The Washington times., 1912-07-29

sion of future competitors from the
field of steel naking?"
The labor situation in certain depart
-ments of the steel Industry is declared
to be bad, and, while the Steel Corpora
tion is given credit for having improved
conditions somewhat. the minority steel
investigators recommend shorter shifts
for the steel workers In the blast furn-
aces.
The report Of the minority barely
mentions the Tennessee Coal and Iron
Company deal, saying: ~, ....
without injecting into this report a
political dispute about former PresI-
dent Roosevelt 1t is impossible ade-
Guately to discuss the absorption Of the
Tennessee Coal and Iron Company by
the Steel Corporation. AS the matter
has but little practical bearing on the
serious issues of which we are treat
Ing, the minority will confine itself to
the general statement that it's findings
relative to this absorption are not In
accord with those Of the majority"
The forthcoming report of the majori-
ty members, as has been forecast, will
severely criticise this absorption.
Revision of Sherman Act.
The true panacea for the trust evil.
the Republican members of the STAN
ley committee assert, lies in Federal
control and in compulsory Federal incor-
poration, with. an unwatered recapitali-
cation. The minority report admits the
American people may not be ready as
yet to embrace this remedy, and assum-
Ing that the people will insist on one
means Of curbing the trusts. the. report
suggests thorough revision and
Strengthening Of the Sherman act
The minority members say the bills
satisfactory, so far as they go. CO. larry
But II the policy of dissolution
favored by the. majority Is to be pur-
sued" says the report, much addi-
proper dissolution can be obtained.
This LEGISLATION the majority has
Legislation Recommen
Under the head of constructive legis-
lation" the minority then proceeds to
outline in detail sthe remedies sug-
gested by them as a substitute for the
present method of meeting the trust
evil This legislation contemplates the
following radical changes:
The Federal incorporation of all COM
binations and corporations equaling in
valuation or in capitalization the
amount of $5O.OOO,OOO. This United States
charter, 1t is recommended, must be OBJ
tained before any concern of this mag
nitude is permitted to engage In inter-
state commerce.
The establishment Of an interstate
| commission of industry. which shall ex-
ercise control over, and insure publicity
or the operations of all corporations
existing under a Federal charter. The
control Of this commission over indus
trial corporations will be similar to that
now exercised by the Interstate Com
merCa CnmniS la
If mere Federal incorporation and
publicity fails to bring the desired re-
lief, the minority suggests as a last
resort that authority be given the pro-
posed commission of industry to fix
maximum prices.
Interlocking directorates in United
States corporations ought to be for
hidden, says the minority report, ex-
cept when authorized by the commits
sion of industry, and a similar recon-
mendation is made regarding holding
companies. The minority acknowledges
usual and run counter to the time
honored doctrines of the greatest Eng
lish-speaking political economists Of
the past, and to much historical ex-
perience"
Nevertheless, the minority finds in
them the true solution of the great
trust problem.
Palliative Measures.
AS palliative legislation. the minority
concurs in the recommendation of the
majority that industrial corporations
shah be forbidden to own, common car
riers, and that individuals or a State
should have the right to intervene in a
suit brought by the Department of JUS
tice under the Sherman law.
The Republican members are also in
| accord with the Democratic steel In
| Vestigators that the burden of proof
should be transferred to the defendant
| corporation when it may be charged
| with unreasonable restraint of trade.
The minority declines to make a rec
ommendation regarding the Democratic
| plan to have the Commissioners of Cor
porations report to Congress as we'll as
| "On this" says the report I'VE for
| bear to express an opinion until We have
had opportunity to hear the question
| adequately discussed"
Nm a partially dissenting report, Con-
| gresham II. Olin Young of Michigan, a
Republican member Of the Stanley COM
mittee, says:
II concur in the minority report. ex-
| merce Commission and the railroad
| commissions of the several States are
| clothed with sufficient power to remedy
all evils growing out OF the ownership
| porations To forbid such ownership
| would tend to decrease economy and
efficiency on the part of the industrlals. "
| Mr.. Young also says that he is not
convinced that the power to fix prices
| is necessary to the efficiency Of Federal
control, but that he Is open to eonvic-
ton on this point.
Congressman John A. Sterling OF II.
linois, also files a dissenting report ~
| which he approves the suggestion foI
Federal incorporation, but he does not
| concur Ia the tentative proposal that
| the Government should assume the bur
den OF price fixing.
| Mr.. Sterling also unhesitatingly de.
| clares that the dissolution of Industrial
| trusts into their integral parts is still
an adequate remedy, and would dc
much to restore trade to a Latural and
healthy condition. ]