The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1914-01-30

NeShA'
sected into their component units as
readily as railroad companies or sim
liar organizations can be. Their dis
solution by ordinary legal process
may oftentimes involve financial con.
sequences likely to oVerwhelm the Sc
curity market and brings upon it
breakdown and confusion. There
ought to be an administrative commits.
sion capable of directing and shaping
such corrective processes, not only in
aid of the courts, but also by indie
pendent suggestion, if necessary.
Would Punish individuals.
Inasmuch as our object and the
spirit of our action in these matters
is to meet business half way in its
processes of self-correction and dis
turb its legitimate course as little as
possible, we ought to see to 1t, and
the judgment Of practical and saga
cious men of affairs everywhere would
applaud us if we did see to it, that
penalties and punishments should
fall, not upon business itself, to it's
confusion and interruption, but upon
the individuals who use the instru-
mentalities of business to do things
which public policy and sound bust
ness practice condemn. Every act of
business is done at the command or
upon the initiative of some ascertain.
able person or group OF persons.
These should not be held individually
responsible and the punishment
should fall upon, not upon the bust
ness organization of which they make
illegal USE 1t should be one of the
main objects Of our legislation to di-
vest such persons of their corporate
cloak and deal with them as with
those who do not represent their cor
porations, but merely by deliberate
intention break the law Business
men the country through would, am
sure, applaud us if we were to take
effectual steps to see that the officers
and directors Of great business bodies
were prevented from bringing them
and the business of the country into
disrepute and danger.
E To Prohibit Holding Companies.
Other questions remain which will
need very thoughtful and practical
treatment. Enterprises, in these mod
ern days of great individual fortunes,
are oftentimes .interlocked, not by be-
ing under the control of the same di-
rectors, but by the fact that the great.
er part of their corporate stock is
owned by a single person or group
of persons who are in some way in.
itmately related in interest. We are
agreed, take it, that holding COM
panies should be prohibited, but what
of the controlling private ownership
of individuals or actually cooperative
groups of individuals? Shall the pri-
vate owners of capital stock be suf-
fered to be themselves in effect hold
ing companies? We do not wish I
suppose, to forbid the purchase of
stocks by any person who pleases to
buy them in such quantities as he can
afford, or in any way arbitrarily to
limit the sale of stocks to bona f1de
purchasers. Shall we require the own
ers of stock, when their voting power
IN several companies which ought to
be independent Of one another would
constitute actual control, to make
election in which of them they will
exercise their right to vote? This
question / venture for your considera-
| ton.
There is another matter in which
imperative considerations of justice
and fair play suggest thoughtful re-
medal action. Not only do many of
the combinations effected or. sought
to be effected in the Industrial world
work an injustice upon the public in
general; they also directly and seri.
ously injure the individuals who are
put out of business in one unfair wav
or another by the many dislodging
ana exterminating forces of combina.
ton. l hope that we shall agree in
giving private individuals who claim
to have been injured by these pro.
cesses the right to found their suits
by the government where the govern
ment has upon its own initiative sued
| the combined complained of and won
us suit, and that the statute of limi
tatlons shall be suffered to run
against such litigants only from the
GATE OF the conclusion of the govern
ment's action. 1t is not fair that the
private litigant should be obliged ia
set up and establish again the facts
which the government has proved. He
can not afford, he has not the power
TO make use Of such processes of in
curry as the government has com
mand of. Thus shall individual ms
tlce be done, while the processes Of
business are rectified and squared
with the general conscience.
] have laid the case before you. nc
doubt as it lies in your own mind as
Il hes IN the thought of the country
What must every candid man say q