The Sentinel=record., 1913-11-29
SAMUEL UNITE RMEYER SAYS UNITED STATES NEEDS FEWER
 TRU9T INVESTIGATIONS.
BUSINESS LOSING CONFIDENCE
Outlines Some Procedures lie Deems Necessary to Relieve the Tension Which New Exists Throughout the Entire Country.

Springfield Mass. Nov 2s.-The tlme has come in the opinion of sam uel Untermeyer. who was chief conn- sel for the Puio committee investigat. ing the money trust. to restore con. fidence in the industries Of the United | states, including the railroads How this could be accomplished he out lined tonight in speech before the Economic Club here.
 A halt should be called, he said. upon further governmental investiga- tions into the past crimes in the loot. ing of corporations; the slate should be wiped clean and the work of re. framing and strengthening the laws to make impossible repetitions of pre-. vious offenses should be begun with a general amnesty to past offenders not yet apprehended
 He outlined steps as follows:
 The currency bill now pending in the senate should be passed
 Give the railroads living rates. "or they will perish whilst we are re framing the laws under which they are hereafter to live"
 Abolish fiscal agencies, so called voting trusts and interlocking direc- torates
 Make it an offense for any officer or director of a corporation to borrow from or make a profit out of his cor poration.
 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 directorates of their cor. porations
 Place rairoad organizations under the interstate commerce commission
 Compel the incorporation of stock exchanges so that the books of their members may be subject 10 govern. mental inspection.
 Enforce publicity of all corporate transactions; and especially require the fullest disclosure of all profits of bankers, brokers and middlemen in marketing securities sold to the pup. lie.
 Limit the directors of national banks and interstate public service corporations 10 nine
 Supplement the antitrust law by constituting a federal industrial com mission to which the courts would turn over tbe dissolution of corpora tions that have been declared unlaw fnl.
 Give to this commission the nower 10 approve agreements between com petitors regulating prices and output for limited term and to the extent necessary to protect them against ruinous competition, but under condi. tions that will fully safeguard the public
 Mir Untermeyer spoke on How to restore confidence" There had been a sudden and alarming cessation in business activity all over the coun- try, he said and the consensus of opinion was that it has not been due ! to changes in the tariff Primarily. he thought, it was due to uneasiness emanating from the disclosures of rottenness in corporate management, from pending legislation affecting the financial 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 ,'I think we should call a halt upon
 further governmental investigation
 into the past crimes in the footing
 of corporations By pursuing the subject further We would learn of innumerahle mort instances not yet
 uncovered, but the evidence twould be cumulative only T am in favor of a general ann
 nesty Let us wipe the slate and begin the work of reframing and
 strengthening our laws that there can be no repetition of the past with out the certainty of prompt detection
 and punishment.
 Regarding the pending currency Dill MT. untermeyer said that it should
 be passed, but that he differed from all plans now before the senate with . respect to the methods of dealing II with subscriptions to the stock or the ree{onal hanks