Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-11-29
Attorney for Pujo Committee
Declares There Should Be
an End to Further Harrying
5 Of Corporations,
RECOMMENDS AMNESTY
FOR PAST 0FFENSES
Laws Providing Against Fu-
ture Abuses Should Be
Placed Upon Statute Books
and Rigidy Enforced,
10, .a...na ,eYn... ssssl.. .s.sss wnr

,uy MORNING JOURNAL SPECIAL leased wiRri
Springfield, Mass, NOV 2S.--The
time has come i'm the opinion Of Sam
ue Untermyer, who was chief coun-
ecl for the Pujo committee investigat-
ing the money trust, to restore conf
dencc in the industries of the United
states including the railroads How
this could be accomplished he out
lined IN a speech tonight before the
economic club here.
"a halt should be called" he said.
"upcn further governmental investi-
cations into the past crimes in the
iooung of corporations, the states
be wiped clean and the work of re-
framing and STRENGTHENING the laws TO
make impossible repetitions Of previous
cnense should be begun with gener-
a. amnesty to past offenders, not yet
apprehended
The currency bin, now pending in
the senate. should be passed
Give the railroads living rates or
they viii perish whilst We are refram-
ing the laws under which they are
hereafter to live
Abolish fiscal agencies so-called,
voting trusts and interlochng direct
crates
Make II a criminal onense for any
officer or director Of corporation To-
borrow from or make q profit off 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-
sentaton i'm the dircctoratcs of their
corporations.
Place railroad congratulations un-
der the control Of the interstate COM
merce commission and the courts
Compel the incorporation of stock
exchanges so that the books of their
members may BE subject TO govern
mental inspection.
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 toI
the public.
Limit the directors of national
banks and interstate public service
corporations to nine
Supplement the antitrust law by|
constituting a federal industrial conf
mission to which the courts would
turn over dissolutions of corporations
that have been declared unlawful
Give TO this commission power toI
approve agreements between competi-
tors regulating prices and output for
limited term and to the extent neces-
sary to protect them against ruinous|
competition, but under conditions that
VIII fully safeguard the public
Mr. Untermyer spoke on How TO
Restore Confidence" There had been
q sudden and alarming cessation in
business activity an over the coun-
try he said ana the concensus Of
opinion was that il had not been due
TO changes i'm the tariff. Primarily he
thought tt was due to uneasiness
emanating from disclosures "of rot
lenness i'm corporate management"
from pending and impending leglsla-
uon affecting the financial system and
lhe trusts, and 60 the inability of rail-
roads to secure rates which would
permit them to maintain their prop
eiues and give fair returns on invest
ga capital He added;
think we should call halt upon
Iurlher governmental investigation
INTO the past crimes in the looting Of
corporations. by pursuing the subject
further we would doubtless learn of
lnnumerable more instances not vet
uncovered, hut the evidence
would be cumulative only.
Let us wipe the slate and begin the
work Of so reforming and strengthen
ing our laws that there can be no
repetition of the past without the GER
lalnty Of prompt detection and pun
ishment."
Regarding the pending currency
Dlll, Mr. Untermyer said he differed
from all plans now before the senate
with respect TO the methods of deal
ing with subscriptions to the stock Of
me regional banks.
The passage into law Of any Of
these methods, he feared might lead
TO conversions Of national banks into !
state banks and consequent disruption
oi the national banking system. In
this connection Mr. Untermyer re-
peated the suggestions made by him
before the senate committee last Sep |
ember concerning this phase of the
hin