The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-22
SHOULD DECLARE
TRUSTS A CRIME
Remedies Suggested by
the Governors.
JOINTLEGISLATI0N
By State and Nation to Fully Define
Them as Such.
IS NO WAR AGAINST CAPITAL
But Simply an Attempt 90 Regulate
the Thinning Of Corporations
STATE Commissions Recommend
ed 20 Enforce Observance of
Legislation Suggested
by Conference.

sT. LOUIS. MO, september 1.-THE
conference of governors and attorney gem
erals TO discuss the question of trusts
was late in assembling to-day The mem
bers OF the COMMITTEE on Resolutions
worked until after midnight tryins TO
bring together the widely divergent views
presented. when they finally came to 1
conclusion the matter was icit in the
hands of "a subcommittee composed of
Governor Benton McAllAn. chairman dnA
Attorney Generals Smith and Campbell
90 be put iu 90 the proper shape
Al u o'clock Mr. MoMuin presented the
resolutions as adopted by the Committee
on Resolutions. They are aa follows.
"fTIe Committee on l.'-1lNithi7. I'D
which was referred several resolutions
and papers. in Iieu of al of Them. SUBJ
mifs She following with the recammeuda-
t0n that it De adopted by This conference
"That we believe the best practical
available remedies Die iu the following
lines. ....-
THEIR REMEDY.
o. The enactment and the enforce
mont both bv tine several States and ih'
| nation. of legislation that shall adequately
and fully define as crmcN amy attempted
m0nop0lization or restraint of trade ih
auv lue 0r Industrial activity with pro-
visions for adequate punishment both oI
I the individual or the corpomton tAat
shall be found guilty thereof punishment
+ t0 fhe corporation to Size extent oi DTS dl7-
solution
"2 The enactment hy each of the
/ States of the Union of legislation for ad-
/ couate and proper control and regulation
I OF corporations chartered by that state,
and We recommend as efloa aclnu- 20 sls-
/ tenn of reports TO- and examinations pl'
/ state authorifies. of the corporations or
/ ganized under it's laws. t0 tho end that
| they De brought t0 fair Observance OF
the laws under which they are created
"3 The enactment by each state or
! laws that viii prevent the entrance ot any
foreign created corporation into its limits
! for amy other purpose than Interstate
| commerce except ON terms that VIII pul
/ ne f0reign-created corporation on basis
| OF c1uaIltv with the dOme-tic-Crcatod corr
/ porations of the State entered. and SUBJ
/ iect t0 the same laws. rules and regula-
/ ti0ns of The State that it enters which are
/ applicable to the domestic corporations OF
/ that State. AND to thls end we rccomm' ui
/ legislation that would make 70 m4nda-
/ tory upon corporations seeking to en-
] GAGE iu business outside of tho state of
/ their creation thar they procure licenses
/ from the foreign State as condition pre-
/ ce1eut 20 their entry into such state. sucn
/ licenses t0 be granted on such terms and
/ subject 90 such restrictions as WIll place
/ the corporation subject o. tle same c0n-
/ troll inspection. supervision and rDsula-
/ ti0ns as the domestic corporations of that
/ Stat. and the same to Dee reroolble i the
/ conditions thereof are violated
f. The enactment 0f State legislation
/ declaring that % corporation created ln one
| State t0 DO business exclusively Boo other
! States thln Wnel. created snail boo pro-
! hlbitad from admission into anr State
This proposition is supported by dee
/ cisi0ns of the supreme Courts ot several
! Srste- but we believe h should become
! legislative enactment uniform throughout
/ mo States.
! Be- That no corporation shou'd he formed
/ in whole or iu part by another corpora
! ton
o. That u0 corporation shall o"n or
! hold any stock in another corporation
| engaged I'm a similar or competitive bus
j mess and .hlr u0 officer or director OF %
| corroratfon shall be lhe officer or d.rec-
! tor or the owner OF stock DID another core
/ rortffon 4ulaerd n similar or c"up-'-
! hive business the object ur r.uIi OI
| which is t1 create "a trust or W'n'p'.'.
| RECOGNIZING thlt trusts ARE usually
/ eompoeed of corporations. ana Ili. ..
! u0rltious are hut creatures ni iAe .a".
| and cam only exist iu the place ot ~.
! oraari1u and cannot migrate fo another
/ so,.ar.....s, Without the consent OF tnlt
! 4o.,ra.ent.- ana Chat This consent maf
| hs withheld when desired $50 recommend
/ a- tba sense of this conference in1l each
| state pass laws providing CHAT Do" corr
| r,rqfion which is member "' ANY
! uooi or trust iu thlt state or e.-e" "4'i.'
| can do business in that state.
! Resolved That s. is the sense of lh'-
conferencc tina. all The c1p.iN e.'lA '
| nrivate corpora lions should oe iult l'-'
! either as first m lawful money or ,e
| ,,4 i, ,~oportv OF actual cash amour.
OF tho capital stock. tn'l ln an
| corDorations with capital issued in eNce-
/ of amount actually paid as above p-o-
| ,.idsd the shareholders shall be AaD.e i'
! The extent OF twice the face value oi The
stock held by each
Governor McMulin. in presenting me re-
solutions said he was aware ol lhe i'-1
| that trusts and combinations 10 restrain
trade are On q degree always uepeAado-e
unon federal State or municipal govern
| merts for their continuance.
! "Thfs fs no assrmO.1ge.' be .1it. ITO
war on corporations or capital I'D any
/ form. Tho object of these resolutions is.
| not 10 crush corporations ol tu Hr'tt"'
capital. but 20 regulate them That Is the
whole object of this conference and when
that Is obtained the whole duty will hay,
/ been done.
] Att0rney.Geueral Davis. OF Arkansas.
made a few remarks I'm favor Of the reso-
! lutions In the course OF which he de-
plored the act that anything had come up
during the conference TO mar the has
| mOny OF lts PROCEEDINGS
PASSED UNANIMOUSLY.
Chairman Savers then put the question
and the resolutions were unanimously
adopted by the representatives, or the
| states remaining Governor Shaw Of Iowa,
! and Governor Thomas. Of Colorado, and
General Taylor of Indiana, hay
ing gone home last evening leaving only
eight states represented. Attorney-Gene-
! raj Campbell, OF Colorado. moved that
committee Of I'VE be appointed to formu-
late a bill along the line Of the resolutions
adopted and tha; each governor present Il
10 his LEGISLATURE and recommend Il TO the
| Chief Executive of other States Mr.
| Heifner, Of Washington and Governor