The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1913-12-12
WIPE Slate FOR
4 NEW DEAL
Untermcyer Believes Trust Pro
blem Would Be Simplified
BY Fresh Start.

SPRINGFIELD, Massachusetts,. No.
vembcr 2s.-Thc time has come, in the
opinion of Samuel Untermyer, who was
chief counsel for the Puio Committee
investigating the money trust, TO re-
store confidence in the industries OF
the United States, including the rail.
roads How this could he accomplished
he outlined in speech tonight before
the Economic Club here.
"a halt should he called, he said
"upon further governmental investi.
cations into the past crimes in thc
looting of corporations. The slate
should be wiped clean and tho work
laws to make impossible repetitions of
previous oifenses should be begun with
a general amnesty to past offenders not
yet apprchcndcd.
"Thc currency bill now pending in
the senate should be passed.
"Give the railroads living rates, or
they will perish while we are refrain
ing the laws under which they are
hereafter to live
"Abolsh fiscal agencies, so.callcd,
voting trusts and intcrlocking dircc
torates.
"Make it II criminal offcnse for any
officer or director of corporation to
borrow from or make profit off his
corporation.
"Prohibit national banks and inter
state CORPORATIONS from having inter
locking directors in potentially com
peting corporations.
"Destroy holding companies.
'eGfve minority stockholders repre-
sentaton in the directorates of their
corporations.
"'Place railroad congratulations UNI
der the control of the Interstate Com
merce Commission and of the courts.
"Compel the incorporation of stock
exchanges, 50 that the books of their
members may be subject to government
inspection.
d Enforce complete publicity of all
corporate transactions, and especially
require the fullest disclosure of all
profits of bankers, brokers and middle
men in marketing securities sold to the
public.
"Limit the directors of national
banks and interstate public service cor
porations to nine.
"Supplement the antitrust law by
constituting a federal industrial COM
mission, to which the courts would turn
over dissolutions of corporations that
have been declared unlawful.
"Give to this commission power to
approve agreements between competi-
tors regulating prices and output for
a limited term and to the extent neces-
sary to protect them against ruinous
competition, but under conditions that
will safely guard the public
Mr.. Untermcyer spoke on Glow to
Restore Confidence. There had been
n sudden and alarming cessation of
business activity all over the country,
he said, and the consensus of opinion
was that it had not been due to changes
in the tariff. Primarily he thought it
was due to uneasiness emanating from
the disclosures "of rOttenness in cor
porate management, from pending
and impending legislation affecting the
financial systems and the trusts, and
to the inability of railroads to secure
rates which would permit them to main
tain their properties and give fair re-
turns on invested capital.
Regarding the pending currency bill,
Mr.. lJntermeyer said he differed from
all plans now before the senate with
respect to the methods of dealing with
subscriptions to the stock of the re-
gional banks. The passage into law of
any nf these methods, he feared, might
lead 10 conversions of national banks
into State banks and consequent dis
ruption of the national banking system.