The Washington times., 1907-12-03

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visions Of which existing corporations
could take out Federal charters and new
Federal corporations could be created.
An essential provision of such a law
should be a method Of predeternining
by some Federal board or commission
whether the applicant for a Federal
charter was an association or combina-
ton within the restrictions of the Fed
eTal law. Provision should also be
made for complete publicity in all mat
ters affecting the public and complete
protection to the investing public and
the shareholders in the matter of is
suing corporate securities.
( II an Incorporation law IS not deemed
advisable a license act for biz inter
state corporations might be enacted: or
| n combination Of the Two might be
I tried The supervision estabIished
! might be analogous 10 that now exer-
cised over national banks. At least. the
/ antitrust act should be supplemented
1 by specific prohibitions Of the methods
which experience has shown have ,een
/ OF most service in enabling monopolis+i,
combinations 20 crush out competition.
The real owners OF q corporation should
be compelled to do business IN tueir
Own name The right to hold stock in
other corporations should hereafter be
Z denied 10 interstate corporations. un-
( less on approval by the proper Govern
ment officials, and a prerequisite to such
approval should be the listing with the
Government OF all owners and stock
holders. both by the corporation own
ing such stock and by the corporation
IN which such stock IS owned
To confer upon the National Govern
ment, in connection with the aTpend-
ment 7 advocate In the antitrust law.
power OF supervision over big business
concerns engaged in Interstate com
merce, would benef. them as it has beae-
hted the national banks. In the recent
business crisis Il IS noteworthy that
the Institutions which failed were in
situtions which were not under the su-
pervision and control Of the National
Government. Those which were under
national control stood the test.
National control OF the kind above
advocated would be TO the benefit OF
every well-managed railway. From the
standpoint Of the public there is need
for additional tracks, additional termi-
nails aud improvements in the actual
handling OF the railroads. and all this
as rapidly as possible. Ample. safe, and
speedy transportation facilities are even
more necessary than cheap transporta-
tiGn.
Therefore. there Is need for the in
vestment OF money which Will provide
for all these things while at the same
time securing, as far as is possible, bet
ter wages and shorter hours for their
employees. Therefore, while there must
be Just and reasonable regulation OF
rates. we should be the first TO protest
against any arbitrary and unthinkinE
movement 10 cut them down without
the fullest and most careful considera-
ton of all interests concerned and OF
the actual needs Of the situation. Only
a special body OF men acting for the
National Government under authority
conferred upon II by the Congress is
competent 10 pass Judgment on such
matter
Where Supervision Worked Well
Those who fear, from any reason. the
extension OF Federal activity will do
well TO study the history not only OF
the national banking act. but OF the
pure-food law, ard notably the meat
inspection law recently enacted The
pure-food law was opposed 50 violently
that its passage was delayed fo- \
decade: yet It has worked unmixed ana
Immediate good
The meat inspection law was even more
violently assaiied: and the same men
who now denOunce the attitude OF tbs
National Government In seeking t. over
see and control the workings OF inter
state common carriers and business
concerns. then asserted that we were
"discrediting and running great Ameri-
caM industry" Two years have not
elapsed, and already It has become evl-
dent that the great benefit the law
confers upon the public IS accompanied
oy an equal benefit to the reputabls
packing establishments. The latter arc
better on under the law than they were
without It. The beneht TO Interstate COM
mon carriers and business concerns
from the legislation advocate would be
equally marked
Incidentally. in the passage Of the
pure-food law the action OF the various