Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-22
TRUST RESOLUTIONS,
Views Of the Governors Who
Met at St Louis,
NOT AGAINST CORPORATIONS
Object Of tha Conference Only TO
Regulate Them.
VOTE FOR ADOPTION UNANIMOUS.
Gov. Shaw, of iowa, Gov. Thomas, Of
Colorado, and Attorney-General
Taylor, of Indiana, However, Had
Left the Convention.
VOTE FOR ADOPTION UNANIMOUS.

ST. LOUIS, MO-, September 2l-The
conference of Governors and Attorneys
| General TO discuss the question of trusts
was late in assembling to-day The mem
bers OF the Committee on Resolutions
worked until after midnight, trying to
| bring together the widely divergent
views presented. When they finally came
to a conclusion the matter was left in
| the hands of a subcommittee, composed
Of Governor Benton McAIillin, chairman,
| and Attorneys-G General Smith and Camp
| bell, to be put into the proper shape.
At IL o'clock Governor McMillin pre-
scented the resolutions as adopted by the
! Committee on Resolutions. They are as
| follows:
1.-The Committee on Resolutions, to
| which was referred several resolutions
and papers, in lieu of all of them sub
mits the following. with the recommen-
| dation that it be adopted by this confer
| enee:
THAT we believe the best practical
| available remedies lie in the following
lines:
TO MAKE MONOPOLY A CRIME.
81. The enactment and the enforcement
both by the several States and the ma
ton Of legislation that shall adequately
| and fully define as crimes any attempted
monopolization or restraint of trade in
| any line Of industrial activity, with pro-
visions for adequate punishment of either
tn. cot Hon, a
| shall be found guilty thereof, the pun
ishment of the corporation to be to the
| extent of its dissolution.
"2 The enactment by each Of the
! States Of the Union of legislation for
adequate and proper control and regula-
ton Of corporations chartered by that
State, and we recommend as efIlcacious,
| a system of reports to, and examinations
by. State authorities, of the corporations
| organized under its laws, TO the end
| that they may be brought to fair OBJ
! servance Of the laws under which they
| are created.
FOREIGN CREATED CORPORATIONS
49, The enactment by each State of
| laws that will prevent the entrance of
limits for any other purpose than inter-
state commerce, except on terms that
will put the foregn-created corporation
! on basis Of equality with the domestic
! created corporations of the State entered
and subject TO the same laws, rules, ana
regulations of the State that it enters,
which are applicable TO the domestic
corporations of that State; and 20 this
end we recommend legislation that would
make it mandatory upon corporations
seeking TO engage in business outside of
! the State of their creation that they pro-
| cure licenses from the foreign State as
| condition precedent TO their entry into
such State; such licenses to be granted
on such terms and subject to such re-
strictions as will place the corporation
subject to the same control, inspection,
supervision. and regulations as the do
| nestle corporations Of that State, and
| the same to be revocable If the conditions
thereof are violated.
81. 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 become, by legis-
latlve enactment uniform throughout the
States.
No CORPORATION TO FORM AN
OTHER.
"5. That no corporation should be form
ed i'm whole or in part by another cor
poration.
&c. That no corporation should own oy
hold any stock i'm another corporation en-
gagged in a similar or competitive bust
ness, and that no officer or director Of
corporation should be an officer or direc-
tor. or the owner Of stock, in another
corporation engaged in similar or com
pettive business, the object or result OF
which is to create trust or a monopoly.
AGAINST POOLING
az Recognizing that trusts are usually
composed of corporations, and that cor
porations are but creatures OF the law,
and can only exist I'm the place Of their
creation, and cannot migrate TO another
sovereignty without the consent Of that
sovereignty, and that this consent may
be withheld when desired, we recommend
as the sense of this conference that each
state pass laws providing that no corpo-
ration which is member of any pool or
trust in that State or elsewhere shall do
business in that State.
STOCK SHOULD BE FULLY PAID.
"Resolved, That it is the sense OF this
conference tilAl al lllc Ndpllol BUM VI
private corporations should be fully paid,
cither-frst. in lawful money; or, second,
In property OF the actual cash amor
of the capital stock, and that in all prl-
yate corporations with capital issued IN
excess of the amount actually paid, as
above provided, the shareholders shall be
liable TO the extent of twice the face
value of the stock held by each"
Governor McA1llin, in presenting TIE
resolutions. said he was aware OF the
fact that trusts and combinations TO re-
strain trade are In a degree always de-
pendent upon Federal, State, or munich
cal governments for their continuance
NO WAR ON CAPITAL.
This is no assemblage," he said, ITO
war on corporations, or capital IN any
form. The object OF these resolutions Is,
not to crush corporations or destroy capt
tai. but to regulate them. That Is
the whole object OF this conference, and
when that is obtained. our whole duty
will have been done"
Attorney General Davis, Of Arkansas,
made a few remarks in favor of the reso-
lutions. in the course of which he de-
plored the fact that anything had come
up during the conference 10 mar the
harmony OF its proceedings
RESOLUTIONS ADOPTED.
Chairman Sayers then put the question,
and the resolutions were unanimously
adopted by the representatives OF the
States remaining, Governor Snaw, OF