The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-21

roads and the prosperity OF tnc 'o"",'
are inseparably connected. upon un,1
question those who are chiefly responsible
for the actual management and operation
of the railroads have spoken very PLAINLY
and very earnestly. with n purpose we
ought to be quick to accept. III VIII Dc
one step. and a very important one
toward the necessary separation OF the
business of production from the business
of transportation
The business of the country awaits also,
has long awaited and has suffered because
IL could not obtain. further and more eN-
plicit legislative definition of the poiicy
and meaning OF the existing antitrust
law. Nothing hampers business like un-
certainty. Nothing 'daunts or discharges
II like the necessity to take chances. 10 run
the risk Of falling under the condemns
ton of the law before IL can make sure
lust what the law is. Surely we are sufll-
ciently familiar with the actual processes
and methods of monopoly and OF the many
hurtful restraints of trade TO make den
milton possible, at any rate up 10 me limits
of what experience has disclosed lhese
practices. being now abundantly disclosed
can be explicitly and item by Item Tor.
hidden by statute In such terms as VIII
practically eliminate uncertainty. the law
itself and the penalty being made equally
plain
Trade Com mission Needeu.
And the business men OF the country
desire something more than that the men,
ace Of legal process in these matters be
made explicit and Ineligible. They de-
sire the advice. the definite guidance and
information. which can be supplied by ar
administrative body. an Interstate trade
commission.
The opinion OF the country would in
stantly approve of such a commission
II would not wish to see IL empowered
TO make terms with monopoly or In any
sort to assume control OF business. az II the
Government made itself responsible. l.
demands such commission only as al
indispensable instrument Of Information
and publicity. as clearing house for tbs
facts by which both the public mind ant
the managers Of great business under
takings should he guided and "a an In
strumentality for doing Justice to bust
ness where the processes OF the courts OF
the natural forces of correction outside
the courts are inadequate to adjust thu
remedy TO the wrong in n way that wi!
meet all the equities and circumstance
OF the case.
Producing industries. for example. which
have passed the point up to which com
blnaton may be consistent with the publ
Interest and the freedom Of trade con
not always be dssected into their com
ponent units as readily rs railroad com
panies or similar organizations can be
Their dissolution by ordinary legal process
may ottentimes involve financial con
sequences likely To- overwhelm the securit,
market and bring upon IL breakdown
and confusion. There ought TO be a,
administrative commission capable OF di
| rect!ng and shaping such correctiv
processes not only in aid OF the cour
but also BY independent suggestion
necessary.
individual Punishments,
Inasmuch as our object and the splri
OF our action in these matters IL TO NEE
business half way In Its processes OF sci:
! correction and disturb its legit!mat
| course as little as possible. We ought I
see to II, and the judgment Of practicf
and sagacious men of affairs everywher
would applaud US II we did see to II. this
penalties and punishments should fall, nc
upon business itself. 20 It's confusion an
interruption. but upon the individuals VII
use the instrumentalities Of business to
things which public policy and sound bus
ness practice condemn. Every act Of bus
| ness II done at the command or upon II
initiative Of some ascertainable person I
group Of persons. These should be hel
individually responsible and the punisl
| UlcUt upOU bpb UPON VI
business organization OF which they mai
Illegal use 1t should be one OF the ma
objects of our legislation to dlvest sue
persons OF their corporate cloak and de
with them az with those who do not re-
resent their corporations, but merely
deliberate intention break the law. b.
ness men the country through would, / a
I sure, applaud us II We were to take Q
fectual steps to see that the officers nj
% hnsipaaa hodiaa NC
prevented from bringing them and Il
business OF the country into disrepute al
danger.
: Other questions remain which will ne'
very thoughtful and practical treatmer
Enterprises in these modern days
great individual fortunes are oftentim
interlocked. not by being under the contr
OF the same directors, but by the IN
that the greater part Of their corpora
stock is owned by . single re
son Of group Of persons who a
in some way Intimately related
interest. We are agreed. i take
that the holding companies shou
be prohibited. but what OF {
controlling private ownership OF
dividuals or actually cooperative grou
of individuals? Shall the private owne
OF capital stock be suffered TO be ther
selves In effect holding companies? v
do not wish, I suppose. to forbid I
. purchase Of stocks by any person W
pleases to buy them In such Quantlti
as he can afford or In any way arbitrari
/ to limit tho sale OF stocks to bona Il
: purchasers. Shall we require the owne
: OF stock when their voting power
I several companies which ought to
. independent OF one another would co
2 stitute actual control TO make election
9 which of them they will exercise tn,
right 10 votep This question I yent,l