New-York tribune., 1903-01-27
REPORT ON TRUST BILL.
RooseUeH, Knor, Rockefeller and
Dill Quoted as for Publicity.
IBY TELEGRAPH TO THE TRIBUNE.

Washington Jan 2s-In a report covering thir
ty-six printed pages, Mr.. Littlefeld to-day mao
filed in the House his views the bill prepared by
the subcommittee antitrust legislation OF
which he was chairman. Twenty-Five of the thirty
six pages are devoted to the subject of publicity,
and in the array of eminent authorities quoted IN
favor OF this remedy appear the names OF Presl-
dent Roosevelt, Attorney General Knox, John u
Rockefeller and James B. Dill Before making the
quotations above referred to. Mr.. Littlefeld re-
marks in the report:
While no one claims that publicity in and OF it
OF the evils which is expected to alleviate there
does hOwere1 seem to be geneTal eemed9
and as one tending to lay the 10 Sa 0e
Of direct control of such combinations
He then places the President on record, first in
his message to the New-York Legislature. while
he was Governor under date of January %, 1900
follows
We do not wish to put any burden on honest cor
sary burden of responsibility enterprsing men
eyed af from @Sn such aFS 6urdens but held e rigid
a by for aets that gfa9 sead tbe fee pub
no- The first essential is knowledge of the tacss
ment Of corporation laws 50 as to provide for such
business rivals.
Again, n his first message to the present Con-
gress the President is quoted in the report say
ing:
The first esssnaI in hoT h to dss
" b ehs IN 1be nteet of the pub
lie the government should have the right to in
Ss engaged s IN n3erstate mfens business Pub
c is the only rS sure When a4 needed @e IN n te
way of governmental regulation taxation can
tanned by process Of law and in the course Of i ad
ni9straton The rst 9ea4ise & ns rs be made pub
lie to the world
In his message to the second session he said
again:
Publicity can do no to the honest corpora ora
the dishonest corporation
The report pays tribute to the ability Of the
Attorney General in these words:
Attorney General Knox clear headed and able
porate organza tions, in his Pittsburg speech @ Of-
ure in the line of remedies. In discussing this
branch of the question, he said; - +-,,s+s ax;st
and possible these: Overcapitalizatlon Iack
Of publicity OF oPeranGn nrsona II respon
sibilitv officers and directors for corporate man
CATION in their Of their relations
exist"
The nublicity recommendations of the late Indus
trial Commission are quoted some length, and
then the following statement Of John D. Rockefei-
ler in answer to a request for legislative susses-
tons. is given:
Ffrst-FederaI legislation under which corpora
tions be created and regulated II that De pos
sible. ,
SeccI0-1n ueu lLleLeoL, Db6to
uniform possible, encouraging comblnauons or
persons and capital for the purpose OF carrying on
industries. but permitting State supervision not OF
a character TO hamper industries put suhclehl u
prevent frauds upon the public
The testimony of Mr.. Dill before the committee
is given part follows
There are very many corporations, which we VIII
call combines. which organized on a basis that
presents no dangerous aspects to the public, but
there are very many also organized with GOOD
deal Of capital that. in my Judgment if not in
tended originally for fraudulent purposes. VIII be-
come the cause of fraudulent action. l assume
that there are corporations that are grossly over
capitalized for various reasons and with various
purposes. ANY corporation that is grossly over
ca pitalized is presumably organized IN the first
instance the purpose Of getting the stock to the
public. Now. in order tc get such stock to the
public. there must be either misrepresentation OF
facts or, what in my judgment is just as bad, a
concealnlent of material facts, and, in my judg-
nent in many of the so-called combines there is a
concealment of material facts
The report closes with brief discussion of the
other features of the bill.