The Topeka state journal., 1914-01-20

Commerce Commission the power to
superintend and regulate the financial
operations by which the railroads are
henceforth to be supplied with the
money they need for their proper de-
velopmept, to meet the rapidly grow
ing requirements OF the country. Tor
increased and improved facilities OF
transportation.
matter without leaving the railroads
exposed to many serious handtcaps
and hazards; and the prosperity OF.
the railroads and the prosperity of the
country are inseparably connected.
Upon this question, those who are
agement and operation of the railroads
have spoken very plainly and vef
earnestly, with a purpose we ought to
be quick to accept. 1t. Will be one
step. and a very important one. to-
ward the necessary separation OF the
business Of production from the bust
ness of transportation.
THE business Of the country awaits
also. has long awaited and has suffer
ed because 1t could not obtain further
and more explicit legislative definition
of the policy and meaning of the ex-
listing antitrust law. Nothing ham,
pers business like uncertainty. Moth
Ing daunts or discourages like the
necessity to take chances. to run the
risk of falling under condemnation OF
what the law is. Surely we are suf-
ficiently familiar with the actual pro-
cesses of methods Of monopoly and Of
the many hurtful restraints of trade
to make definition possible. at any
rate up to the limit of what experience
has disclosed. These practices. being
now abundantly disclosed, can be ex-
plicitly and item by item forbidden
by statute In such terms as will prac-
tically eliminate uncertainty. the law
itself and the penalty being made
equally plain.
Business Men Want It
"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 tntelligt-
BILE. They desire the advice, the def
mite guidance and information which
can be supplied by an administrative
body, an Interstate trade commission.
1.-The opinion of the country would
instantly approve of such q commits
sion. 1t would not wish to see it em-
oily 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
and clearing house for the facts by
which both the public mind 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-
ton, outside the courts, are made
quate to adjust the remedy to the
wrong in q 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 into their component units as
readily as railroad companies or SINH
lar organizations can be. Their dis
solution by ordinary legal process may
oftentimes involve financial conse-
quences likely to overwhelm the Sc
breakdown and confusion. There
ought to be an administrative COM
mission capable Of directing and shap-
ing such corrective processes, not only
pendent suggestion II necessary.
Meet Business Half Way. "5
''Inasmuch as our object and the
spirit Of our action in these matters is
to meet business half way in its pro-
cesses Of self-correction and disturb
its legitimate course as little as pos
sible, we ought to see to it. and the
men of affairs everywhere will ap-
plaud us II we did see to it. But PEN
alties and punishments should fall,
not upon business itself, to its confu-
ion an interruption, but upon the in
dividuals who use the instrumentali-
ties of business to do things which
public policy and sound business prac-
tice condemn. Every act Of business
il 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. This
should be one of the main objects OF
our legislation to divest such persons
them as with those who do not repre-
sent their corporations, but merely by
deliberate intention break the law.
Business men the country through
would, am sure, applaud us II we
were to take effectual 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 being
under the control OF the same direc-
tors, but by the fact that the greater
part Of their corporate stock is owned
by q single person or group of persons
who are in some way Intimately re-
lated in interest. We are agreed,
take it, that holding companies should
be prohibited. But what of the con-
trolling private ownership Of indivfd-
uals or actually cooperative groups OF
| individuals?"
"Shal the private owners of capital
stock be suffered to be themselves in
effect holding companies? We do NOT
wish. I suppose. to forbid the pur-
chase Of stocks. by any person who
pleases to buy them in such Quanti-
ties as he can afford, or In any way
| arbitrarily to limit the sale OF stock
| to bona dde purchasers. Shall We re-
oufre the owners of stock when theiY
1 .xo&ixaae x,osuar In aaueral norn1aa niaG