Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-01-20

confusion.
Such a prohibition will. work much
more than mere negative good by
correcting the serious evils which
have arisen because, for example,
the men who have been the directing
spirits Of the great investment banks
have usurped the place which be-
longs to Independent Industrial man
agement working In its own behoof.
It will bring new men, new energies,
a new spirit Of initiative, new blood,
into the management OF our great
business enterprises 1t will open
the field of Industrial development
and origination to scores of men who
have been obliged to serve when
their abilities entitled them to direct
It will immensely hearten the young
men coming on and Will greatly en-
rich the business activities OF the
whole country.
Railroad Methods Hit.
"In the second place, business men
as well as those who direct public
affairs now recognize, and recognize
with painful clearness, the great
harm and injustice which has been
done to many, If not all, of the great
railroad systems of the country by
the way in which they have been
financed and their own distinctive
interests subordinated to the interests
OF the men who financed them and
of other business enterprises which
those men wished to promote. The
country is ready, therefore, to ac-
cept, and accept with relief as well as
approval, law which will confer
upon the Interstate Commerce Com
mission the power to superintend
and regulate the financial operations
by which the railroads are hence
forth to be supplied with the money
they need for their proper develop
ment to meet the rapidly growing re-
quirements of the country for In
creased and improved facilities or
transportation. We cannot postpone
action In this matter without leaving
the railroads exposed to many serious
handicaps and hazards; and the
prosperity Of the railroads and the
prosperity Of the country are in
separately connected. Upon this
question those who are chiefly re-
sponsible for the actual management
and operation of the railroads have
spoken very plainly and very earnest
", with a purpose we ought to be
quick to accept. 1t will be one step
and a very important one toward
the necessary separation OF the bust
ness of production from the business
of transportation.
"Thc business of the country
awaits also, has long awaited and has
suffered because 1t could not obtain
further and more explicit legislative
definition Of the policy and meaning
of the existing antitrust law. Moth
ing hampers business like uncertain
ty. Nothing daunts or discourages IL
like the necessity to take chances, to
run the risk of falling under the con-
domination of the law before 1t can
make sure Just what the law is.
Would Make Trust Law Explicit.
Surely we are sufficiently familiar
with the actual processes and meth
DDS of monopoly and OF the many
hurtful restraints of trade to make
definition possible at any rate UP to
the limits Of what experience has dis
closed. These practices being now
disclosed. can be explicit
ly, and item by item, forbidden In
statute in such terms as will practi-
cally eliminate uncertainty. the law
itself and the penalty being made
plain.
"And the business men of the coun
try desire that the menace Of legal
process in these matters be made ex-
plicit and Ineligible. They desire
the advice. the definite 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 a commits
sion. 1t would not wish to see 1t EN-
powered to make terms with monop-
oily or in any sort to assume control
of business. as If the government
made itself responsible. It demands
tuu mi
pensable instrument OF information
and publicity. as clearing house for
the facts bv which both the public
mind and the managers of great
business undertakings should be
guided and as an instrumentality for
doing justice to business where the
processes of the courts or the natural
forces OF correction outside the courts
are Inadequate to adjust the remedy
TO the wrong in a way that will -naet
all the equities and circumstances OF
the case.
Would Punish individuals.
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
lar organizations can be, Their dis
by ordinary legal process
may often times involve financial
likely to overwhelm
the security market and bring upon
If break down and confusion. There
ought to be an administrative com
capable of directing and
such corrective processes,
not only in aid of the courts, but also
by independent suggestion II neces-
sary.
"Inasmuch as our object and the
spirit of our action in these matters
is to meet business half way in its