New-York tribune., 1912-02-03
AMEND SHERMAN LAW.
DECLARES EX-JUDCE
Corporate Policy Also Needs
Changes, Peter S. GrossCup
Tells Traffic Club.
PERKINS REPEATS DEMANDS
Absolute Repeal Of Act and Fed.
eral Incorporation of Com.
panies Doing Interstate
Business His Remedy.

The Sherman antitrust act was tho
chief topic OF the speeches delivered last
night at the annual dinner OF the Traffic
Club of New York at the Waldorf. Ard
the large gathering of railroad and bust
ness men seemed TO agree fully with both
speakers Of the evening. who pointed TO
the need OF amending and amplifying the
law.
Peter S. Grosscup of Chicago, who f.
Gently resigned from the federal judiciary
criticised the ambiguity and uncertainty
of the antitrust law and advocated is
amendment, while George W. Perkins,
former member OF the firm Of ]. P. Morgan
& Co., spoke for the repeal of this law
and suggested federal incorporation and
control as a remedy for the trust evil
The criticism Of the Sherman law made
by Mr. Grosscup was on the broader basis
that the law OF the land, in the process Ct
evolution Of conditions, human and econo-
mic, fell behind the times, and that at
various periods in the history OF nation
the law had to be brought zip 20 the de-
mands and perceptions newly established.
The chief fault of the Sherman act, lie
said was that it had been written SO high
that II could not be read from the ground.
II was easy enough 10 ask for the repeal
II that law before an audience like the
Traffic Club on that ground, he said. but,
on the other hand, the Sherman act had
been devised 10 root out suppression OF
competition by unfair methods. and for
this reason It was easy enough before an
audience of small business men TO have the
law made more drastic. Mr.. Grosscup then
said
The Sherman act needs serious amend
ment in the way Of advising business, m
advance of court decree, OF what II may
lawfully do and what It may not do, and M
the way of restricting its prohibitions ahd
punishments TO those concrete ,transac.
| lions that actually do injury, ALI things
considered, TO the public. The law OF the
I land needs serious amendment IN the way
OF limiting the maximum OF what buslnesS,
through incorporated combinations or con
cert, may take out OF the public in tho
way of profits.
Corporations Need Reform.
! And our corporate, policy needs, serious
amendment in the way Of giving 10 m"
people at large safe corporate forms Of
holding property through which they al
may join the business world In reapinS, in
the way of individual stakes i'm their conn
try's property. their share in what thr
moving column Of our new national life Is
| more and more creating.
No shibboleth of the past can Longer
4
law In the raw. politics IS rightly con
cerned with big business. No party leader
ship or party platform can rightly seek to
keep business out OF politics; for as polite
Is rightly concerned In business. bushes
ls with equal right concerned in politics
To try longer to keep law out Of business >
TO admit that something in business D.
wrong: 10 submit TO the keeping Of huSi-
ness men out of politics is 10 prove that
something in business js cowardly. Let iis
wage earners who know where our intci-
aote and Is1ty and who
know where our duty and interests arc.
unite I'm the demand that tho party ihai
expects our support at the election next
autumn put into it's platform the recogui-
tion that this is the year 1912 Industrial.
George W. Perkins built his demand for
federal incorporation of industrial com
panies doing interstate business on an"
regulation Of railroads and banks effetFed
by the national government. Neither iu
the case OF the banks nor in that OF tn"
railroads did the government aim Ia break
up the system into smaller and more COM
petitive units. he said, but it eradicsted
| evils affecting the people.
Yet the equation of railroads served 10
pull the f1ngs of competition in the rail
road world, he continued. and to-day rail.
roads could compete only through having
shorter route or better facilities of some
kind II was tho rebate which stood for
secretive methods and for all sorts OF I'M
moral practices that led to the regulation
Of the railroads, he said, and not because
they were public service corporations
There is no logical connection between
tho evils that have existed in our large
industrial concerns and the remedies that
the government is trying to apply Mr
Perkins said; "il place OF regulation ""
are given segregation and arc told that DIS
solution is the solution, while every prac-
tical man kncws that dissolution Is a mere
deluson.
Somebody in this country is making a
colossal mistake. Somebody is wofully
wrong Is It the theoretical politician or
the practical business man? II our legs
latiye friends really want to stop PLAYING
politics for personal or party gain and do
something OF constructive nature for tbe
country they need but to follow prece-
dents already established that are well ur-
derstood and approved by the people"
The immediate relief proposed by Mr.
Perkins was the establishment of "A Lus-
ness court or commission with power ~
license corporations doing interstate busi-
ness and to regulate them
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