The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-07-14
Second Game.
DIRECTORS


made large campaign contributions to
inc dominant political parties. bought
oihcials. and tried to distort public
opinion. All this IL aid, the commits
sion says, to carry out a scheme OF
private transportation monopoly i'm
perial In its scope"
IF these directors who were faith
less 10 their stewardship were held re-
sporsihle i'm the courts and at the bar
OF public opinion for their failure 10
90 those things they should have done
the lesson 20 directors who do not d.
rect would BE- very salutary" saws
the report. Most OF the directors OF
the New Haven accepted their re-
sponsibility lightly They failed TO
realize that their names gave conf
dence 10 the public. and that their
connection with the corporation led
the public TO invest. When these d.
reCtOrs were negligent and serious
losses resulted thererrom they we're
guilty OF grave dereliCtiOn of duty
and a breach OF trust that was moral
~ wrong and criminal In its fruits.
Should Be Made Liable.
Directors should be made indi-
vidUally liable TO civil and criminal
laws for the manner in which they
discharge their trust corpora %
ton can be no better or worse than
those who operate IL. II should be
just a. grave a crime 10 plumber
stockholders or the public through a
railroad corporation as 10 Is personal
ly 10 rob an individual"
OF all the millions lost TO New
Haver stockholders. the commission
estimates that possibly $4,000. 900
may be- recovered by proper action
Evidence in its possession tending
20 show violations Of the laws of New
York, Massachusetts and r o q o
Island have been turned over to the
proper authorities In those states.
The department Of justice has been
furnished with a complete record OF
the testimony secured by tho CON
mission. but there is no federal status
under which the government can aid
the stockholders In recovery OF any
Of their losses. suggestion b. made
that any expenditures in violation or
the antitrust act were beyond the
powers 81 the directors. and raises
the question Of whether the directors
may not BE- held personally respon
suited
Directors" the commission de-
cIaroE. cannot without accountable
% depiefe a corporate treasury in
ventures which are I'm violation Of
the laws of tho land
tn lts Investigation The commission
fOunn that the New Haven had 7g6
subsidiary corporations. many OF
which served no purpose except an
evil one"
Tho report. pointing out that on
the New Haven board we're repraeon.
tttINra OF The Pennsylvania railroad
the New Work Central. tho United
states Steel Corporation. the STANDARD
OH Company the Pullman Comuauy
and many Other interests. SAYS that
lnterIocking directorafes o. this sort
cannot Do too strongly condemned
This. 20 was suggested a. the catdtof
during ID" day probably will have ts
effect upon The trust legislation nov
before the senate and may end the
talk about leaving the provfsfons
aimed az iut"rlockinE out 81 an tho
senate antitrust legislation
Tue commission discusses the quoe
tiOu ~ immunity which NAV have
been given 90 Witnesses against Grim.
iual prosecution By the government
which Jed Oh" department OF aetlce
60 urge caution in tho conduct I'd Inc
inquiry. IT. declares that only such
witnesses as seemed necessary were
summoned. and says that evidence