The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1905-06-22
A TRUST LAWYER ON
THE TRUST QUESTION.
New Orleans States.

At the New York bar, which is dis
tinguished for its array of brilliant
lawyers, there are none who stand
higher in their profession than Mr..
Samuel UnteTmeyer. His legal SER
vices are constantly being sought by
the largest corporations IN the country
as well as by individual clients having
important cases. A few days ago Mr..
Untermeyer was interviewed by the
New York Times on the trust question
and the views he expressed are inter-
esting as well as significant. He does
not think that all trusts are bad, but
whether good or bad he believes that
disaster to the country is inevitable
unless steps are taken to protest the
people against the corporations, be-
cause he is convinced that "a grave
crisis in our national affairs is at
hand, and in his Judgment, "the best
solution of some Of the troublesome
problems is offered by government and
municipal ownership conducted On safe
and sane, sound and solid lines" He
believes that beginning should be
made by giving to the Federal govern
ment the control OF corporations, hence
he favors extending the power of the
Interstate Commerce Commission. Elk
perience, he says, has confirmed his
conviction that what we need most of
all in this country is a national cor
poration law similar to the English
corporation act. and he adds:N
Over there every detail of revenue,
cost of maintenance, general disburse-
ments, and SO on, Is open TO public
inspection, and this discourages-pre-
Observation-Disclosures, the bane OF
our industrial existence. Upon the Or
ganization of an English corporation
all the interests responsible for giving
II corporate life and for inviting pub
lie investment are required under rig
i'd penalties, to disclose-keep open for
inspection and for press comment
every contract between the owner of
the property and the public. Every
profit made by promoters, bankers and
other intermediates must be fully re.
vealed. Such law here would create
a revolution in the exploitation of cor.
porate enterprises by safeguarding us
against most Of the frauds that have
been perpetrated of late years. 1t also
would have rendered impossible the
fiotation OF most Of the top-heaVy, in
fiated enterprises under which we
have been and will continue to stag
GER
The idea of enforced publicity of the
affairs of corporations is not original
with Mr.. Untermeyer, but there is no
reason to doubt that the people would
derive considerable protection from
it, because criminal and corrupt enter
prises could not live in the light of
publicity. While he feels that the
facts warrant the assertion that all
are not as bad as the public believe
them to be he has little TO say in their
behalf that is calculated to afford con-
ISOLATION and satisfaction to the cap
tains of industry who are at the head
OF them.
Even as late as four years ago." he
says, there were many sincere de-
tenders and apologists of the trusts.
1t was argued that their ability to
thrive on fictitious capital against the
competition of individual effort would
effectually determine their existence.
Bnt has it worked out in practice?
no; at all. A trust, in the popular or
unpopular meaning of the word, can
not and never will thrive save at the
expense of the community"
It is evident that Mr.. Untermeye-
has also reached the conclusion that
the high protective tariff has fostered
the great trusts and monopolies
against which the people of the coun-
try have been compelled by extor-
ton and other abuses to array them
selves. He says: Unless something
Is done-and done soon-to keep open
the channels of home competition the
entire protective system viii go by the
board in the desperate determination
of the people to shake of monopoly at
any cost"
These are not the views of an alarm
list or pessimist. They are the re
Elections of the mature thought Of one
of the greatest corporation lawyers N
the United States who has had an ex.
cellent opportunity for making a care
full study OF our industrial problems.
as well as the brains to do il intelli'
gently.