The Dominion. TUESDAY, JUNE 2 1914. TRUSTS AND BUSINESS METHODS

Dominion, Volume 7, Issue 2165, 2 June 1914, Page 4

The Dominion. TUESDAY, JUNE 2 1914. TRUSTS AND BUSINESS METHODS

That a considerable sectioji of the business people, of the United States are becoming nervous regarding the various measures to be placed before Congress having an important bearing on tho business nirtliods of tlnJ country is shown by the interview between representatives of the Manufacturers' Association and Peesijjent Wilson, a report of which appears in the form of it cablegram publishcd_ in another column. The business people re-presented at the interview, urge that the legislative proposals referred to should be suspended, and declare that capital is avoiding investment for fear of the bad effect which tho experimental character of some of these Bills may have upon the business of the country. State interference in matters relating to trade and commerce is always liable to producc results very different from those anticipated, and the .indirect, as wll as the direct, effects must he considered. On tho other hand, the well-being of _ the State as a wlioia should outweigh sectional interestsand it 'is the duty of the legislature to control, and if lwcessary to prevent, trusts and business *coml>h?,itions of such a nature as to be 'injurious to 'the public Welfare. The law should aim at safegim'di'ng tha community as far as possible from ! illegitimate, business meth»ds n-i-th-1 out unduly hamperiiiß Witimal.; business enterprise. Before inter-! I'ering in sueh matters, ilw statcsnun ! pliould make ipiile sure ibar. w !| j fare of the public is really biin«- 1 I breatened, and that Use |iV;i]i(W <i i remedy will iinL do m.s-<- hn.i-m thnn i good. ' j The American Manufaetuivrs' A«=-1 sociation_ in its representations' u, { the President refer?, no rionbt fn j the laws for business mcmtMiied in I

j the resident s Adtlroas to Congress lin Jnmiary-'lasl.' M!:. '■ VVii.soN enr- .) tanily iaid;.clown, a vervvextensivc . h>vogramme ! :..the principal ']>oiiit,s of I which are; summarised bv .the Xcw | Ynrl-l'oH, as follow;—.'."" ■ j fj.) t-iVcctiwi iiTOhibitiiT,! 'of the Intcrj .'(• dircctoralo« of great eorpura- ! itons™banks, rnijreacls, iudiifiria!, : comj liiereial, aiut piibHc-servite. - 1.-.v-W. i (3.) A li'nv to Knifer upon ths Interstate | Coalmen Connnissron the power to silperj intent! and vesuhte the financial opera* I (nils ,jy whiel'i railroads are hciieeforiVi be si.ipi>lii : '.d with the money t'itey neeti j for ihcii- jn-opsT .tkvdopini'rk aßd irnj; roved Irnrssiwrtaiioii fat-ilities. 'Fhe | PrfskScnt made it clear that "the pro*. ! p.?ri!y of the rnilrnjds rtnd the pi-osperity I sif the etiriiitry are inaei>arably couneebed" ill this «iKU-d. ■ ■ i.s.'i I.tefiiiUisn ci' "the tnoriv huifFul restraiuSs of tradtt" by rtpllcit lcgistat'ion i suppleinjontitrj k. 'ht- Hhftman lav,-, j (1.) The emit ion of a ecmiiiissKii t<i I ait! Hie courts and to act svs a clearing I house of information in helping business to conform with the law. (:'i.) I'sovision of pfimltie.? and pi.niis.Umeats to fait upen individuals respotmibie for unhwfiil businws practices, ■(!).) Praliil)uion cl : holdiis.E; cosiip.anie'i atid a RBngestiqn ihat the voting power of individuals-, holding shares in iiuiu-er o«». corporations might be restricted. ■("-) Givhw to ijvivnte individuals the right to fsuud suits for redfess oit lii.cts . and jKilß'meiits proved in suits, and providing that the statute of' liwitatioSis should ruti opjy fi-oni the i date of cflßclnsioß if the Government'# J action. 'fiie above statement will give a good j indication of the character of the I -anti-trust policy of tli-e present Democratic Administration. A Bill Ims been introduced which,, among other things, prohibits interlocking dircc.twites and certain trade practices, fixes the status of trade rnuo'fis uiulcr the. law, and jnakes certain departures in the matter of Court procedure. Critics of the measure tay stress «n the fact that it reveals the difficulty of preventing abuses without miduly hampering the smooth working e-f the machinery of trade. The seetioii ■' dealing with irad,-: unions—which after all are nothiug more than a cmrtbino—veiimves tko grievance that tfteso only exist by sufferance of the Attor- . ney •t'.H.'ii.- , ra L It states that nothing is the Anti-Trust Bill shall be coiistrucd_to ftwljid their existence and operation, or to restrain tbeni "fr-iin

earryiag oat the legitimate objects of stick, associations." These last words are viewed with some s'usspseton in Labour circles, for they evidently imply thai'; the Courts shall haw potrer in declare whether any given course of action by a union is in. accordance with its "lcftitlmato objects" ; but no reasonable and unbiased person can v?eU object to such a nrovisjon. pßfiSiotvSt Wis.soy has ai! along deeiared that his piirpose is to "restore and not destroy,", and'he'has assured the represeniatires erf tho Mannfactiu'ers' Association that be diis-ires to assist the business e'omrfiiin|ty. Ho thinks, hciwe.vor, that "it is bettiir to do something niocferatelv and soberly than wait" until the lladical forces aceuriiniate and eotnpel them to gpjmwh further." This is a sound pr»!iey, pvovickd that tb.it semeihiiiq; done is eff.-etive without being- harsh, and succeeds isj,bringing certain Sicthods of bftsiiiess whii-h eiMifliet with public interest under control, withon't crippling the com:' incrcial niaehitiery of the coftnti'-y. xherfi can he no doubt that a stamp fe-eiing has grown tip ii> the. United States against some prevalent forms of monopoly, and many level-bead.-t! businesß turn are to feel that "he maf.f.er_ has been taken in b:-u:d l ; y a_ P i-esident like All;, Wilson,

who f;:Hy realises the need of rautioii fltid com;:i!iatioij, He is rso apmbisi, but he recognises that serious evils exist which must be removed. a,nd he is desirous of co-oper-ating with lnvsincss ffitm in order "to sffHaf© business ravlioar, with both public opinion and the law,' 1 beinjr, convinced that the "best informs!" men of the business worl-1 condemn rite methods, proce«r-s and teaseCHIfUU'OS of mwopolv." The ISr'W Ti'sist Bill, which was introduced in fhn _ITmis<' of .Representatives • on April 11, has naturally been stibjeefed to vouch criticism frtrfo vAi'icms points of view, .but it dues not »«- pear to have created anything. like a panic in trade or financial circles; j indeed. the Washington correspondent of Loudon Sinning'Pnst states.that it is the jrer.eral opinion that; the proposed trust and business fojjlslatuMi will be beneficial to busi* nes's. which iv.il) hereafter be cobrlitoted mi a sounder as>d belter basis J in the United States. It is, however. ( otjly te be expected that the changes '■'"in for a time engtaife a snirit of timidity among investors, wlni mmbo inclined to watch and 'Wall until they, see how the new law will oper- i ate. If it is constructed on wise a-nd safe lines, and gives #t»o consideration to the enormous interests involved, normal conditions should soon be restored.