The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-07-12
WILL NOT Be ENFORCED,
is PREDICTION MADE
Otherwise Foxy AldTlCh Would
Never Have Consented TO
Its Adoption

New York, july 12-If the corpora
ion tax had been proposed four years
ago, it would have met with little op- |
position This would have been be |
fore the furious onslaughts, govern |
mental and legislative, were begun ltl
would then have been an assurance 10 |
people with money invested in the |
shares Of corporations. wi the man
agement Of which they hsl nothing |
to do, that their money was safely !
and honestly used TO, their benefit |
and would have shown them eacaf
year what had been done and hOwl
much earned. The sworn returns OF !
earnings end condition would have
been similar to the sworn statements |
OF bank conditions, which statements
have prevailed for many years as a
protection TO innocent depositors who
have left their money for safe keep
ing with banks. This supervision of
the banking system was the outgrowth
Of abuses in banking through which
depositors' money was jeoparded in
the years of wildcat banking BY the
same token, the complaints Of the pub
lie against corporation management
would have been met and reform of
management inauguraed by sworn re
turns OF earnings and condition with
Justification made criminal as In the
case Of banks. Such 4 response to
the complaint of innocent stockhOld
ers compelling publicity and honesty
Of conduct on the part of corporation
officers, would have been a sane an
well considered. also effective method
Of calmly introducing reform II az
that time -four years ago. when the
appeal Of the public for regulation OF
trusts began TO be heard. we had had
such chief magistrate as Mr. Taft. We
would undoubtedly have had indug
urated such an effective measure Of
publicity and regulation as the cor |
poMtlOn tax. Bnt the appeals came |
~ th1t time to an entirely iiifcroui |
executive aud Mr. Rooseveits way
having 4 mind the peoples demand !
but moro perhaps at heart the spec |
tacular personal result. was 90 smash |
and prosecute with All the force OF |
governmental power mldc doubly |
powerful by the popular approya |
back of NJ Today. the tax and the |
sworn statements required. are look |
ad upon with suspicion aud fear OF |
mquisit1rill and destructive coercion |
Un3er such tan executive rs Taft. !
here is perhaps little probability OF |
hs II is the future which may |
oring unpleasant happenings
As A Revenue Measure
The revenue results of he tax may
lfter all be negligible II the . per
'ent is not to be collected until "a |
yea' from next October md If. as may
happen the tax is resisted In the |
courts in order 10 test its constiW |
,lonality IL would seem that while In |
matter was being ricd ont. no collec
lions could be made until the cas-
vas catried up to the Supreme cour
and deoidd. Corporations would set
aside the mount of the tax, but pay |
ment to the Government would be- !
made, If only. aud when. the case wa,
lecded in favor of the Government |
This decision might not be reached |
for tNo O. even three years from now
And In Two years, Mr. Aldrieh says |
he TAX will be repealed Meantime |
what benefit would the Government |
short of funds. have in the way of
evenue Viewed in this light. the eX.
peiient as revenue measure may be
come Intellectual The publicity part
the rendering Of statements. of earn
ings year by year. might be insisted I
upon, an this after all is the real oh.
iect Of tho movement
viii Benefit Stockholders.
There is no question OF the great and II
lasting benefit of such a law, to the II
stockholders of the country. II admin.
isterel j tdiclously and strictly with.
out prejudice The stocllholder today
Is AT H. mercy of the managers of
In many and notable IN
these managers are working
solely IN the interest and for the bene
m OF the stockholders. but In many Il
other instances this is not the case
In some instances. he stakeholder Is
being or has been bled out Of his jus i
returns. In perhaps the majority OF Il
cases, the St0ckholder receives only |
u fair share of his rights The offic |
ers very frequently are not themsplv-
duces these officers to look ont for
themselves first, and this regard fo
self ranges from the receipt of uuduly
large salaries all the way down Do out
right graft, manipulation Of stock
prices end freezeouis The corpora.
ton law viii stop an this on most of
Il, and will gradually make inyes
ments ir thc shares of good corpora
ions more akin for safety. TO deposits
O. good banks This WIfi be ln mdi
suised blessing. and no one Nill bon
~ more bv il thau Wall street which |
handles The vast bulk Of trans iCtions /,
n the socks OF the highes class If |
corporations, namely. those dcaa ia |
'n the Exchanges
Thy taA niH uu.uuh.eiit h,ua