Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-03
Continued from First Page.)


all people of wealth. whether they do
we'll or Ill. Out OF any such Wild move
ment good will not come cannot come.
and never has come. On the contrary.
the snrest way to invite reaction Is to
follow the lead OF either demogogue or
visionary in sweeping assault upon
property values and upon public con-
fidence. which would work incalculaole
damage in the business world and would
produce such distrust of the aSitators' that
In the revulsion the distrust would ex-
tend TO honest men who. in sincere and
sane fashion. are trying to remedy the
evils"
The antitrust law should not be re-
pealed: but 1t should be made both more
efficient and more in harmony with &C
tuaI conditions. 1t should be so amended
as to forbid only the kind OF combina,
ton which does harm to the general
public such amendment to be accom-
panied by. or to be an incident OF,
grant of supervisory power to the gov
eminent over these big concerns engaged
In interstate business. This should be
accompanied by provision for the COM
pulsory publication of accounts and the
subjection of books and papers to the
inspection of the government officials. A
beginning has already been made for such
supervision by the establishment of the
bureau of corporations.
Delay for Government.
The antitrust law should not prohibit
combinations that do no injustice to the
public still less those the existence of
which is on the whole of benefit to the
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 its
enforcement The government must now
submit to irksome and repeated delay be-
fore obtaining final decision of the
courts upon proceedings instituted, and
even a favorable decree may mean an
empty victory. Moreover, to attempt to
control these corporations by lawsuits
means to impose upon both the Depart
ment of Justice and the courts an impos-
sible burden; 1t is not feasible to carry
on more than limited number Of such
suits. Such a 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 c-ea-
tons. instead of waiting until they are in
existence and then attempting to destroy
them by civil or criminal proceedings
A combination should not be tolerated
II 1t abuse the power acquired by combi-
nation to the public detriment. No cor
poration or association of any kind should
be permitted to engage in foreign or In
terstate commerce that is formed TOT
the purpose Of or whose operations Gre
ate. a monopoly or general control OF the
production, sale or distribution of any
one or more Of the prime necessities OF
life or articles of general use and ne
cessity. Such combinations are against
public policy; they violate the common
law; the doors of the courts are closed
to those who are parties to them and l
believe the Congress can close the chan
ncls of interstate commerce against them
for its protection.
and permissions as clear and definite as
possible, leaving the least possible room
for arbitrary action. or allegation OF sucn
action on the part of the executive, or OF
Among the points to be aimed at should
be the prohibition Of unhealthy compe.
tition, such as by rendering service az
An actual loss for the purpose OF crush
ing out competition, the prevention OF IN
fiation of capital and the prohibition OF
corporations making exclusive trade with
itself q condition of having any trade
with itself. Reasonable agreements pc
tween. or combinations OF, corporations
should be permitted, provided they are
first submitted to and approved by some
appropriate government body. .-.- q
Power Of Congress.
. The Congress has the. power to charter
corporations to engage ein. interstate and
foreign commerce" and q general law can
be enacted under the provisions Of which
existing corporations could take out fed
eral charters and new federal corpora
tions could be created. An essential pro-
vision of such a law should be a method
of predetermining by some federal board
or commission whether the applicant for
q federal charter was an association or
combination within the restrictions OF the
federal law.
Provision should also be made for COM
plete publicity in all matters affecting
the public and complete protection to the
investing public and the shareholders In
the matter of issuing corporate securities:
, If an Incorporation law is not deemed
advisable, a license act for the interstate
corporations might be enacted; or COM
bination of the two might be tried Inc
supervision established might be anaio-
gous to that now exercised over national
banks. At least the antitrust act should
be supplemented by specific prohibitions
Of the methods which experience has
shown have been of most service In en-
abling mOnopOlistic COMBINATIONS 10 CRUSH
out competition.
The real owners Of a corporation should
be compelled to do business in their own
name. The right to hold stock In otneI
corporations should hereafter be denleo
to Interstate corporations. unless on ap-
prevail by the proper government OH,
Gals and a prerequisite to such approval
should be the listing with the government
of all owners and stockholders. potn Dy
the corporation owning such STOCK ana py
the corporation In which such STOCK IL
owned
To confer upon the national govern.
ment, In connection with the amenomeh.
! advocate in the antitrust law. power OF
supervision over big business concerns
engaged In interstate commerce WouIo
benefit them as it has benefited the ma
tionaI bank In the recent business Crisis
II 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 ad-
yocated would be to the benefit OF every
well-managed railway. From the stand
point of the public there is need for addi-
tional tracks, additional 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 more neces-
cary than cheap transportation. There
fore there 10 need for the investment Of
money which will provide for all these
things while at the same time securing
as far as Is possible better wages and
shorter hours for their employees. there
fore while there must be Just and rea-
sonable regulation Of rates. We should be
the first 70 protest against any arbitrary
and unthinking movement to cut them
down without the fullest and most care
full consideration of all interests con-
cerned and Of the actual needs OF the
situation Only a special body OF men