The Morris County chronicle., 1907-12-03

atcd. An essential provision of sucn d
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-
ble license act for big Interstate cor
poratlons 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
tions, 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
ton 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 1t 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.
Nationah 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
.I~r
is 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. 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 OH 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
~ that its passage was delayed for a
decade, yet 1t 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