The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-22
GOVERNORS TRUST CURE.
ST. LOUIS CONFERENCE ADOPTS REsO-
LUTIOYS AND LDJOURNS.

National and State Legislation Suggested
for Punishment of Monopolization or
| Restraint of Trade and for tho Control
| OF All Corporations by the states.
| ST. LOUIS. No. Sept. 81. - The anti Trust
| Conference Of Governors and Attorney Gen
| erals OF eleven States concluded its work at
80 o'clock this afternoon and adjourned
sine die. The Committee on Resolutions. after
an all night session. was unable to agree until
| noon. At that hour Gov. Sayers called the
conference to order. and Gov McMillin OF
| Tennessee submitted the recon m endations OF
| the committee saying: We believe the best
| remedies lie along the following lines. and we
| have adopted those In lieu Of all other sug-
| Restions"
The resolutions were then read as follows:
| We believe tho best present available reme-
dies lie along the following lines:
"First-The enactment and enforceme emit
| both by the several States and the Nation OF
| legislation that shall adequately and fully de-
fine as crimes any attempted monopolization
| or restraint OF trade in any line OF industrial
| activity. with provisions for adequate punish
mont, both OF the individual. or the corpora
ton. that shall be found guilty thereof; pun
ishment to the corporation to the extont OF It's
dissolution.
Seoonu-lno enactment by each OF the
States OF the union Of legislation for the ade-
quate and proper control and regulation OF
corporations chartered by that State. and We
recommend as efiicacious system OF reports
to and examination by State authority OF the
corporations organized under its laws. to the
end that they be brought to q fair observance
OF the laws under which they are created.
Third-The enactment by each State Of laws
that will prevent the entrance Of any foreign
created corporation into its limits for any other
purpose than interstate commerce. except on
terms that will put the foreign-created corpo-
ration on q basis Of equality with the dom estic-
created corporation OF the State entered. and
subject to the same laws. rules and regula-
tions OF the State that it enters. which are ap-
pcable to the domestic corporations OF the
State. and to this end we recommend legls-
lation that would make 1t mandatory
upon corporations seeking to engage in
business outside the state Of their
creation that they procure licenses from
the foreign state as a condition precedent
to their entry into such state. such license to
be granted on such terms aud subject to such
restrictions as will place tho corporation sub
ject to the sam control. I'M psction. supervision
and regulation as the domestic corporation OF
that State. and subject to revocation. IL the
conditions thereof are violated.
Fourth-The enactment OF State legislation
declaring that a corporation created in one
State to do business exclusively in 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 be-
como legislative enactment uniform through
out the States.
''Fifth.-That no corporation should be formed
in whole or in part by another corporation.
Slxth-That no corporation shall own or
hold any stock In another corporation engaged
In similar or competitive business and that
no officer or director OF a corporation shall be
tho officer or director or the owner Of stock in
another corporation engaged in a similar or
business. the object or result OF
which is TO create trust or monopoly.
Seventh-Rocoenizing that trusts are usu-
ally com posed OF corporations. and that cor
poratons are but creatures OF the law, and
can only exist in the place OF their creation,
and cannot migrate to another sover-
eighty without consent OF that SOW
erelgnty, and that this consent may he with
held when desired. we recommend as the sense
Of this conference that each State pass laws
that no corporation which ia lem
her OF any pool or trust in that State or else
where can do business in that State"
Gov. McMillin then addressed the conference
saying: In presenting this report the commits
tee 10 aware that almost all forms OF trusts de-
rive their existence from State Governmental
or municipal exem ption. Let not this M Getting
be misunderstood. This is no declaration OF
war against capital or corporations. We do
not wish to crush or destroy corporations but
to regulate them. Our object is to prevent tho
OF the few to accumulate the results
Of the sweat and toll of the millions When
all manufactures have been put under one
hand. the workmen must remember that the
price OF wages can be controlled and lowered
Just as the price OF the product can be raised
The speaker continued to explain and de-
fend the report. particularly the clauses for
bidding tramp corporations and demanding
accounts. and making stock holders
personally liable for the watering OF stock.
Tho only benefits OF trusts go to the men
who hold the trust stock" he said. There
isn't single trust to-day that does not sell it's
products at a higher price than they would
bring il there were no trusts In the market
The question Is not political. It affects Dem
ocrats. Republicans and Popuiists alike"
Gov. McMillin was interrupted by Attorney
General Smith. who offered a supplement to
the report. as follows:
"Resolred. that 1t Is the sense OF this onfer-
snce that all capital stock OF private corpora.
lions should be fully paid. either rst. in lawful
money. or. secondly. In property Of actual cash
value OF the amount OF capital stock.
And that in all private corporations with a
capital stock issued in specie OF the amount
actually paid up. Il, above provided. the share
holders shall be liable to the extent OF twice
the ia GO value OF the stock held by each"
The report and supplementary resolution
we're unanimously adopted. after which tn. |
customary resolutions OF thanks were passed.
and Gov, Sayers declared the con ference closed,
CROKEk'S ASSESSMENTS or JUDGES.