New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-24

VIDE for the creation OF a board TO form
rules OF admission" for corporations ap-
plying for licenses to engage in interstate
commerce. Mr.. Littleton also wants a
JOINT Senate and House commission to In
vestigate the trust question before med
ding with the Sherman law.
Mr.. Littleton's views on the trust oues-
ton embrace about ten thousand words,
and Will be handed to the full Stanley
committee Tomorrow. when Republicans
and Democrats meet to disagree and or
DER the preparation OF five reports on the
steel investigation.
The dissenting views OF Mr.. Littleton
are in part as follows:
Organized business generally. while
~eIcoinlng short period OF peace. lives
s ~. ursao OF the future; organized politics
iStahos confused In front Of the prob
lem, and organized labor innocently de-
mands the amendment of the Sherman
ashnu-trus. law; Neither the radical nor
me, vne conservative in politics lie satisfied
canned capital approves II.
ne real vice in the treatment OF the
Whole problem heretofore has been the
attempt to legislate solely against the re.
suit or effect Of series Of acts. instead
OF specifically defining and prohibiting
those acts. In an effort to prevent and
punish confessedly conspicuous evils We
have set all business cropping and feeling
about with uncertain step like man IN
the dark.
1t is my belief that the federal gov
eminent should resolutely challenge
every corporate concern seeking entrance
into the field Of Interstate commerce
and compel 1t 20 conform to a standard
which will insure. first. that the con-
Germ has behind every issued share or
stock the real value which the share
represents, not only for the protection
OF those who buy the stock, BUT to IN
sure that II will not lower the stand
ard OF Its product 10 force a dividend on
excessive capitalize ton and thus tend to
demoralize the industry In which II Is
engaged
Calls for Publicity.
To do this effectively. both as a Sc
curty 10 the public and az a reacting
influence upon the policy of the state6
the federal government should require
corporate concerns entering the field OF
interstate commerce to submit their
status, their true condition, to board
created for that purpose. \ report OF
each company examined. with full and
authentic data, should be kept and the
rules governing the conduct OF the
board should be enacted into law by
Congress, and no concern should be al
lowed to enter the field of interstate
commerce until the board had issued a
certificate 10 the effect that the concern
had compiled with the law governing It's
admission.
The board should not have the slightest
discretion as to what classes or kinds Of
concerns should be admitted. but only
the right to say that II rad compiled with
the laws enacted by Congress. This GER
tihcate, issued by the board, should con-
tain a statement OF the laws governing
their admission and should stand for and
IN the place OF a charter emitting the
concern TO do interstate commerce. II
ought 10 be provided that this certificate
should be forfeited for a violation OF the
conditions OF entry, as we'll as for a
violation OF any law governing the trans
action Of interstate commerce or busi-
ness-this forfeiture TO be upon notice and
after a hearing.
To make drastic regulations as TO all
future concerns entering into interstate
commerce, and leave unregulated and IN
disciplined these already engaged, which,
without restriction. have been allowed to
enter into that field, would produce dis
elimination at once unjust and harmful
TO the new concerns seeking admission. as
Well as 10 the commerce OF the country.
The acts OF Congress governing the ad-
mission Of concerns into interstate com
nerce could be SO framed, no doubt, as
20 require q gradual compliance with them
by those concerns already In the field,
50 that the readJustment would make
them all equal In the eye OF the law.
equal In their regulation. and al the same
time be accomplished without too sudden
a disturbance OF those which have en-
tered without challenge.