Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-01-20

| business of production from the busi-
ness of transportation.
THE business of the country awaits
also, has long awaited and has suffered
because 1t could not obtain, further
and more explicit legislative definition
or the policy and meaning of the ex-
lstfng antitrust laws. Nothing ham,
pers business like uncertainty. Moth
ing daunts or discourages 1t like the
necessity to take chances. to run the
FISK OF falling under the condem-
nation Of the law before it can make
sure Just what the law Is. Surely we
are sufficiently familiar with the actual
processes and methods of monopoly
and of the many hurtful restraints OF
trade to make definition possible, at
any rate up to the limits of what ex-
per1ence has disclosed.
These practices being now abun-
dainty disclosed, can be explicitly and
item by item forbidden by statute in
such terms as will practically elimi-
nate uncertainty, the law itself and
the penalty being made equally plain.
Interstate Trade Commission
"And the business men of the coun-
try desire something more than that
the menace of legal process in these
matters be made explicit and intelli-
gible: They desire the advice, the
definite guidance and information
which can be supplied by an adminis-
trative body, an interstate trade COM
mission.
THE opinion of the country would
constantly approve of such q commits
sion. 1t would not wish to see it en-
powered to make terms with monopoly
or In any sort to assume control of
business, as If the government made
itself responsible. 1t demands such a
commission only as an indispensable
instrument of information and pub
licity, as a clearing house for the facts
by which both the public and the
managers of great business undertake
ings should be guided, and as an in
strumentality for doing justice to
business where the processes of the
courts or the natural forces of correc-
tion outside the courts are inadequate
to adjust the remedy to the wrong in
a way that will meet all the equities
and circumstances of the case.
Producing Industries, for example,
which have passed the point up to
which combination may be consistent
with the public interest and the free
dom of trade. cannot always be dis
sected in their component units as
readily as railroad companies or SINH
lar organizations can be- Their disso.
luton by ordinary legal process may
oftentimes involve financial conse-
quences likely to overwhelm the Sc
curity market and bring upon it break
down and confusion. There ought to
be an administrative commission
capable of directing and shaping such
corrective processes, not only in aid
of the court, but also by the inde-
pendent suggestion. II necessary.
Punish Individual Offenders
"lnasmuch 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 it, and the
judgment of practical and sagacious
men of affairs everywhere would ap-
plaud us if we did see to it, that penal
ties and punishmentS should fall, not
upon business itself, to It's confusion
and interruption, but upon the indi-
viduals who use the instrumentalities
OF business to do things which public
policy and sound business practice
condemn. Every act of business Is
done at the command or upon the
initiative of some ascertainable per-
son or group of persons.
THESE should be held individually
responsible and the punishment should
fall upon them, not upon the business
organization of which they make
illegal use. 1t should be one of the
main objects of our legislation to
divest such persons of their corporate
cloak and deal with them as with
those who do not represent their cor
porations but merely by deliberate in
tention break the law. Business men
the country through would, am sure,
applaud us If we were to take effectuai
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.
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 d.
rectors, but by the fact that the
greater part OF their corporate stock
Is owned by single person or group
of persons who are in some way in
timately related in interest
Controlling Ownership
"We are agreed, I take 1t, that
holding companies should be prohibit
ed. but what Of the controlling pri-
vate ownership of individuals or nc.
tually cooperative groups of indiyid-
uals? Shall tile private owners of
capital stock be suffered to he them-
selves in effect holding companies?
We do not wish, / 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 fide purchasers.
Shall we require the owners of stock,
when their voting power in several
companies which ought to be inde-
pendent of one another would consti-
tute actual control, to make election
in which of them they will exercise
their right to vote? This question /
venture for your consideration.
There is another matter in which
imperative considerations of Justice
and fair play suggest thoughtful
remedial action. Not only do many
of the combinations effected or sought