The Age of Mergers 1135

plies with particular force to statistics on the relationship
 between stock prices and their earnings. Our
best companies particularly have often understated
their earnings by charging off unusual sums for
depreciation, and so on.
Professor Ripley was right in urging on behalf of
one of the minor parties in interest, the stockholders,
publicity of corporate accounts. A true and complete
balance sheet and income account, constituting a
photograph of a company’s present condition and a
lengthwise view of its management through a period
of time, are essentials to be obtained by a stockholders’
 committee or by such agencies as the Federal
Trade Commission.
Doubtless such a requirement in behalf of the investor
 is also in the interest of the consumer. Professor
 Ripley has likened the visitorial committee
of stockholders, as an accomplishment in the field of
finance, to the introduction of the company union in
the field of labor. Thus the management is tied in,
not only with its employees, but with a representative
body of owners. Perhaps some day it may be tied
in, also, with a representative committee of consumers
 entirely independent of the management. With
publicity, the people are increasingly willing to believe,
 with the accumulation of evidence, that it is
best served by large-scale industry engaged in mass
production, with relatively large overhead expenses
and relatively small running expenses. No one
would think today of trying to force Henry Ford to