The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-01-01
PUpLIcITY NOT APPROVED.

PUBLICITY NOT ABfhOF Ed
Publicity as a remedy for trust
evils does not have the approval Of
Mr.. Knapp. the chairman of the Inter-
state Commerce Commission. And
yet the President and Mr.. Bryan and
a great many others who have under
taken to shape public sentiment as
to remedies for trust evils have placed
publicity among the best of these rem
edies. According to their view, If
trusts were compelled to make their
affairs public, the tendency towards
combination would be much less mark
ed and there would be but little ef-
fort in the direction of monopoly
1t is assumed. of course, that Mr..
Knapp has given the trust question
a great deal of thought. He is. in
position TO know a great deal about
the combinations of capital, the rea-
sons for such combinations and the
effect any plan to check the efforts to
prevent competition would likely have.
Being at the head of the Interstate
Commerce Commission he is brought
into close contact with the great rail-
roads of the country, and it is doubtful
if there is anyone who is better ac-
quainted with the combinations of
railroad interests which have been
made during the last few years.
In an address which he made before
the American Association, for the Ad-
vaneement of Science in Washington,
TUESDAY aferI he he
that 1t would be a mistake for the
government to undertake to prevent
a railroad OF other corporation from
watering its stock. Such paternal
solicitude for investors in the securi-
ties of corporations would not, in his
opinion, be productive of good re-
suits. II the government should go
into the business of protecting inves-
tors it would have more than it's hands
full. He pointed. out that investors
lost a great deal more money by in
vesting in mortgages and in lots
in boom towns than in the watered Sc
curities of corporations. Besides, in
vestors are well able to take care of
themselves in such matters. AS a rule
watered securities are not sold on the
exchanges for much, if any, more than
they are worth.
Publicity, in Mr.. Knapp's opinion,
would be a hindrance to competition.
1t would undermine the competition
it was intended to support. Business
of all kinds is rapidly assuming a
corporate form, and therefore compe-
tition of individuals is disappearing.
In future therefore whatever competi-
ton there is will be between corpora
tions. If all transaction of corpora
lions were made public the effect
would be to check competition between
these corporations. Publicity would
be an incentive to industrial combina-
ton.
There is no doubt a grea. deal of
truth is what Mr.. Knapp says. With
a clear knowledge of the affairs of all
corporations in their possession promo
ters would have an easier task in
bringing about combinations than they
have at present. And it could be more
readily seen how combinations could
be made on terms advantageous to
corporations in a position to combine.
Our understanding of Mr.. Knapp's
position is that corporations should be \
free to put whatever value they please
upon their properties for the purpose
of issuing stocks and bonds, but that
the government should have the right
to supervise the rates of interstate
railroads. 1t may be that he holds
that the government should have the
power to prevent monopoly prices in
the case of industries which do an in
terstate business.
1t is evident from the discussions of
the trust question which are being
given to the public in articles in
periodicals and addresses that very
little progress is being made towards
finding a remedy for trust evils.
Doubtless a remedy will be found
eventually, but it will be when the
evils become more accute than they
are now.