The Mena weekly star., 1907-12-05

commissions, each within its own prov ince. to achieve the desired end.
 Control of Interstate
 Busincss Concerns Urged.
 Moreover in my Judgment there shoult be additional legislation looking to th' proper control Of the great business con cerns engaged in interstate business. thii control to be exercised for their owI benefit and prosperity no less than foi the protection of investors and of ths 1 general public. As I have repeatedly said in messages to congress and else ] where. experience has definitely showr not merely the unwisdom but the futilits | of endeavoring to put stop to all bust ness combinations. Modern industria conditions are such that combination ii not only necessary but inevitable. It fl so in the world of business just as 1t is so in the world of labor. and 1t is as idle 1 to desire to put an end to all corpora tons. to all big combinations of capital as 10 desire to put an end to combina. tons of labor. Corporation and labor union alike have come to stay. Each II properly managed is source of good and not evil Whenever in either thers is evil. it should be promptly held to ac- count, but 1t should receive hearty en- couragement so long as it is properly managed. It Is profoundly immoral to put or keep on the statute books law, nominaily in the interest of public moral ity that really puts a premium upon public immortality. by undertaking to forbid honest men from doing what must be done under modern business eondi- tions. so that the law itself provides that it's own infraction must be the condition precedent upon business success. To aim at the accomplishment of too much usu- ally means the accomplishment of too lit tls. and often the doinx of positive dam age.
 Tho antitrust law should not be re- pealed; but 1t should be made both more efficient and more in harmony with act ual conditions. It should be 50 amended as to forbid only the kind of combination which does harm to the general public, such amendment to be accompanied by, or to be an incident of, a grant of su- pervisory power to the government ever these big corporations engaged in inter state business. This should be accom- panied by provision for the compulsory publication of accounts and the subjec. ton of books and papers to the inspec- ton of the government officials. A be- ginning has already been made for such supervision by the establishment of the bureau of corporations.
 "The antitrust law should not prohibit combinations that do no injustice to the public, still less those the existence of
 
 public. But even If this feature of the law were abolished, there would remain as an equally objectionable feature the difficulty and delay now incident to it's enforcement. The government must now submit to irksome and repeated delays before obtsining final decision of the courts upon proceedings instituted. and even favorable decree may mean an empty victory Moreover to attempt to control these corporations by lawsuits means to impose upon both the depart nent of justice and the courts an im- possible burden: it Is not feasible to carry on more than a limited number of such suits. Such law to be really effective must of course be administered by an executive body. and not merely by means of lawsuits The design should be to prevent the abuses incident to the crea- ton of unhealthy and improper combina- tons, instead of waiting until they are in existence and then attempting to de- stroy them by civil or criminal proceed ings.
 Investing Public Should
 Re Amply safegunrded.
 The congress has the power to charter corporations to engage in interstate and foreign commerce. and general law can be enacted under the provisions of which existing corporations could take out fsd-
  tiore could be created. An essential pro vision of such law should be a method of predetermining by some federal board or commission 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 complete protec- ton to the investing public and the share holders In the matter of issuing corporate securities. If an Incorporation law Is not deemed advisable, a license act for big interstate corporations might be enacted; {; or a combination of the two might be tried. The supervision established might be analogous to that now exercised over national banks. At least. the antitrust act should be supplemented by specific prohibitions of the methods which sx- perience has shown have been of most service in enabling monopolistic combina- Hons to crush out competition. The real owners of corporation should be com pelled to do business in their own name. The right to hold stock in other corpora tons should heareafter be denied to Inter state corporations. unless on approval by the proper government officials. and a 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 corporations in which such stock is owned.
 gro confer upon the national govern ment. in connection with the amendment advocate in the antitrust law. power of supervision over big business concerns engaged In interstate commerce. would benefit them as 1t has benefited the na- uonal banks. In the recent business crisis 1t Is noteworthy that the institu- tions which failed were institutions which were not under the supervision and control of the national government Those which were under national con- trol stood the test.
 National control of the kind above ad- vocated would be to the beneft of every well-managed railway. From the stand point of the public there is need for ad- dltional tracks aditional terminals and Improvements in the actual handling of the railroads. and all this as rapidly as possible. Ample, safe, and speedy trans portation facilities are even moro neces- sary than cheap transportation. There fore. there is need for the investment of money which will provide for all these things while at the same time securing as fas as Is possible better wages and shorter hours for their employees. There fore. while there must be just and req sonable regulation of rates. we should be the first to protest against any arbitra " and minimizing movement to cut them down without the fullest and most caro- full consideration of all interests con- cerned and of the actual needs of the situation. Only a special body of men acting for the national government un- der authority conferred upon it by the congress Is competent to pass judgment on such matter
 Greater Elasticity fin
 Currency Is Urged.
 The president quotes extensively from