The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-02-17

Some better aspects of the modern in
dustsial corporation are suggesdvely pre-
scented i'm an address recently delivered at
Columbia University by George W. Per
kns the New York banker Mr. Perkins
believes, as do most economic observers.
thar the corporation is n permanent. and
even a benehcent. feature Of the indus
trial order Corporate management. he
asserts. has effected great economies in
production and distribution, has raised
the standard of Industrial efficiency. has
encouraged and developed higher order
OF business ability. has increased wages
and given steadier employment 10 labor.
and is exercising a strong influence for
soUader general business conditions. He
admits that corporations have made mis-
takes, that many Of them have been has
tiiy and improperly organized and that,
broadly speaking, the corporation is in a
formative state But the very immensely
Of corporate responsibility is forcing upon
corporation managers a sense Of public
duty, and many of them are beginning TO
realize that they owe something TO the
people as well as to their stockholders.
'''The corporations Of the future" SAYS
Mr.. Perkins. must be those that are semi
public servants, serving the public, with
ownership widespread among the public.
and with labor so fairly and equitably
treated that it will look upon its corpora
ton as IT'S friend and protector rather
than as an ever-present enemy, above all.
believing I'm il so thoroughly that il will
invest it's savings i'm the corporations Sc
curities and become working partners in
the business The wider distribution of
corporate holdings, which is welcomed
alike by the corporation manager and the
economist as tending toward the demo-
graduation Of industrial ownership and
the stability Of industrial enterprise. has
curiOuSly enough made remarkable strides
as "a result Of the depression in security
values. in spite Of the outcry against cor
poratons- Mr. Perkins gives a few facts
worth reproducing;
During the pas. year the stockholders Of the
Great Northern Railway have increased in number
from 2 so TO over 1000 The stockholders Of the
F,nnGlvania Railroad have increased from B0clo to
s. 600. The stockholders Of the New York Central
have increased from 1000 to over 2lNO During the
same period the number Of stockholders in the Steel
Corporation increased by over $1,000 the total mum
Der q individuals holding stock in that corporation
how exceeds 10000 ard the average holding Of the
Ss6soOoo0 Of stock Of the Steel Corporation is To-
day about IS shares per person.
The extensive ownership of the modern
corporation, as Mr.. Perkins remarks. i'm
poses heavy responsibility upon both
the corporation manager and the legisla-
tor. on this account Mr.. Perkins well
comes government supervision. for the
responsibility Of the management Of
giant corporation is so great that the men
in control should be glad TO have II
shared by proper public officials repre-
senting the people in governmental ca
pacity.' He thinks corporation mana
gers generally would welcome such su-
pervision. If X were exercised by the ma
tion0l government. instead Of by the
States. with their varying ideas and laws.
It Is Mr.. Perkins opinion the national
supervision does not necessarily fnlplv
the mixing of business with politics II
supervision We're exercised by practical
men well versed In the affairs they have
20 supervise. What the business interests
dread is unintelligent and inexperienced
administration. not expert and impartial
supervision. Mr.. Perkins maintains, for