the Interstate Com,
1nerce Commission; The Necessity Of Organizati ton
Among Employers" by David M Perry nresident
the National Association of Manufacturers; The
Right Of the Laborer to His Job" by Walter s
Logan, of New-York and Recent Aspects of the
Immigration Problem. by Roland P Fallzner of
-he Library Of Congress.
Mt. Knapp said he ventured to doubt the sound
ness Of the argument that publicity would pre-
vent stock watering. He held it improved that the
excessive issue of corporate securities was source
Of such danger to excite public alarm and said
ne yet TO be convinced that enforced publicity
would not be harmful exercise of public authority
He said in part;
benefited by corporate publicity and v1o,,Id Io b
harmed rather than helped by its enforcement It
Of the concern whose shares he holds; il is 0uiie
another thing TO furnish the public the same in
formation fail to see that publicity can be de-
srable or useful to the stockhoder.
The justification for this proposaI therefore
must be found If found at ALI in the theory that
the Sta STATE is charged with the duty Of safesnard
ties. To my mind this is most serious PROPOSE
enbarkng upon such paternal Venture Leaving
out the Speculator, and taking into account only
money. 10 say the least, has been sunk farm
and selling grain, cotton and other commodities
where corporate shares dealt in or even
tious or excessive issue of corporate securities
and to the extent advocated by many as certain
and serious hindrance' to effective competition
based upon economic fallacy, has indirectly
aided the very results it was designed TO prevent
actions would undermine the competition it was in
kinds Of business are assuming the corporate form
that the competition of individuals is fast disap,
nearing and that competition in the future VIII
be mainly between corporations. it seems plain to
would be an added incentive 20 Industrial comb!na-
don.
Therefore as I view the matter. the remedy in
question viii be worthless to the great mass Of Peo-
pie. the consumers, for their troubles are not
raused by wstered stock and will not be aleviated
hy publicity It Will benefit the actual stock
holder, for, however much he may need informa-
ton for himself his interests would not be pro-
nloted by bringing that information TO public knowl-
edge. Against its doubtful and very limited use
fulness the intending purchaser OF corporate
shares is the danger not to be lightly estimated,
Of giving sanction a principle of extreme pater-
naisnn and furnishing a fresh impulse, not 70 COM
pete but 10 consolidate.
EMPLOYERS URGED TO ORGANIZE.
In his paper on the necessity Of organization
among employers David NJ Parry declared that as
get organized capital has perfect definition, but
It's meaning is slowly beginning TO take form Or
Eanized capital, he said, should mean combina-
ton Of the interests of men who share practcahy
the same views as 70 the administration of their
businesses. He continued:
When capital is thoroughly organized. then vii
rome the almost comfiete olsappeaIa ara. %
manifestations of social disease growing out OF i'm
snd employees can sit down together then may be
taken up trade disputes and other matters a1eet- &
lng their mutual interests. and these may be dis
posed Of in intelligent, orderly ana sclenunc
rioVeTs at present necessity demands the imme
diate creation of one There can be no industriaI @
ization Is perfected, for while labor is partially
I his 1aoer on the Growth Of Great Cities Mr.
Corthen made some estimates OF the prooaoie
a9 80 For Greater Ne-Yorit he estimated that
9ao "a lse a1 Rs a for Pbadephis in 1910 4 and
1920 2oo2 932 for Greater Chicago IN Elo z'9f9-
AffeT the morning session many of the delegates
Visited places OF interest In ana around " "ashns-
At the afternoon sessions. among the papers read
Adingtratop BY Wilam E. Gu Ggrtis; Rsi!Wy b
B0aseS N nae 1e FdWsq6 lie Rossgno university
Of Denver: Some views Of Recent sociology.' by
Growth OF Great cities" by E |. cortheI. New
Ric6 By Professor o H, Tittman. Chief Of The
Coast and Geodetic Survey; The Semi, DurnaI
= III BFeioW Of the United States Weather. Bu-
3saQ eI fhe of WGr ngc1itUre by Dr Il W
Wiley; '"Tadpoes OF the Green Treetoa6 = 6g Simon
Tishes'' by G. H. Parker. Harvard University;
D@sth FeFiME F Mdb,gsn n Vsriaton and Natufai
Selection in Lepidoptera.' by H F. CTampton'
ELECTIONS OF OFFICERS.
At the meeting Of the Geological Society Of
America the following officers were elected: Presi-
dent s f Enrnons OF Washington; first vice
president. A Hague. OF Washington; second vice
president H s Williams OF New-Haven, Conn:
secretary H I. F FairchilG Of Rochester. n Y:
treasurer. T. c. White, of Morgantown w va
librarian H p. Cushing of Cleveland; councillors:
r. D Salisbury. OF Chicago and J. Z Wolr, OF
Cambridge. Mass .., -
The local geoiogfsts entertained the visiting mem
hers at dinner tonight. at which N h W1nchell
address entitled WAS Man in America in the
Glacial Period?" He concluded with a note or
warning enioining his listeners TO await lurller
discoveries before forming conclusions.
Al the meeting Of the American Chemical Society
the following officers were elected for one year
President John /. Long Of Northwestern Uni
.-ersity Chicago: secretary and editor. W A
Moves Of Rose Polytechnic Institute. 1erre fiaule
Ind; treasurer A P. Hallock. OF New YORK; libra
rian G. N Love. Of New York The foIoWlng
rbancelors were elected for three years: A Z HAN;
Of New-York: s T Venable of the University CT
North Carolina: ]. W. Richards of Lehigh Uni
versitv and L. p. Kinnicut Of worcester, Mass,
Irectors elected two years., c A Dorer1us, OF
TeU-yorL and G b. Dudley. Of Altoona. Penn .
ro-ni.It Or Ira Remsen. the retiring PRESIDENT OF
the Chemical Society. delivered his annual adores
entitled The Life History Of a Doctrine The sub
5ec4 dealt with chemistry. and was treated from a
purely technical point OF view
TIE FIRE RECORD YESTERDAY.