We have asserted the necessity of requiring a full periodic distribution
to stockholders of the net earnings (i.e., the wealth produced) by
corporations. This might be accomplished through tax deterrents that
do not differ in principle from those provisions of the present Revenue
Code that restrict accumulations in excess of the reasonable needs
of a business.

Any such enforced payment of corporate net earnings would have
to be accompanied by great improvement in the efficiency of invest-
ment banking practices for the marketing of new equity issues. The
costs of marketing security issues would have to be materially reduced,
and regulations to insure fair dealing and full disclosure of relevant
information would have to be made more effective.

No government efforts are of greater importance to the rights and

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