Los Angeles herald., 1907-12-04

mitted to and approved by some appro-
| pirate government body.
1.-The congress has the power to charter
| corporations to engage in interstate and
| foreign commerce. and a 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 law should be a method
of predetermining by some federal board
or commission whether the applicant for
a federal charter vas 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 protection to the
investing public and the shareholders In
the matter of issuing corporate securities.
If an Incorporation law is not deemed ad-
visable license act for big interstate
corporations might be enacted; or
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 expert
ence has shown have been of most SER
vice in enabling monopolistic combira-
! tions to crush out competition. The real
1
| PEELED to do business in their own name.
The right to hold stock in other corpora
| tions should hereafter be denied to in
| terstate corporations, 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 corporations in which such stock is
owned.
W.nts Power of Supervision
"To confer upon the national govern
| ment, in connection with the amendment
| advocate in the antitrust law, power
| Of supervision over big business con-
Germs engaged in interstate commerce,
would benett them as it has benefited the
national banks. In the recent business
crisis it is noteworthy that the institu-
tions which failed were institutions which
were not under the supervision and con-
troll of the national government. Those
which were under national control stood
i the test.
National control of the kind above ad-
vocated would be to the benefit of every
well managed railway From the stand
point of the public there is need for ad-
ditional tracks, additional terminals, and
improvements in the actual handling of
II the railroads, and all this as rapidly as
! possible. Ample, safe and speedy trans
portation facilities are even more neces-
4 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 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 to 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
i situation. Only a special body of men
acting for the national government under
authority conferred upon it by the con-
gress is competent to pass judgment on
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 inspec-
ton law recently enacted. The pure food
law was opposed so violently that its
passage was delayed for a decade; yet 1t
has worked unmixed and immediate
good.
1.-THE meat inspection law was even
more violently assailed; and the same
men who now denounce the attitude of
the national government in seeking to
oversee and control the workings of in
terstate common carriers and business
concerns, then asserted that we were
"discrediting and running a great Amer
lean industry Two Years have not
i elapsed, and already 1t has become evil
dent that the great benefit the law con-
fers upon the public is accompanied by
an equal benefit to the reputable pack
ing Establishments. The latter are better
off under the law than they were with
Il out it. The benefit to interstate common
carriers and business concerns from the
legislation I advocate would be equally
marked.