The Washington times., 1914-01-20

atnNart. On the contrary. we desira
.he laws we are now about 10 mass
oc oe the bulwarks and safeguards
Oh industry against the forces tbat
nave disturbed 1t. What we have to
uo cdn De done in a new spirit. in
tnougntiul moderation, without rev
oiutlon OF any untoward kind
| InterlOcking Directorates
We are all agreed that "priyats
monopoly is indefensible and intol-
,rable,' and our program Is founded
upon that conviction. II will he :
comprehensive but not radical or
unacceptable program and these are
It's items, the changes which opinion
dehberately sanctions and for which
business waits:
IL waits with acquiescence. I'm the
hrst place, for laws which will ef-
Iectually prohibit and prevent sueh
interiocking of the personnel of the
d1rectorates OF great corporations
banks and railroads, Industrial conn
mercial, and public service bodies
as IN eject result in making those
VINO Dorrow and those who lend
practically one and the same. those
VINO sell and those who buy but the
same persons trading with one an
other under different names ana an
diforent combinations. and those
who affect to compete in fact mar
hers ana masters OF some whole field
OF business. Sufficient time should
be allowed, of course, in which to ef-
rect these changes OF organization
without Inconvenience or confusion
such prohibition win work much
more than mere negative good by
correcting the serious evils which
nave arisen because, for example
the men who have been the direct
ing spirits Of the great Investment
banks have usurped the place which
Delongs TO Independent Industrial
management working in its own be-
hooI- IL Will bring new men, new
energies, a new spirit of Initiative.
new blood, into the MANAGEMENT OF
our great business enterprises. II
will open the field of Industrial de-
velopment and origination to scores
oil men who have been obliged to
serve when their abilities entitled
them to direct. 1t will immensely
hcarten the young men coming on
and will greatly enrich the business
activities Of the whole country.
/ Regulate Railroad Finances.
i 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 inter-
: ests Of the men who financed them
| and of other business enterprises
which those men wished to promote.
The country is ready, therefore, 10
accept, 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 henchforth
to be supplied with the money they
need for their proper DEVELOPMENT
to meet the rapidly growing require
ments of the country for increased
and improved facilities of transpor-
tation. We can not postpone action
IN this matter without leaving the
railroads exposed to many serious
handicaps and hazards, and the pros
perity OF the railroads and the pros
perity of the country are fnseparably
connected. Upon this question those
who are chiefly responsible for the
actual management and operation OF
the railroads have spoken very plain
ly and very earnestly, with a pur-
pose we ought to be quick to accept
1t will be one step, and a very i'm
portant one, toward the necessary
separation of the business of produc-
ton from the business of transporta-
ton.
Eliminate Legal Uncertainties.
The business of the country awaits
} also, has long awaited and las suf-
fcred because it could not obtain,
further and more explicit legislative
definition of the policy and meaning
. of the existing antitrust law Moth
y ing hampers business like uncer-
| IdlnIy. NOI!lluS uduHJS OF ulScO0f-
, ages it like the necessity to take
chances, to run the risk OF falling
under the condemnation of the law
before 1t can make sure just what
the law is. Surely we are sufficient
L. " familiar with the actual processes
, and methods 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 disclosed. These practices, be-
ing now abundantly disclosed, can be
explicitly and item by item forbid
den by statute in such terms as will
practically eliminate uncertainty, the
law itself and the penalty being
made equally plain.
And the business men of the coua-
try desire something more than that
the menace of legal process in these
matters be made explicit and intel
ligible. They desire the advice, the
definite guidance and information
which can be supplied by an admin
=. istrative body, an Interstate trade
) commission.
The opinion of the country would