New-York tribune., 1909-02-03
CORPORATION CONTROL
YEARS. WORK OF BUREAU
Sherman Lac Should Be Modified,
,Saus Commissioner Smith.

-,-.-,-... r-sr, Commissioner Herbert Knox
E-,i,h Of the bureau Of corporations TO-DAY suD
80 70 Secretary Straas Of the Department OF COM
rnsrce and Labor the annual report OF ule oL Pc
,ios of his bureau for the year ended June SV' AV
The Work Of the bureau in the year vas -
varied than in any similar period since lie u
Iislrant Of the Department OF commerce .ts
~ Commissioner smith directed lnVesusdtl tlO1s
~ r,s-,, i.r,portant industries. and now mas on i
IS current work Inquiries into the toDacco o
s-v .ha steei industry. the international IA 90
Company. the lumber industry cO''O"
and water transportation -
The most Important legal work Of the bureau ~
fhe year was in connection with Z plll -. IoL e.-
s-,erar,ent Of the Sherman law. a large AlicF41i
Of work done in aiding the Depsi men mem ,+ -
t.ce in the preparation for trial ot cases $3.50
she standard OIL Company for alleged discTimina-
tsons in railroad rates
Discussing the general subject OF corporate ieeN
ia-ion and control Commissioner Smith says
7-,,.-e Sc an frreslstibie movement toward con-
,Iatic1 s., brsno@s We must recognize the Iact
f6aT irTnsfTfa concentration is already IaIssy
SS5eG % in r N e t' legislation should be to regulate
rather than 10 prohibit "a 1I At The same
time and prohibition has practically talIe4- sqSIa
ples ss,Cts,ioT 10 Tie actual facts If we are to
do anything effective with the COZ POI oar nresent
iesis:Iafso, The practical object is to see ina
business QPPS9nY aPa aRan toe to all 10 prevent fraud
special privilege and unfair compeuuoh, aTvise
a and regulate il Above all We must have a sy s,
TEN o. efficient puecityFf f7re6+ nubcity'' means
fhsf Sort Of publicity which reaches the aEeLast
citizen under everyday condltlSns a ~ 49,
aFfe r0lectuy material, must a!So sun
r.arize for the public IN GIleI ct 4 .,r,,ora te
1onclusion. showing important permanent SO4 tOi'
Se confro! fof corpora1ions) by the federal gov
brOadened into a stuei al tSt
e,1ner1-sion publicity and cooperation Ihe oeIaIls
of such 3 system n its main features SllOui" D '
bo,,l5 10 cperated by the federal government
Il should provide for a system OF OF .;sg ieEs.i' N
r5-ts fr,.r, large interstate corporations
Eflcb government Office should have access a. az
reasonable times to the records ana acCoui'S "
such corporations. 80. -,..,.- 40 t-,-o-+ar+
facts disclosed Il should safeguard from pupllo
ton all business secrets 80 -. .zr,-o-,er+s
E1orpArations complying with tnese
sbou9 he given the advantage Of a definite 1eoer2i
re evsfern should if possible. be voluntary
Fjneily supervision must be administrative NO
other method has the necessary neAlpl!lt!' ,,,h
We must nave system of supervision HnlCl
-,-o,f6es working basis for conference ana CO
erersTion and which does not rely merely on GRIM
iraf procedure and opposition. 1here Is hpl YIILg
ss,sre ais an aroused end intelligent ueInaIiu
from the public for fair business mtlho9S anu loI
equal commercial opportunity tor al. me Iutur
Of nation must depend largely Upon the SsdoL.
cSDro+ he nermanenI successful unless II oper-
stes operiy and justly 1t must place ana keep IN
control of our great commercial forces men VINO
risen there solely by superior lnduslTia1I =
FcienrK must protect such men from the COM
petition Of those who get power by unIalr anu
illegal methods and gTivflegespFactlce Ihal reI!
pCCuliarlv secrecy. 10 DO TINS lne GOV
Tn-tsf have such supervision and control OF that
,sorDorare machinery viii maintain In business
the fundamental American ideal OF equal opportu-
nifty 10 all