one another under different names and in different combinations, and
those who affect to compete in fact partners and masters of some whole
field of business. Sufficient time should be allowed, of course, in
which to effect these changes of organization without inconvenience or
confusion.

Such a prohibition will work much more than a mere negative good by
correcting the serious evils which have arisen because, for example, the
men who have been the directing spirits of the great investment banks
have usurped the place which belongs to independent industrial
management working in its own behoof. It will bring new men, new
energies, a new spirit of initiative, new blood, into the management of
our great business enterprises. It will open the field of industrial
development and origination to scores of men who have been obliged to
serve when their abilities entitled them to direct. It will immensely
hearten the young men coming on and will greatly enrich the business
activities of the whole country.

In the second place, business men as well as those who direct public
affairs now recognize, and recognize with painful clearness, the great
harm and injustice which has been done to many, if not all, of the great
railroad systems of the country by the way in which they have been
financed and their own distinctive interests subordinated to the
interests of the men who financed them and of other business enterprises
which those men wished to promote. The country is ready, therefore, to
accept, and accept with relief as well as approval, a law which will
confer upon the Interstate Commerce Commission the power to superintend
and regulate the financial operations by which the railroads are
henceforth to be supplied with the money they need for their proper
development to meet the rapidly growing requirements of the country for