New-York tribune., 1918-12-05
Perkins Urges
u. S. Control of
Big Industries
FavOrs Public Control of All
Large Concerns, as Well
as Of All Railway Lines
Gives Views as He Sails
Advocates Compulsory Pub.
licity in Transactions With
Workers Sharing Profits

George W. Perkins, of the Interna-
tional Harvester Company and the
United States Steel Corporation, in
each of which he is to some extent a
directing force, before sailing for Eu-
rope on the Mauretana yesterday for
a ten weeks stay in connection with
the war work of the Y. NJ. C. A., ad-
vocated public control not only of the
railroads, but Of all great industrial
organizations of the nation.
He believes the railroads will not be
restored to private ownership and con-
troll to the same degree as formerly;
that the more important industrial
problems. so-called, are on their way
to a sensible solution if the Federal
government will exercise a proper de-
gree of control, that the one great
safeguard to the exercise of such vast
powers as the President exercises at
present is publicity for every act he
PERFORMS
Unprepared for Peace
Mr. Perkins says that as nation
we are as urprepared for peace now rs
we wcro for war when Germany de-
ciared it. He believes in compulsory
publicity in industrialism; that the
workers should become stockholders
and protit-sharers, and that they arc
entitled to know all the facts.
"Unquestionably there is public de-
mand-probably growing one-for an
adequate public control not only of the
railroads. but Of all the great indus
trial organizations of the nation" said
Mr.. Perkins, in discussing prospectivo
ntter-the- problems.
Judging from the present outlook.
| believe that the railroads, now under
Federal control, will not be restored to
private ownership and control to the
same degree as formerly. Nor will
shipping. or great manufacturing COM
panles, be restored to the same status
as before the war forced great concen-
trations Of material and moral agenvies
Tor the working out of given eids, both
ny the Allies and by those opposed to
the Allies.
New Methods to Obtain
1T seems to me that, in a large
sense, we shall not travel over the old
roads again. OF course, we are going
ID the same general direction, but that
1act does not mean that we shall he
bound by the same methods, or the
same traditions.
i remember when ! was a bov T
heard my father and others describe
IN terms indicating real alarm the dam
gers attendant upon the exercise of
the powers concentrated in the ma
t'onal banking system, and how. under
the Plan, the Secretary of the Treas
ury, and comparatively few bankers.
ultimately would obtain complete con.
troll of the financial resources of tho
nation. Our elders were correct
enough in forecasting a greater and
greater degree of centralized effort
but they were deplorably wrong in
ascribing ineradicable evils to such
Capitalization.
Cites Growth of Banks
with the Controller of the Cur
rency supervising our national banks.
they have grown and grown and grown.
and yet people have had more rather
than less confidence in our national
banking system. This Is because the
activities of the banks, while they
have grown, have been under the regu
lation, supervision and control Of the
Federal government. Why cannot we
profit by this very satisfactory result
and apply 1t to other branches of our
financial and industrial growth?
Our national banks do business in
the open. They have to make full and
statements Of their transac-
tlons. The Controller of the Currency
can examine them any time he likes.
The public realizes that they are semi
public concerns and arc doing business
with open, not closed, doors. believe
that the public is entirely satisfied with
This method Of handling our great
banking institutions and that they I
would be equally satisfied with a SINH !
lar way of handling our railroads and
our great interstate industrials.
Feasible for Railroads
For years it has seemed to me a
very short-sighted policy not to at |
east handle our railroads and indus
(tna, Il