The Mena weekly star., 1913-12-18
WHAT PUBLICITY
 GAN DO" O"-DRANDE|S
Would Compel Bankers Issuing oe- c,,rities to Make Public Commis- sions Received-A Thrust
 at Money Trust.

New York. Dec. i6.-'Compel bankers, when issuing securities, to make public the commissions or nrotits thev are receiving. Let eV- cry circular letter, prospectus or advertisement of bond or stock show clearly what the banker re- cnived for his middleman services, and what the bonds and stocks are worth, not the issuing corpora ions.'
 This. according to Louis D. Bran dpjs is the crux of the publicity medicine" which should be applied to rid the country of the evils o1 money trust" Attorney Bran deis. in the fifth of his series of ar firles on Breaking the Money Trust which appears in Harpers Weekly today, discusses what Publicity Can Do" ',
 "Publicity is justly commended as a remedy for social and indus Trial diseases" claims Attorney Brandeis. And publicity has al ready played an important part Tn he struggle against the money trust. Through the disclosure or facts by the pujo money nvestlga- ton. concerning financial concen- ration. Attorney Brandeis believes an important step has been made toward ultimate attainment Of the New Freedom. Publicity attending these disclosures, according to Bran deis. has meant that the battle field has been surveyed and char tered: the hostile forces have been located and appraised" But there must be further call upon pub licity for service, pleads Brandels. That potent force" he says, must, in the impending struggle, be ultll- ized in many ways as a continuous measure" Pointing out that com bination and control of other peo- ple's money and business, and the wealth of the investment banker are the main factors in the devel- opment of the money trust, Bran deis declares that it has been the great wealth of the House of Nor gan that has made possible the powerful alliance with great finan- cial institutions. The main cause of such large fortunes, he asserts, is the huge tolls charged by those who control the avenues to capital and investors-"a toll that is liter ally all that the traffic will bear Continuing, Brandeis says:
 The question is asked: Why have these excessive charges been submitted to? Doubtless because of banker-control; exercised through interlocking directorates, or kindred relations, and indirectly through combinations among bankers to suppress competition. The invest or's servility is due probably to his ignorance or facts. Coming to the remedy for these evils, Brandeis says:
 The bankers compensation should. of course, vary according to the risk he assumes. Where there is a large risk that the bonds or stock will not be promptly sold at the issue price, the underwriting commission (that is the insurance premium should be corresponding ly large But the banker ought not to be paid more for getting invest ors to assume a larger risk. Now the law should not undertake tex cept incidentally in connection with railroads and public service corpo- ration) 10 fix bankers profits. And it should not seek to prevent invest ors from making bad bargains. But 1t is now recognized in the simplest merchandising, that there should be full disclosures. Require full dis closure to the investor of the amount of commissions and profits paid; and not only will investors be put on their guard, but bankers compensation will tend to adjust it. self automatically to what is fair and reasonable"