El Paso herald. (El Paso, Tex.) 1901-1931, 1911-01-16
SMITH PLEADS FOR
BROADER PUBLICITY
Commissioner Of Corpora
tions Tells of Good Work
Already Done.

washington, D. c., Jan. ia
broader federal system of publicity for
all interstate corporation is urged in
the annual report of Herbert Knox
Smith. commissioner of corporations, to
the secretary of commerce and labor
which was made public today.
The report reeites the good work
that has been accomplished during the
last seven years through the present
system of publicity, referring espec-
ia1lv to the Cancellation by the rail-
roads of the discriminatory rates en-
loved by the Standard Oil company;
the improvement in the methods of the
New Orleans Cotton exchange; the
abandonment by the American Tobacco
company of certain questionable meth
DDS of doing business and many other
reforms.
such says the report, have been
the practical results OF efficient pub
Heitv even within the narrow range
which the bureau has been able to
cover. It can be extended to all i'm
portant corporate business.
But although this system is effec-
tive as far as it goes, it is as yet in
complete as to scope, according to the
report. and the one step that remains
to be taken is to create by statute
system which shall apply these effec-
ate businesses, and give a recognized
and permanent standing to proved
principles.
The report says in this connection;
In outline this system should be
one where ID all important inter-
state industrial corporations shall reg
ularly make reports to federal or
flee: CD where that office shall have
the further right to verify such re-
where business transactions of public
interest shall be made public, safe
guarding at the same time as the bu-
reau always has all properly private
business secrets; (4) where there shall
be a permanent opportunity for cooper
alton and adjustment between the gov
eminent and business interests; and C5)
whereby those corporations that deal
fairly and openly shall receive posi-
tive recognition of that fact and cor
respondingly acquire public confidence
The system must be a national one.
Our great businesses have become ma
tional in scope; they have no relation
whatsoever TO state lines.
This system will greatly extend the
same kind of corporate. reform which
has already resulted from the work of
the bureau; the same kind of public
enlightenment; it will tend toward the
removal OF unIOunOeQ pT0JuUlcSs lO-
ward uniformity in corporate account
ing. and the establishment Of indus
trial securities on basis of open adj
ministration; it will give a central
agency of financial and economic in
formations and a practical meeting
place for business interests with the
government.
TT will do this without any drastic
1ange in business conditions. or dis
closure of purely private affairs; with
comparatively small cost; with an eff
fectiveness of business reform that no
penal legislation can approach. 1t will
put a premium on business efficiency,
i,siness honesty and commercial SER
vice TO the public. to the benefit Of
that increasing class Of modern bust
ness men who are endeavoring to deal
openly and fairly. and who regard
their commercial power as at least in
part public trust"
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