New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-21

/ any rate up TO the limits OF what expert
| ence has disclosed.
These practices. being now abuhusnt'S
disclosed. can be explicitly ana item ny
item forbidden by statute In such terms
az will practically eliminate uncertainty
the law itself and the penalty being rnaue
equally plain.
And the business mon of the country
desire something more than that the
menace Of legal process I'm these matters
be made explicit and Ineligible. IheS
desire tho advice. the definite guidance
and information which can be supplied
bv an administrative body, an interstate
trade commission.
Interstate Trade Commission.
The opinion OF the country would IN
stantlv approve OF such a commission IL
would not wish to see it empowered u
make terms with monopoly or In any sort
10 assume control of business, as II the
government made itself responsible
II demands such a commission only as
an indispensable instrument Of lnforma-
ton and publicity. as a clearing house Tor
the facts by which both the public mind
and the managers Of great business I'M
dertakings should be guided. and as an
InstrumentaIity for doing Justice to buai-
ness where the processes OF the courts or
the natural forces OF correction outside
the courts are inadequate 10 adjust the
remedy to the wrong In way that VIII
meet all the equities and circumstances
OF the case
Producing industries, for example.
which have passed the point up 10 when
combination may be consistent with the
public interest and the freedom of trade
cannot always lie dssected into their COM
ponent units as readily as railroad com
panies or similar organizations can be-
Their dissolution by ordinary esai
process may oftentimes involve financial
consequences likely TO overwhelm the Sc
curity market and bring upon 1t break
down and confusion. There ought to be
an administrative commission capable oil
directing and shaping such corrective
processes. not only i'm aid Of the courts
but also by independent suggestion IL
necessary.
Inasmuch as our object and the spirit oil
our action in these matters is 10 ll-e'
business half way i'm its processes OF sell
correction and disturb 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 applaud us if we did see to lt-that
penalties and punishments should ial hot
upon business itself. to its confusion ana
interruption, but upon the individuals VINO
use the Observation-Disclosures Of business to do
things which public policy and sound
business practice cordemn.
Personal Penalties.
Every act OF business Is done at the
command or upon the initiative OF some
ascertainable person or group OF persons
These should be held individually respon-
slbIe and the punishment should fall upon
them, not upon the business organization
OF which they make Illegal use.
II 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
but merely by deliberate IN
tention break the law. Business men the
country through would, I am sure, APP
plaud us if we were to take ehectual steps
TO see that the officers and directors Oh
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 modern days Of
great individual fortunes, are oftentliles
ir terlocked, not by being under the con-
troll of the same directors but by the fact
that the greater part of their corporate
stock is owned by a single person or
group of persons who are in some way III
related in interest.
Controlling Private Ownership.
We are agreed, take 1t, that holding
companies should be prohibited, but "nat
of the controlling private ownership OF
individuals or actually CO. operative groups
of Individuals Shall the private owners
of capital stock be suffered to be them
selves In effect holding companles7
We do not wish, l suppose, TO forbid
the purchase of stocks by any person VINO
nIeaSeS
as he can afford, or in any way arbitrar-
ily TO limit the sale Of stocks to bona hde
Shall we require the owners
of stock, when their voting power in sew
eral companies which ought to be indie
peudent Of one another would constitute
actual control. to make election in which
of them they will exercise their right TO
,.o,oo ,rbfe oucetiOn | venture for your
There is another matter In which Inn
perative considerations Of justice and
fair play suggest thoughtful remedial ac-
ton. Not only do many OF the combina-
lions effected or sought to be effected in
the industrial world work an injustice
upon the public in general, they also
directly and seriously injure the indlvid-
uals who are put out OF business in one
unfair way or another by the many dis
lodging and exterminating forces of com
bination.
hope that we shall agree In giving
private individuals who claim to have
been Injured by these processes the right
to found their suits for redress upon the
facts and judgments proved and entered
In suits by the government where the
government has upon It's own Initiative
sued the combinations complained Of and
won its suit, and that the statute of linn
ItatIons shall be suffered TO run against
such IItleants only from the date OF the
conclusion OF the governments action.
For Individual Justice.