Evening star., 1925-12-06

consideration should be observed in
industry. Gigantic business concerns
may easily become inefficient and
wasteful because of their largeness.
/ dare say that the Ford business,
which is not combination of con-
Germs once competing. is managed as
economically as the business of the
General Motors. / do not think it can
be asserted as a general rule that the
business of the gigantic concern is
conducted more economically than
that of the smaller concern developing
along natural competitive lines. Big
business, too big, can be just as waste
full as the most destructive competi-
ton.
People Against Monopoly.
Q. Do you think that consolidation
is inevitable
A. l have no doubt that business
will be carried on in larger and larger
units, but / think that we are a long
way from the time when the American
people will approve monopoly, regu-
lated or unregulated.
Q. What evils do you see in the
movement to permit business to con-
solidate?
A. I think there is great social
and political as well as an economic
menace In the formation of gigantic
trusts. A trust being attacked in
variably asserts that It was organ
lied in order to reduce overhead, elimi-
nate waste and lower the cost of pro-
duction. Yet every student OF the
problem knows that the moving con-
| sideration in every instance is to get
rid of competition.
Competition being destroyed, there
is no limit to prices that can be asked
q nd rf,l hi is,
erned by an enlightened selfshness
In the eXactionS it makes on the con-
| sumers pocketbook.
And not infrequently the adlnixture
of enlightenment and selfishness is
| negligible. The obvious result is a
serious and unnecessary loss to the
great body of consumers.
The access OF influence socially and
politically of those directing the af-
fairs of the great industrial combina-
tions need not be enlarged upon
Democracy and financial autocracy are
| incompatible. The latter is certain to
swallow up the former or make of it
| in the person of government its ser
vile puppet.
Thinks Publicity Impracticable.
q. You said. Senator. / remarked.
| as Il final parting query. that it was
up to those advocating the repeal of
the Sherman law to propose some
thing to take its place. Mr. Woll is
in favor of allowing business to con
solidate and then empowering the
| Federal Trade Commission to force
big business TO render an annual ac-
counting of it's profits. it's cost of pro-
duction, etc. BY throwing open its
books to the public, coupled with in
vestigations by the trade commission,
| public opinion would be directed
against business concerns that We're
gouging the public, thinks Mr.. VOL.
What do you think of such a scheme ?
! A. Considering the furor that has
been generated by the provisions of
the law giving publicity to tax returns.
| l feel that we are quite distant from
the time when the publication of the
details of business orga nizations will
be tolerated. Finally. we have TO
think of competition as the spur of
progress. If competition is to be al
| lowed to perish. what stimulation of
progress as effective as competition
has proven itself is to take its place
! We will. on the contrary, be faced
with vast and delicate regulatory
system which will collapse of its own
| weight and intricacy.
Copyright. 1925l