Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1899-09-28

st. Louis, Sept. 23.-Aftfer two days
Of speeeh-making the governors, at
torney generals and other state repre-
gentatiyes who have been holding n
conference here on the invitation or
Gey. Sayers of Texas, adopted resolu-
lions outlining the legislation needed
to control the so-called trusts and COM
bines and adjourned sine die.
The recommendations embodied were
agreed to after a lang session of the
committee on resolutions. So widely
divergent were the views presented
for it's consideration that it was after
midnight when the committee was
able to arrive at any conclusion. The
whole matter was then referred to a
subcommittee composed of Gov. Nc
dillln of Tennessee and attorney gen.
nrals Smith of fTexas and Campbell Of
Colorado to put into proper shape.
The conference was to have met at
D o'clock, but it was loon before it got
down to business as the committee on
resolutions was not ready to report un-
til then. The delayed regrets Of the
attorney general of Ohio were then
read and the Gov. McMillin, chairman
OF the committee on resolutions, pre-
scented the report of that committee.
The following are he resolutions:
First-The enactment and enforcement, both
by the several states and the nation, of legis-
lation that shall adequately and fully define
as crimes any attempted monopolization or
restraint OF trade in any line Of industrial
activity, with provisions for adequate punish
ment, both OF the individual or the corpora
ton that shall be found guilty thereof. pun
ishment to the corporation to the extent OF
its dissolution.
Second-The enactment by each of the states
of the Union OF legislation fer the adequate
and proper control and regulation OF corpora
tons chartered by that state, and we recon-
mend as effcacious a system of reports 20 and
examination by state authority of the corr
porations organized under its laws. to the end
that they be brought to a fair observance Of
the laws under which they are created.
Third-The enactment by each state OF laws
that win prevent the entrance of any foreign
chartered corporation into its limits for any
other purpose than interstate commerce., ex-
cept on terms that will put the foreign-cre-
ated corporation on a basis of equality with
the domestic-create corporation Of the state
entered, and subject TO the same laws, rules
ard regulations of the state il enters. which
are applicable TO the domestic corporations
OF that state, and to this end we recommend
legislation that would make IL mandatory
upon corporations seeking to engage in busi-
ness outside the state Of their creation that
they procure licenses from the foreign state
as a condition precedent 70 their entry into
such state: such license 70 be granted on such
terms and subject TO such restrictions as VIII
place the corporation subject TO the same
control, inspection, supervision and regulation
as the domestic corporation OF that state, and
subject to be reyocable If the conditions thereof
are violated.
Fourth-'The enactment of state legislation
declaring that corporations created in one state
to do business in other states than where Gre
ated shall be prohibited from admission into
the state.
This proposition is supported by decisions Of
the supreme courts Of several states, but we
believe it should become a legislative enact
ment uniform throughout the states.
F~ifth-That no corporations should be formed
In whole or In part by another corporation.
S~ixth-That no corporation shall cwn or hold
any stock in another corporation engaged in a
similar or competitive business. and that no
officer or director OF a corporation shall be the
officer or director OF a corporation or shall be
the owner OF stock in another corporation en-
gagged in a simila- or competitive business, the
object or result Of which is to create a trust or
monopoly.
Seventh-Recognizing that trusts are usually
composed OF corporations, and that corporations
are but creatures OF the law and can only exist
in the place of their creation and cannot mi
crate to another sovereignty without the con-
cent of that sovereignty, we as
the sense OF this conference that each state
pass laws providing that no corporation which
Is a member of any pool or trust In that state
or elsewher can do business In that state.
Resolved, That 1t is the sense OF this confer
ence that all the capital stock OF private cor
porations should be fully paid, either first, in
lawful money. or, second, in property OF the
actual cash value of the amount of the capital
stock. and that in all private corporations with
a capital stock issued in excess OF the amount
actually paid up as above provided, the share
holders shall be liable to the extent OF twice
the face value OF the stock held by each.