Saturday news. (Watertown, S.D.) 19??-19??, 1914-01-22

Observation-Disclosures -tA4 ~ ~ ~
ara inadequate to adjust the remedy to
the wrong In q way that WIN meet ali
the equities and circumstances of the
case.
Producing industries, for example,
which have PASSED the point up to
which combination ma be consistent
with the public interest and the free.
dom o. trade. cannot always be dis.
sected into their component units DIS
readily all railroad companies or
similar organizations IAN be.
Their dissolution by ordinary legal
process may often times involve ID.
nancial conseGasasssak likely to over
whelm the security market and bring
upon It breakdown and confusion.
There ought to be an administrative
commission capable OF directing and
shaping such corrective processes, not
only in aid of the courts but also by
independent suggestion, If necessary.
Penalties and Punlshments.
Inasmuch as our object and the spirs
It Of our action In these matters il
to meet business half way ID its
processes OF self correction and dis
turb It's legitimate course as little ais
possible we ought to lei to II, and the
Judgment OF practical and sagacious
men OF affairs everywhere would ap-
plaud us if We did see to 1t, that pen
altes and punishnents should fall,
not upon business itself, to its con-
fusion and interruption, but upon the
individuals who use the Instrumental
tiles Of business to do things which
public policy and sound business prac-
tice condemn. Every act Sof business
IS done at the command or apon the
Initiative OF some ascertainable per.
son or group of persons. These
should be held individually response
Bile and the punishment should fall
upon them, not upon the business or
ganization Of which they make Illegal
use. 1T should be one Of the main oh
Jects OF our legislation to diveSt such
persons Of their corporateFc cloak and
deal with them as with those who do
not represent their corporations, hut
merely by deliberate intention break
the law. Business men the country
through would, j 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 dan
ger.
Holding Companies.
Other questions remain which will
need very thoughtful and practical
treatment. Enterprises, in these mod
ern days of great individual fortunes,
are often times i~nterlocked, not by
being under the control 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 Eomesway
Intimately related In interest. We are
agreed, | take it. that holding com-
panies should be prohibited, but what
OF the controlling private ownership
of individuals or actually cooperative
groups of individuals. Shall the pri-
vate owners Of capital stock be suf-
Tered to be themselves in effect the
holding companies3 We do not wish,
suppose, to forbid the purchase OF
stocks by any person who pleases to
buy them in such quantities as he can
afford, or IN n way arbitrarily to
limit the sale of stokes to bona f1de
purchasers. Shall We require the
lBoWners Of stock, when their voting
power in several companies which
ought to be independent Of n an
other would constitute actual control,
TO make election inwhicko Of them they
will exercise their right to yote2 This
question ! venture for your considera.
ton.
Injury to the Individual.
There is another matter In which
imperative considerations of justice
and fair play suggest thoughtful
remedial action. Not only do many
of the combinations effected or sought
to be effected In the Industrial world
work an Injustice upon the public in
general; they also directly and seri-
ously injure the individuals who are
put out of business In one unfair way
or another by tbs many d~islodging
and discriminating forces Of conlBina-
ton. | hope that We shall agree In
giving private individuals WHO claim
to have been injured BY these pro
eesses the right to found their suits
for redress upon the facts and iudg-
ments proved and entered in suits by
the government where the govern.
nent has upon it's own initiative sued
the combinations complained Of and
won its suit, and that the statute or
limitations shall be suffered to run
against such litigants only from the
date Of the conclusion of the govern.
ments action. 1t is not, fair that the
private litigant should be Obliged to
set up and establish again the facts
which the government has proved. He
cannot afford, he has not the power
TO make use of such processes Of in.
auiry, al the government has com.
mand OF. Thus shall individual JUS
tice be done while the processes Of
business are rectified and squared
with the general conscience.
t.-V - ~ - IL - OBSERVATION-DISCLOSURES