Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-11
IS
FOR NEW BODY
To HIT TRUSTS
Wants Enforcement of the Sher-
man Law Taken From the
Attorney General.

CHICAGO. Jan f0.-A powerful
Federal executive body to administer
the Sherman antitrust law Is neces-
sary to curb the trusts. according to a
statement made by Samuel Untermy-
er before members Of the Illinois Man
ufacturers' Association at the La
Sale Hotel The subject Of his ad-
dress was "A Legislative Program to
Restore Business Freedom and Conf
dence"
He criticised the consent decree"
now being negotiated by the Attorney
General, and declared that mo such
vast power as now exercised by him
of determining corporate life or death
should be lodged in any appointive
officer of the Government"
1T ceases to be a Government of
law" he continued, land becomes a
fitful. uncertain and irresponsible
government of men with every case a
law unto itself to be decided by the
whim of one man and subject to no
fixed rule or right of appeal" -
Standard Decree "Pitifui."
The decree in the Standard OIL
case he called fragrant and pitiful,"
and declared that the Attorney Cen
eral should not rest content with such
a "puerile outcome as an object les
SON" The last experience in the case
OF the Union Pacific and Southern
Pacific Railroads Mr.. Untermyer re-
garded as another mountain of liti-
mice Of achievement"
He explained that If a commission
had taken up the decree in the Union
and Southern Pacific case its first and
fundamental duty would have been to
supervise an election for directors of
the Southern Pacific management and
that Independent stockholders would
have had their say instead OF the
Union Pacific merely recording Its
will as to who should constitute the
board of directors OF its liberated
competitor"
Should Be Licensed.
legislative program. Mr. Untermyer
said that every corporation engaged
in interstate commerce with a gross
annual business exceeding $4,000. 900,
or capital exceeding 81 .n00. 900 should
be required to take out a Federal IL
cense, end thus subject itself to jurs-
diction of the commission. Only in
that way, he believed. could the Sc
cret violations of the law be discov-
cred and an impartial administration
be effected.
He sketched in great detail PROPOSE
tons for the prohibition of interloCk-
ing officers and directors, and in con-
clusion about this remarked:
THE very recent and belated
change of heart on this subject on
the part of our leading banking house
gives gratifying evidences of the pow
er of public sentiment upon the most
hardened and defiant offenders. 1t is
to be regretted. however, that the
conversion is not more complete. The
action thus far taken by that firm is
most unsubstantial. Let us hope 1t is
only the beginning"
Makes Exception.
He proposed the prohibition of hold
ing companies. but made exceptions
in the cases of purely personal securi-
ty holding companies. (which are very
desirable as a means or equaliZing
the risks of investment for small
holders" and also in the case of many
useful cooperative enterprises
Toward the prohibition of stock
watering he urged rigid restriction of
good will stock to a basis shown to
be conservative as determined and
certified by Independent public ac-
countants, with the exclusion of any
thing. for future or undetermined
earnings.
He proposed to require the disclos-
ure OF profits on selling securities. the
extinction of voting trusts and fiscal
agents, and coming to the conclusion
Of his program he urged the incorpo-
ration of the Stock Exchange and
Clearing House Association, and pro-
posed that a combination among the
owners of competing patents should
render the patpntS void