AGAINST TRUSTS.

Dominion, Volume 1, Issue 16, 14 October 1907, Page 3

AGAINST TRUSTS.

! LEGITIMATJi;. AND DISHONEST' 'I'. X v corporations'. : :' : ( :

■ : " Judge ■ Landis, of.'the/'Federal: District Court of Chicago, has," says the " Times," " condemned the Standard Oil Company to penalties 'amounting in the aggregate to the enormous .suffl' of ; $29,240,000,' or not far from.'£6,ooo,ooo, for breaches of/the Iplkins Anti-Rebate' Act of 1903. ■ Soends the first stage-r-but only the'!first stage—in. the trial which began in tho first week in March. :'. '. The case will, of course; go to the Supreme until that tribunal has decided it we- shall riot ;know what/prospect there is that the ■'defendants may nave to pay tho heaviest fine on record. ; > •;/ 'A good many people ;contend':that nothing short of the imprisonment -.'6i the , responsible * persons' , will really do much to mako the corporations observe rtho law; and perhaps it is for that reason that the announcement'of proceedings for conspiracy fhas; - excited., interest., .The difficulty, of course, in pnacting and ,eriforci ing legislation .like that,directed ( against tho 1 abuses,of,wealth' ; and of the.power of wealth, 'of which-the .corporations, stand accused, is to frame ..and- apply, it, so as not to injure the : fair:-and .-legitimate ..employment; of;,capital.., President /Roosevelt; ,is .sagacious: enough to ■realise,the existenco'of this danger, which is but too .apt to ; escapo. the persons who cheer indiscriminate denunciations,.of;■ the corpora-, 'tibhsi-fii Capital is ; extraordinarily,isensitiye,. and /drastic action might easily alarm it, with, very, .unforeseen" and very disastrous results to the whole community.affected. The Amori-. can. I democracy/ and -the President ; are, -bent /on suppressing the evils of corporation .monopolies by. legal, means of some/kind... Doubts less they will, succeed,, so far,.as success ; may be possible, but it is not clear that thoy, have yet. discovered, tho. best .means for,the. attainment of, the end they, have,in view......... Ineffective A'cts. ~ '/. / ; : : , 1..' " Thoro is plenty,. of legislation, directed, against the ■ corporations, but so far,it has not had very, much result. The Interstate Commerce Act'has been in force for twenty years, and the fines inflicted under it-have notoxcocdod, it is I said j £4000- in all. • The: ..Sherman Anti-trust Act. has adorned .'the Statuto Book'since. 1890, but trusts continue to increase' and multiply. ■■■ Tho last American census shows that a large nuniber of, trusts in restraint of trade, and doaiing with many of,tho commonest and most indispensable articles of life, such as iron and steel, sugar, salt and tobacco, were created in .1863-1900, and that tho value'of now securities, offered to\ the public during this period roaches, the startling sum of £1,200,000,000., There is no effectivo system of public accountiriij fw the.vast.accumulations of wealth,of which the,corporations.diSposo, arid no power to conipe) thein to give that degree of publicity, to/their. ,traiisactions, which would bo to .the, interest of. investors in these Undertakings as well as to that of tho public; The issue of tho. application, which tho .Government'are now making for the appointment of a receivor/pending, tho actiori which.has been begun.against the American Tobacco Company, will bo. watched/ with . interest. Tho action is under the Shorman Act.. The State has 'asked for, the appointment of a receiver to wind up the company, 0r...t0 bring! its operations into 'accordance with tho law;, but'it is admitted that tiio real end in view is to get access, ■ through the receiver, to information as- to the company's dealings, which would not otherwise be obtainable. The advantages of snch an appointment in dealing with .fraudulent and law-breaking corporations would be immense; but, on the other hand, tho risks to which it might in many cases expose legitimate trade aro grave and obvious.")