New-York tribune., 1909-12-31
rpusI'S THE TOPIC
,,CoyOUISTS' VIEWS.
VIEHS.
n;seussiion FOlloles Luncheon
~ Chamber of Com merce.


say snd the economists who are cele-
e.,;rc heie the quarter-centennial OF their
~.riatton had to sit and listen to the
- that experience instllls But the lat
- are good listeners as well as prolific
,.1sers and good eaters. too. as the Cham
=, az Commerce discovered TO its chagrin
or the sustenance which IL had provided at
o'clock luncheon disappeared before
half of the American Economic Association
,sd been properly nourished.
AZ the afternoon meeting Of the Amerl
I ,sn Economic Association in the chamber
professor Willard Fisher. OF Wesleyan. col
xpsed. An empty stomach was said to be
| ccniributory cause. A physician was
! sstily obtained from the Mutual Life
hiding. and ten minutes later Professor
Fisher was on the floor again as serene
as he had been UP TO the moment of his
sudden Illness.
Francis B. Walker. of the Bureau of
Corporations. son OF General Walker. the
famous economist, read a paper on The
Causes and Remedies for Trusts" fol-
lowed BY Victor Morawetz. who discussed
The Legal Aspect OF Trusts"
SHERMAN LAW UPHELD.
II was something OF a surprise TO the
economists, perhaps, 10 have Mr. Mora
vetz uphold the Sherman antitrust law
as stanchly as he did. Economists as a
rule like 20 regard that law as archaic
Z and in its strict enforcement Injurious TO
The industrial development of the country
l TIE lawyer considered that it benefited
/ even the trusts, and, as a railroad man, he
7 testified that its provisions relating to
common carriers had benefited the rail-
road companies.
4s 81
Mr.. Moraweiz, Ito condemn the Sherman
law: it is the belief here that If consist
entity enforced it would check industrial
progress. These views. / think, are found
ed In great measure on misapprehension
and unenlightened self-interest"
The speaker went on to say that the
courts had never construed the law as pro-
fibiting combinations which merely elm
mated competition among the comp nies
combining. The word competition WI not
be found in the text OF the act he said
But where combinations amounted TO a
monopoly of trade in any one line, TO this
extent acting in restraint OF interstate COM
mence. then the law became operative and
justly So The percentage of output consti-
tuting monopoly, he thought shiuld be 0e-
termined by the courts in each individual
case. In this respect he disagreed with
fine monopoly as the control by one con-
cern Of so per cent Of the output OF any
one commodity,
IF allowed by law" said Mr.. Morawetz
IN closing, many monopolies would be
formed 10 fix prices TO the detriment of
The consumer and not primarily TO take ad-
vantage of the economies arising from
wholesale production. You know. and 1
know, that many monopolies would be
formed in Wall Street with an eye TO the
lew York Stock Exchange. This would
cad 10 a popular demand for government
ontrol of industries and would result in
ostie legislation of very dangerous char
-ter. The best interests Of the country
Nd Of those interested in large combina-
ons demand that the Sherman law should
left on the statute books"
FAVORS FEDERAL CONTROL.
y. Walker. might have been expected
his office and experience was in
or Of federal regulation. particularly
beral Incorporation, but he differentiated
ctensively in recommending remedies for
le growth of monopolies and in defining
5 causes He continued:
Undoubtedly the most prolific and at
ne same time the most demoralizing, cause
monopoly in the United States has been
aToritism-particularly in the railroad re-
bate or special rate. This Is one of the
causes which should be attacked in the
hTst instance by prohibitory Legislation and
drastic penalties In order TO make such
legislation effective the most thorough ad-
ministratiye supervision is necessary. in
Guiding the power TO examine books and
papers. both OF transportation companies
and shippers.
Our most conspicuous and powerful
Trust, do not depend TO any important ex-
tent on the tariff. 1t might be opined in
regard TO the Sugar Trust that, instead OF
cutting out useful article of revenue by
abolishing the dfferential on raw and re-
lined sugar, ii would be a good thing to
levy an internal excise tax TO correspond
Professor jeremiah ". jerks of Cornell.
who opened a discussion following the
papers. considered that the nature of
probably the majority of the industries Of
the country made monopoies in them i'm
possible, and he asked:
rs il not tine that we should realize
that in certain lines OF industry monopoly
is not an evx?'
METZ on BUDGET-MAKING.
Controller Metz delivered an address be
fore the members Of tie American Sta;is-
ifcai Association yesterday morning IN The
meeting room Of ihe Merchants Associa-
lion. at No. s Lafayette street The Cor
troner showed in what respects New York
CITY had corrected the cardinal defects
which characterized the city's budget-mak-
ing four years ago. With the aid Of charts
from the Budget Exhibit OF the Bureau of
Municipal Research, which were hung on
the walls OF the room, and of budgets
tentative budgets, etc, he impressed The
audience with the fact that the city had
provided a statistical basis for its budget
making and that from now on lack OF
Information could not De urged as an ex-
cuse for padded i'll classified budgets
SGi lie said In closing. Much remains to
ee done" And he went into details
joint session OF the American Eco
nomic Association and the American Po-
litioal Science Ass Dciation, held in the
Chamber OF Commerce in The morning dis
oussed The Valuation OF Public Service
Corporations" Receiver Frederick w
Whitrdge, Of tie Third Avenue Railroad
who spoke on Official Valuation OF Pri-
yate Property took occasion 10 ridicule
hss Old adversary, the Public Service Com
mission. Nice-PresIdent W IL Williams
OF the Delaware Hudson Company
poiated out where the official valuation OF
railroads was defective. Joseph +. Cotton
JI-, lawyer, questioned the good of physi-
al valuation OF railroad DroDerties The