The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-03
ARE THE MASTERS or INDUSTRY
No LONGER NEEDED1
Views or u Representative OF southwest
crn EnlCrprlae and UcNclOpmcnt.

B views or q Representative or southwcst-
crn Enterprise and Development.
Speaking yesterday OF tn probable eject
/ OF a too urgent agitation OF theories OF Gov
ornment regulation. Sir. Frank NJ Murphy
! OF Arizona snid:
Il am afraid tho desire 10 regulate cor
porato affairs. claiming 40 much attention
! Just now. ia likely to result, II not satisfied
| shortly and In "A way Just to those controlling
md directing large Investments. IN causing
many now actively engaged In large legltl-
mate operations TO grow impatient II not dis
couraged. and take steps 10 Curtail their op"r-
atoms with view OF retiring from the siren
uous business life which they have cen lead
\ Ing. think IL Ia fair TO assume that the larger
enterprises OF this country are to-day being
directed by men who have passed the age OF
IS. possibly 90. In most caso5 well to do. II
not wealthy. and who could well AFFORD 10
rotire from active business. Any one VINO
IA at all familiar with the life OF earnest bui-
ness men knows that the constant strain ana
worry which they arc forced 10 endure under
the most favorable circumstances are such asto
cause them to look forward anxiously TO tue
time when they can credtably become relieved
OF the many responsibilities they are forced
TO assume.
As view the situation. unless 1t can be
shown that the experience. wisdom and pro-
ercssivc spirit of these masters OF Industry
further development of this great country Of
ours. II would DO well to have "A care lost
they become unnecessarily harassed ana ar-
noycd 10 the extent OF influencing them to
withdraw from active participation In busi-
ness. taking with them. 40 TO speak. into re-
trement for . time at least. hundreds OF
millions OF dollars that are to-day actively
employed under their supervision and direc-
ton. IA a result of the confidence imposed in
them by hundreds OF Thousands OF investors
NO one will pretend TO claim but that in
time people and business interests would
become reconciled and readjustet 10 meet
almost any changed conditions that ara
forced upon them: but II IL is fact that our
country to-day is extremely prosperous and
don't believe any one will claim that IL Is not
when taken IA whole-it does seem TO me
TINT il Is absolutely necessary. IL we wish to
avoid bringing about isagreeable change.
that those in position to mould public sent-
ment should be extremely careful not to
overstep the bounds OF propriety and business
prudence In their desire to give forceful
effect TO Theoretical views.
II IS to be hoped that our lawmakers and
politicians will appreciate the great respcnsi
blity that confronts them and that they will
BE- most careful not 10 enact laws that viii
have n damaging effect upon the principal
industries Of the country. which have had 40
much to do with bringing about the pros
porous CONDITIONS NnlCn We are enjoying
to-day. No doubt there arc wrongs being
perpetrated in some instances. Laws should
be enforced and Violutors should be punished
but there is great danger that serious harm
may result from the eXtravagant agitation
now so prevalent and directed mainly against |
corporations and men Of large affairs. TO whom |
it must be admitted the entire country is
highly indebted for its extraordinary develop |
ment and growth.
hue -, 1t
feel a good deal rs imagine a manufacturer |
must feel when confronted with a possible |
radical revision OF the tariff don't know ,
exactly now 10 plan for the future not know
ing what The Government formula Is 10 be- [
ioI controlling affairs of corporations 1t 10 I
asking n good deal OF stockholders boards /
OF directors and executive officers OF great
corporations. who have given their life to
familiarizng themselves with every detail
affecting investments and management of
the Affairs Of large corporations. TO substi-
tuie for their ideas and well established
methods of doing business formula pre-
pared by few men. the majority of whom
IL is safe TO say have not had the practical
experience which entities them 20 lay down
arbitrary rules which must be followed in
the management Of corporate business inter
state or otherwise.
Il know IT will be claimed by some that the
methods heretofore adopted have been dis
honest and arbitrary and the contemplated
legislation Is Intended to regulate Affairs for
rich and poor alike. All tis sounds very
pretty. and the idea is undoubtedly popular
one. but being quite familiar with the devel-
opinont OF tho Middle West. Southwest and
the Pacific slope, do not hesitate to say that
In my Judgment. 80 far "a those particular
sections arc concerned. and ] believe the
same il true generally throughout the entire
country, the benefits that have accrued to
the poor and the rich. il you please. and to
those that may be classed as moderately I
well 20 do. have bean decidedly greater
under the system that Las prevailed than
would have been possible under any plan ike
rat which Is now proposed H. will be in
indeed. to watch the eject the pres
ant agitation antagonistic to corporations,
viii hive upon the business OF this country in
he next feH years If continued.