Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-01-17
other states and territories relating to

-.
in 1909 and 1910. three reports on
Transportation by Water in the United
States. They set forth existing water
way conditions, with criticisms and
suggestions thereon. In the present
active interest in waterways. these re-
ports have been very generally used.
The report on terminals appears from
widespread editorial comment, to have
brought forcibly to public attention the
vital importance, too long overlooked.
of water terminals. This work of the
Bureau, recently presented before the
Atlantic Deeper Waterways Associa-
ton, emphasized especially the inn
purtance of local cooperation i'm pro-
viding terminals The association
adopted the following resolution:
We urge strongly & the ac-
quirement by the public authorities OF
water frontage. " the equip
mcnt of each port with modern me-
chanical appliances for movement of
freights and " the creation
generally of terminal facilities
This report was also used ad-
vantageously by the city of Cincinnati
in a pending suit. opposing the obstruc-
ton of city water front by railroad in
tereSts.
Such have been the practical results
of efficient publicity" even within the
narrow range which the Bureau has
been able to cover. 1t can be extended
to all important corporate business.
Oppressive methods of competition
have been reduced over wide areas
greater equality of opportunity is be-
ing afforded; corporate interests have
become accustomed to a publicity
which they would have regarded as
revolutionary a decade ago. Many OF
them are. in fact. cooperating by
voluntarily furnishing much of the in
formation obtained by the Bureau.
The public has been enlightened ON
many fundamental points of finance
and business which otherwise come to
the ordinary citizen only in frag
mentary and confused form the
PRESIDENT and Congress have been Civ
en- reliable facts bearing on economic
questions of public concern. Finally.
the effectiveness of simple publicity
and the resulting public condemnation
of business abuses has been proved.
In the case of the railway diserimi
complished an abolition of an evil sys-
TEN in its entirety within six months,
although criminal prosecution of GER
tain participants therein has, after four
years. succeeded only in two cases out
OF four The substantial improvement
effected in the New Orleans Cotton
Exchange. by such publicity and CO.
operation. could probably have been
accomplished in no other way. under
existing legislation.
Extension Of System.
This seven years experience has
built up working system. effective al
far as it goes, but as yet incomplete in
scope. The one step remaining to be
taken is to create by statute a system
which shall apply these effective
methods to all important corporate
businesses, and give a recognized and
permanent standing to the proven
principles
In outline this system should be one
where % all important interstate in
dustrial corporations shall regularly
make reports "a q Federal office; CD
where that Office shall have the further
right to verify such reports and get adj
transactions of public interest shall be
made public, safeguarding at the same
time. as the Bureau always has. all
properly private business secrets: 4
where there shall be a permanent OPP
portunity for cooperation and adjust
ment between the Government and
business interests; and 90 whereby
those corporations that deal fairly and
openly shall receive positive recogni-
ton of that fact and correspondingly
acquire public confidence. The system
must be a national one. our great
businesses have become national in
scope: they have no relation whatso-
ever 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 unfounded prejudice.
toward uniformity in corporate ac-
counting. and the establishment of In
dustrial securities on a basis of open
administration: it will give a central
agency of financial and economic in
formation, and practical meeting
pace LOT DuSlHcSS tilttitolS WIN tH'
Government.
1t will do this without any drastic
change 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 eff
ficiency. business honesty. and COM
mercial service to the public, to the
benefit of that increasing class of mod
ern business men who are endeavoring
to deal openly and fairly, and who re-
gard their commercial power as at
least in part public trust
The total appropriations for the Blu
reau for the fiscal year ended June 80.
1910. were $254,120. The number of
employees on June so was 119.
On July II and 10, 1909, the Bureau
published Parts l and III, respectively,
Iof Report on Transportation by
Water in the United States. Part
dealt chiefly with the physical char
acteristics of our waterways and the
| floating equipment thereon. Part Ii
dealt with water-borne traffic. Con-
clusions as to causes of general condi-