The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-07
CORPORATION PUBLICITY

/ 80
bureau of corporations in the depart
ment OF commerce and labor, made a
hit with the best element in business
and finance in his recent address be-
fore the students Of New York univer-
sity. Mr.. Garfield, since he took the
office, has been subject to some criti-
clsm.. 1t was natural that he should
have incurred the displeasure of GER
tain combinations Of capital thru the
ordinary discharge Of his duty. Meth
er did he escape criticism on the other
side, for it was said that in the beef
trust Investigation the Chicago capital
lists involved led him, in private audi
ence, to make promises to them incon-
sistent with the strict discharge of duty
and favorable to their cause. However
much of justice or injustice there may
be in these criticisms may be passed
over. His recent address was plea
for corporation publicity, and it was so
tempered by good Judgment, so timely,
fair and reasonable on the whole, that
it gives highly favorable view Of the
man and his ideas and ideals.
Great progress has been made in the
cause of publicity since the president
took it up. A few old-time conserva-
tives living principally in the east and
heading aggregations. Of capital Of long
standing still oppose it. A majority Of
the ! more representative fnanciers ia
vor it. Publicity is the first step
towards. checking the abuses of capital
istic power: - =. ~
Mr.; Garfield said, "secrecy in the af
fairs of corporation, we have come
to learn, simply means that something
that should be known is being hidden. -
This, of course, has no reference to pri-
vate affairs. Every man has right to
resent any prying into his business not
necessitated by particular issue in
law, nor does any one favoring pub
licity advocate such inquiry. But a
corporation that becomes great power,
that serves thousands of people in
transportation, food supply, or other
ways, that stands back Of a great issue
of stocks listed for general investment,
and :, may. number its stockholders, as
some corporations do, at 25, 900, or even
10000, has no right TO claim privacy.
It is absurd to say that q corporation So
large that it enters into the economic
life of the country in: an important de-
gree, that may have dealings with pub
lie officers and legislative bodies, that
for purposes Of profit or to crush op-
position may resort to unlawful meas
ures,, shall have the right to advance
the plea Of privacy against govern
mental inquiry, or the inquiry even Of
an aggrieved stockholder. The conten-
ton that there are certain things in
| L - n,ESs hot
it would be inadvisables to allow com
petitors to learn need not be over
looked. =. Publicity ! as advocated ,adoes
not contemplate the disclosing Of any
secrets that it Is Legitimate to keep. It
has, for its object the protection of the
people, from the aggression of men who
take for their motto the saying that
made Vanderbilt notorious, and govern
| themselves and their corporations ac-
cordingly. -. - .''.,' '>t'h
If one were to try to select three
moneyed, groups fairly representative OF
the opposition to publicity, he might
take the Standard Oil company, the
American Sugar Refining company or
sugar trust, and the interests represent
ed by futile Of the Boston & Maine.
Mr.. Rockefeller, however, has seen a
great, light. Public opinion as well as
the favorable results Of the policy Of
! publicity of the Steel Corporation
adopted early in the organization, have
probably Influenced him. Mr. Have
meyer is no longer as arrogant, and Mr.
futile, tho Of the type Of President
Baer,, and hard man to change, will
probably come around to more modern
ways of, thinking before long.
| Whether they come or not, the work
is going on. The people will not stand
for. secrecy. They feel that they have
some right to know what these great
capitalistic combinations. are doing and
whether or not they are getting a
square deal, and he is the wise cor
poration or trust president who, recog
nizing this feeling, gets in line with 1T