The Birmingham age-herald., 1911-11-13
BETTER TRUST ACT NEEDED, DECLARES
 BUSINESS LEADER


 (CONTINUED FROM PAGE ID sN~~~~~~~-~~~~~-~~ plans. More than that, the individual could not pcrpetuate big business.
 Need of Co-operators
 To insure lasting and beneficial result to another generation the management of a great business institution must have a number of co-operators devoted to its welfare because of their ownership in the corporation. Before the days of com mercial corporations large and success ful business was not infrequently wound up or closed out with the death of the owner or the limited number or owners. Individual enterprise put limitations or expansion. There was always the fear that the death of the owner might lead to suspension and liquidation. In cor poiation rightly conducted competent un- derstudies are trained to take up and carry on the business as well if not better when the old managers drop out.
 The commercial corporation. therefore, encourages permanence and growth; it unites financial investment with personal supervision by many partners. A man with a small amount of money which he wishes to put into business can invest it more safely in a commercial corporation than he could possibly employ that amount of capital In business under his |, Individual ownership and responsibility. His capital is not large enough in com- parison with his competition to justfy the hope of success .4sz.
 Introduced Many Economies
 The commercial corporation brought about conditions under which its business could be transacted far better for it's patrons. The commercial corporation In- troduced many economies. It did this through large, capital, which effected re- auctions in the cost of doing business. An illustration comes to mind as glance through my office window. In years gone by we handled our goods in the shipping from four to five times be- tween the packing room and the car. With present rfaciities-the result of cor porate management-we handle them only once from the stockroom to the freight car
 Commercial corporations have reduced the cost of production as we'll as distribu- lbtjon. They can and do conduct busi- Nness smaller margins than under the old system of individual or firm owner- ship. and the consumer Is the beneficiary. Ant-corporation sentiment, infiamed by The theory that it can reduce cost is nisdirected. --7 Commercial corporations contribute, pro- portionately, far more to the support of the government than was obtained from
 
 tions are more readily and more economi- cally collected than those imposed on business formerly.
 Standard of Honesty Raised
 believe that nearly all the heads of our commercial corpora tions-the officers and managers-are men of honest intents and high ideals. They possess as great a measure of integrity as can be found in any class of men. The standard of hon. hoe rase6-pOt 1otyerpd-hv tl1.a evolution of the commercial corporation: and yet the 95 per cent of all the cor porations of the country, conducted squarely and managed on the basis of equity and truth. and to great extent along the lines of the Golden Rule, must suffer for the evil deeds of possibly 5 per cent of the corporations.
 In these days the influence of the press Is great Abuses of the few offending corporations are so head lined that read CTS draw the inference that corporations generally are managed corruptly Dis crimination on the part of the public prints in the treatment of corporations would go far to change present deplor- able conditions, for these conditions are the result largely of mistaken public sen \ timent. N Sherman Antitrust Law 4 There should be corporation legislation. There has been much. but against the wisdom of it large question mark could be placed For 20 years we have been trying to understand the Sherman anti trust law, and now the only persons who admittedly understand it are on the bench of the United States supreme court. where the Interpretation is by the rule of reason. rather than by the word- fms. We cannot have business confidence with such Legislation.
 I think the Sherman law is the worst and most dangerous business legislation <bot has ever beeu nut into the Tinted States statutes It should be repealed, and \. it's place taken at once by law so plain that everybody can understand what can and cannot be done by commercial cor porations, and then all corporations should be compelled by the strong arm of the government to live up to that law. f. Under the sherman law corporations have applied to the government officers to learn what is permitted and what is forbidden. Have they been taught? They have been told to go to their own lawyers for advice, with the warning, in sub stance: "Let him tell you what to do but if you transgress the law we shall punish you severely.
 Reason for Hesitation
 Is it surprising that with such state of doubt there is hesitation and fear on the part of business men, that business interests are lacking in confidence. and that material interests languish from one end of our land to the other?
 The statutes of the several states ap- plying to commercial corporations vary widely. Some are explicit and wise; some are loose and harmful. Some of these statutes appear to me to be invitations to corporations to do things that are unwise unjust and monopoistic.
 We need national legislation, and after that, state legislation in harmony with the national.
 Commercial corporations have come to stay. Their relations to the government both national and state-must be defined. Commercial corporations must have reg ulating laws which every intelligent mind can understand. When we can see real progress in that direction by congress and the legislatures We shall have bus- ness confidence restored. New enterprises of manifold character, which are now waiting, will be started.
 Campaign of Education Needed
 To expedite the enactment of clear and definite, as well as effective antitrust provisions, campaign of education is necessary. False impressions about com