The San Francisco call., 1899-09-22
SAVERS CONFERENCE
CONCLUDES ITS WORK
Resolutions Adopted Recommend
IND LEGISLATION in Various States
for Proper Control and Reg
uldtiOn Of Corporations.

subject to be revocab1e If the conditions
thereof are violated.
4. The enactment OF State legislation
declaring that q corporation created in
one State TO do business exclusively ir
other States than where created shall be
prohibited from admission into any State.
This proposition is supported by decisions
Of the Supreme Courts of several States,
but we believe it should become legisla-
tive enactment uniform throughout the
States.
5. That no corporation should be formed
in whole or in part by another corpora
ton.
6. That no corporation shall own or hold
any stock in another corporation engaged
in a similar or competitive business and
that no officer or director Of a corpora
ton shall be the officer or director or the
owner of stock in another corporation
engaged in a similar competitive bust
ness, the object or result of which is to
create a trust or monopoly.
T. BY recognizing that trusts are usual
Iy composed Of corporations, and that
corporations are but creatures of the law.
and can only exist in the place OF their
snG wtbout the Sonsent Of the
sovereignty, and that this consent may
be withheld when desired, We recomm end
as the sense OF the conference that each
poratfon which is member of any pool
or trust in that State or elsewhere can
do business in that State
Resolved, That Il is the sense Of this
conference that all the capital stock of
private corporations should be fully paid,
either, first, in lawful money; or, second,
in property of the actual cash value Of
the amount Of capital stock: and that
in all private corporations, with a capital
stock Issued IN excess Of the amount act
ualIy paid up as above, provided, the
shareholders shall be liable to the extent
of twice the face value Of the stock held
by each.
Resolutions thanking Governor Say
ers for his efforts in behalf of the con-
ference were adopted. Before declar-
ing the conference adjourned Governor
Sayers spoke briefly. saying in part:
OF course, 1t goes without saying that
I feel very grateful to you not only for
the proper discharge Of my duties as your
presiding officer, but l want 70 express
my sincere and earnest gratitude and ac-
acknowledgement, that upon the simple sug-
gestion which I felt II my duty to make
TO the Governors and Attorneys General
of this Union, that twelve States re-
sponded. This has never before occurred
in the history of our Government where
such questions as these were involved.
I feel 1t TO be my duty to say the idea
General was not original to myself, but
one for which I feel responsible to the
people OF this country. Some criticism
has been made upon my action, not here,
but elsewhere, but I think you Will bear
me witness that nothing has been done
TO influence your action here. I have had
requests to communicate in private way
with certain persons, but l have said
nothing nor have l written anything upon
trusts except an article in an August
LEGISLATURE Nothing has been done in
the darkness or IN a corner, but every
thing with the light thrown upon 1t by
the newspapers of the land.