South Bend news-times. (South Bend, Ind.) 1913-1938, 1913-11-29
HALT SHOULD BE
CALLED ON PROBES
SAYS UNTERMYER
Chief Counsel for Pujo Com
mittee Says Clean States to
Past Offenders will Restore
Confidence.

SPRINGFIELD, Mass, Nov. %
The time has come. in the opinion OF
Samuel Untermyer, who was chief
counsel for the Pujo committee in
vestigating the money trust. to restore
confidence in the industries Of the
United States. including the railroads.
How this could be accomplished he
outlined Friday night in speech be
fore the Economic club here.
A halt should be called. he said.
upon further governmental investiga-
tons into the past crimes in the loot
ing OF corporations; the slate should
be wiped cleans and the work of re-
framing and strengthening the laws to
make impossible repetition of previous
offenses should be begun with a gen
eral amnesty to past offenders not yet
apprehended.
The currency bill now pending in
the senate should be passed.
Give the railroads living rates, cor
they will perish whilst we are refrain
ing the laws under which they are
hereafter 10 live"
Abolish Fiscal Agencies.
Abolish fiscal agencies, so called.
voting trusts and interlocking direc-
to-ates.
Make It a terminal offense for any
officer or director of a corporation TO
borrow from or make profit out or
his corporation
Prohibit national banks and inter
state corporations from having inter-
locking directors in potentially COM
peting corporations.
Destroy holding companies
Give minority stockholders repre-
sentatiOn in the directOrates OF their
corporation.
Place railroad reorganizations under
the control Of the interstate commerce
commission and Of the courts.
Compel the incorporation of stock
exchanges so that the books of their
members may be subject TO govern
mental inspection
More Publicity.
Enforce complete publicity OF all
corporate transactions; and especially
require the fullest disclosure OF all
profits OF bankers, brokers and mid
dlemen in marketing securities sold to
the public.
Limit the directors Of national
banks and interstate public service
corporations to nine.
Supplement the antitrust law by
constituting a federal industrial COM
mission to which the courts would
turn over the dissolution of corpora
tions that have been declared unlaw
ful.
Give to this commission the power !
to approve agreements between COM !
petitOrs regulating prices and output |
for a limited term and to the extent
necessary to protect them against
ruinous competition. but under condi-
tions that win fully safeguard the
public.
Mr.. Untermyer spoke on the sub
ject, ''how to restore confidence.
There had been a sudden and alarm
ing cessation in business activity all
over the country, he said, and the
consensus of opinion was that 1t had
not been due to changes in the tariff. |
Due To ROttenness.
Primarily he thought. it was due
10 uneasinesS emanating from the dis |
closures "Of rOttenneSs in corporate |
management, from pending and i'm |
pending Legislation affecting the finan- |
Cial system and the trusts and to the |
inability OF railroads TO secure rates
which would permit them to maintain |
their properties and give fair returns |
on invested capital. He added.
Il think we should call a halt upon |
further governmental investigation |
into the past crimes in the footing of |
ject further we would doubtless learn |
Of innumerable more instances not yet /
uncovered. but the evidence would be |
cumulative only.
Il am in favor Of a general am |
nesty. Let us wipe the slate and begin |
the work OF So reframing and /
strengthening our laws that there |
cannot be a repetition Of the past |
without the certainty OF prompt detec- |
ton and punishment"
Regarding the pending currency |
bill, Mr.. Untermyer said. that il !
should be passed. but he differed from /
all plans now before the senate with /
respect TO the methods of dealing with /
subscriptions 20 the stock OF the re-
gionaI banks. The passage into law
of any OF these methods. he feared, /
might lead 10 conversions of national ]
banks into state banks and consequent /
disruption OF the national system. In
this connection Mr.. Untermyer repeat
ed the suggestions made by him before /
the senate committee last September /
concerning this phase of the bill.