The semi-weekly messenger., 1907-12-06

OF preterminingg by some fedora
board or commission whether abe ap-
plicant for federal charter was an as
strictions Of the federal law. Provis-
ioE should also be made for complete
publicity In all matters affecting the
public and complete protection to the
investing public and the share holders
in the matter Of issuing corporate se-
curiies II an Incorporation law is
rot deemed advisable, q license act for
big interstate corporations might be
enacted; or a combination OF the two
might be tried. The supervision estab-
lished might be analogous TO that now
exercised over national banks. At
least, the antitrust act should be sup
/ plemented by specific prohibitions of
the methods which experience has
shown have been of most service in en-
aiding monopolistic combinations TO
crush out competition. The real own
ers OF corporation should be COM
| PEELED to do business in their own
name. The right TO hold stock in 9TH
| er corporations should hereafter be
denied TO interstate corporations, ur-
less on approval by the proper govern
nent officials, and a prerequisite to
such approval shOud be the listing
with the government of all owners ana
stockholders, both by the corporation
owning such stock. and the corporation
IN which such stock is owned
| TO confer upon the national gov
| ernment in connection with the amend
TenL | advocate in the antitrust law
| power of supervision over big business
| cdncernS engaged in interstate COM
III cree, would benefit them, as it has
| benefited the national banks. In the
| recent business crisis it is noteworthy
that the institutions which failed 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
| actual 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 will provide for all things while
| at the same time securing as far as
| possible better wages and shorter
hours for their employees. Therefore
while there must be just and reason
| able regulation of rates, we should be
! the first to protest against any arbitra-
ry and unthinhing movement to cut
them down without the fullest and
most careful consideration of all in
| terests concerned and of the actual
needs af the situation. Only a special
| body of men acting for the national
government under authority conferred
upon it by the congress is competent
| to pass judgment on such matter.
Those who fear, from any reason, the
we'll 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 ViO
| lently that it's passage was delayed
| for a decade; yet it has worked unmix-
] ed and immediate good 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 interstate
common carriers and business concerns
| then asserted that we were "discred-
| iting and running great American
| industry" Two years have not elaps-
ed, and already it has become evident
| that the great benefit the law cOnferS
| upon the public is accompanied by an
| equal benefit to the reputable packing
| establishments. The latter are better
| off under the law than they were with
| out it. The benefit to interstate COM
| mon carriers and business concerns
from the legislation I advocate would
| be equally marked.
PURE FOOD LAW.
Incidentally in the passage of
the pure food law the action
| of the various state food and dairy
| commissioners showed in striking
fashion how much good for the whole
people results from the hearty cooper
| alton of the federal and state officials
in securing a given reform. 1t is pri-
| marily to the action Of these state
| commissioners that we owe the enact
ment of this law; for they aroused
| the people first to demand the enact
ment and enforcement of state laws on
the subject, and then the enactment