Waterbury evening Democrat., 1908-12-08

From and to do justice to the great corporations which are the most i'm. portant factors in modern business. believe that 1t Is worse thun folly to attempt to prohibit all combinations, as is done by the Sherman antitrust law, because such law can be en- forced only imperfectly and unequal ly, and Its enforcement works almost as much hardship as good strongly advocate that instead of an unwise effort to prohibit all combinations there shall be substituted law which shall expressly permit combinations which are In the interest of the public. but shall at the same time give to some agency of the national govern ment full power of control and super vision over them. One of the chief features of this control should be se- curing entire publicity in all matters which the public has right to know and, furthermore, the power not by Judicial, but by executive. action to prevent or put stop to every form of improper favoritism or other wrong doing.
 The railways of the country should be put completely under the interstate commerce commission and removed from the domain of the antitrust law. The power of the commission should be made thoroughgoing, so that it could exercise complete supervision and control over the issue of securities as well as over the raising and lower ing of rates. As regards rates. at least this power should be summary. The power to Investigate the financial op- erations and accounts of the railways has been one of the most valuable fea- lures in recent legislation. Power to make combinations and traffic agree menrs should be explicitly conferred upon the railroads, the permission of the commission being first gained and the combination or agreement being published In all it's details. In the in terest of the public the representatives
 
 power to see that the railroads do their duty by the public, and as a matter of course this power should also be exer- cised so as to see that no injustice is done to the railroads. The share holders, the employees and the ship pers all have interests that must be guarded It Is to the interest of all of them that no swindllng stock specula- ton should be allowed and that there should be no improper issuance of se- curities. The guiding intelligences nec- essary for the successful building and successful management of railroads should receive ample remuneration, but no man should be allowed to make money in connection with railroads out of fraudulent overcapitaliZatio and kindred stock gambling perform ances. There must be no defrauding of investors, oppression of the farmers and business men who ship freight or callouS disregard of the rights and needs of the employees In addition to this, the interests of the sharehold- CTS, of the employees and of the ship pers should all be guarded as against one another. To give any one of them undue and improper consideration is to do injustice to the others. Rates must be made as low as is compatible with giving proper returns to all the employees of the railroad, from the highest to the lowest, and proper re- turns to the shareholders, but they must not, for instance, be reduced in such fashion as to necessitate a cut In the wages of the employees or the abolition of the proper and legitimate profits of honest shareholders.
 Telegraph and telephone companies engaged in interstate business should be put under the jurisdiction of the in- terstate commerce commission.