El Paso herald. (El Paso, Tex.) 1901-1931, 1910-02-10
PUBLICITY FOR CORPORATIONS

moral sense of the American people,
and its competing force when cOncen-
trated intelligently on business
wrong. II has reported to the country,
clearly and accurately. the operations
of great industries Business facts and
their meaning have been set forth in
such brief and plain shape as to be
available through the press for the
average citizen. 1t has thus evoked
that intelligent public opinion that will
protect honest business and condemn
unfair practices.
Results Already.
It has been pioneer work on a vast
subject. but the results have shown
what can be done and how to do it.
great awakening has taken place in re-
cent years as to our business methods
The bureau does not assert that 1t
has done anything more than aid in
this process. But it does contend that
the principles which it has used are
the same ones which have brought
about this advance and Will continue it
The bureau has proved by results that
its methods are fit for broad applica-
ton Under the public condemnation
thus made possible by facts plainly
stated great corporate abuses have
been abandoned 4 sweeping system
of railroad rate determinations has
been voluntarily cancelled by the rail-
roads involved, and numerous forms OF
commercial oppression have diminished
Corporate managers themselves are
frankly advocating more open account
ing. One by one the great silent cor
porations are seeking public confidence
by. adopting a new policy Of publicity
The situation is thus ready for
@--T
ant Interstate commerce corporations
shall regularly make reports to fed
eral agency: where % that agency
shall have the further right to verify
and extend the facts presented; where
CD business transactions of public in
terest shall be made public, safeguard
ing at the same time all proper bust
ness secrets; where "a there viii be
a permanent meeting ground for cooper
alton and adjustment between the fov-
eminent and business interests; and
go whereby those corporations that
deal fairly and openly shall CORES
acquire public confidence and
support
Publicity Necessary.
The exact form Of this system is of
little importance. The information
must be had for the primary purposes
Of the government. and the citizen Co
operation also must be had; publicity
should as far as possible be voluntary.
Corporate managers are recognizing the |
value of government publicity. To
profit by this new spirit, the system |
Of supervision must provide for CO. !
operation. Prosecution is indeed ne /
cessary TO destroy unfair methods, but !
it should be reserved as the last re- |
sort rather than used as the normal |
instrument.
$ The bureau has proved the practical |
value of cooperation. In 1908 it pointed /
the New York and New Orleans cotton /
exchanges Each exchange at once !
offered TO confer with the COM
missioner. AS a result of such confer
ence. the New Orleans exchange adopted
by q practically unanimous vote, the
entire recommendations OF the bureau.
This far-reaching Improvement, affect !
ng benef1cially the various interests in
hat great staple. was secured simply
oy publicity and voluntary coop Grafton.
National Supervision.
In short, our great interstate indus
-ries must come under permanent ma
Lional supervision. The bureau has
proved that this can be secured in a
-ational and effective way. A system
If practical publicity, with cooperation,
viii obtain that requisite for all wise
measures. reliable information. 1t will
INVOLVE no drastic action. It will, in
Iced. forestal1 such action. 1t will
1ring together the government and the
corporate manager in conference and
ton, which alone can serve to
adjust continuously the complex and
changing relationship between our
business forces and the public welfare.
t will direct against business evils
he overwhelming force of public opin-
on 1t win be backed by, and make
effective, penal law where prosecution
6 necessary Such publicity will broad
Y prevent wrong beforehand instead
# Furnishing isolated cases afterwards
I will remove unjust prejudice; it will
the standing Of our corporate
ecurities, both at home and abroad;
I will tend toward more open and
more uniform corporate accounting
Finally, ii will help to give our business
machinery that foundation OF fairness
md openness and public confidence