Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1907-12-05

/ ated. An essential provision OF sucn
| law should be method of predeter-
mining by some federal board or COM
mission whether the applicant for a
/ federal charter was an association or
| combination within the restrictions of
| the federal law Provision should also
| be made for complete publicity in all
matters affecting the public and COM
| plete protection to the investing public
| and the shareholders in the matter of
issuing corporate securities. If an in
| corporation law is not deemed advisa-
Bile, license act for big interstate cor
! porations might be enacted or COM
| bination of the two might be tried.
The supervision established might be
/ analogous to that now exercised over
national banks At least the anti
| trust act should be supplemented by
| specific prohibitions of the methods
! which experience has shown have been
! of most service in enabling monopolis-
/ tic combinations to crush out competi-
! ton.
| The real owners of corporation
| should be compelled to do business in
their own name. The right to hold
| stock in other corporations should here
| after be denied to interstate corpora
| tons, unless on approval by the proper
government officials, and prerequisite
to such approval should be the listing
| with the government of all owners and
stockholders, both by the corporation
owning such stock and by the corpora
! tion in which such stock is owned
Lessons Of Recent Crisis.
To confer upon the national govern
ment in connection with the amend
ment | advocate in the antitrust law
| power of supervision over big business
concerns engaged in Interstate COM
| merce would benefit them as it has
| benefited the national banks. In the
recent business crisis it is noteworthy
that the institutions which failed were
| institutions which were not under the
supervision 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
terminals and improvements in the ac-
tual handling of the railroads. and all
| this as rapidly as possible. Ample,
| safe and speedy transportation facili-
| ties are even more necessary than
| cheap transportation. Therefore there
| is need for the investment of money
which viii provide for all these things
while at the same time securing as far
as is possible better wages and shorter
hours for their employees. Therefore,
while there must be just and reasona-
| Bile regulation of rates, we should be
the first to protest against any arbitra-
ry and unthinking movement to cut
them down without the fullest and
most careful consideration of all inter-
ests concerned and of the actual needs
of the situation. Only special body
of men acting for the national govern
ment under authority conferred upon it
| by the congress is competent to pass
| Judgment OIL such a matter
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, and notably the meat
| inspection law recently enacted. The
| pure food law was opposed SO violent
| ly that its passage was delayed for
| decade, yet it has worked unmixed and
| immediate good. The meat inspection
law was even more violently assailed,
| and the same men who now denounce
the attitude of the national govern
! ment in seeking to oversee and control
the workings of interstate common car
riers and business concerns then as
serted that we were "discrediting and
| running great American industry"
| Two years have not elapsed. and al
| ready 1t has become evident that the
| great benefit the law confers upon the
| public is accompanied by an equal ben
| eft to the reputable packing establish
ments. The latter are better off under
| the law than they were without 1t.
| The benefit to interstate common car
| riers and business concerns from the
legislation | advocate would be equal
| ly marked.
Pure Food Law.
Incidentally in the passage Of the
| pure food law the action of the yari-
| GUS state food and dairy commission
ers showed in striking fashion how
much good for the whole people results
| from the hearty cooperation of the
federal and state officials in securing
a given reform. 1t is primarily to the
| action of these state commissioners
| that we owe the enactment of this
law, for they aroused the people. first
to demand the enactment and enforce
ment of state laws on the subject and
then the enactment Of the federal law.
without which the state laws were
largely ineffective. There must be the
closest cooperation between the ma
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