The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-22
AND CRUSH IT AT ONCE
REMEDIES SUBMITTED BY RES
oLUTIONS COMMITTEE.
AT GOVERNORS CONFERENCE, ST. LOUIS
A Blow at the Watering Of Stocks. Another
Aimed at Those States that Charter
Corporations to Prey Upon
Thor Sicter States
Their Sister States.

ence of Governors and Attorney Gene
rails to discuss the trust question, was
late in assembling today. The members
of the Committee on Resolutions worked
until after midnight trying to bring to-
gether the widely divergent views pre-
scented. When they finally came to a
conclusion the matter was left in the
hands of a subcommittee composed OF
Governor Benton McMillin, Chairman
and Attorneys General Smith and
Campbell, to be put into the proper
shape
At II o'clock Mr.. McMillin presented
the resolutions as adopted by the Com
nittee on Resolutions. They are as
follows:
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 con-
ference:
THAT we believe the best present
available remedies lie in the following
lines
Il. The enactment and enforcement
both by the several States and the
nation of legislation that shall ade-
quately and fully define as crimes any
attempted monopolization or restraint
of trade in any line of industrial ac-
tivity, with provisions for adequate pun
ishment, both of the individual or the
corporation, that shall be found guilty
thereof; punishment to the corporation
to the extent of it's dissolution.
-. The enactment by each of the
States of the Union of legislation for
adequate and proper control and regu-
lation of corporations chartered by that
State and we recommend as efficacious
system of reports to, and examination
by, State authority of the corporations
organized under its laws, to the end
that they be brought to a fair observ-
ance of the laws under which they are
created.
y. The enactment by each State of
laws that will prevent THE entrance
of any foreign created corporation into
IFS limits for any other purpose than
inter State commerce, except ON terms
tlat will put the foreign-created corpo-
ration on basis of equality with the
domestic-created corporation of the
State entered, and subject to the same
laws, rules and regulations of the State
that it enters which are applicable to the
domestic corporations of that State,
and to this end we recommend legisla-
ton that would make it mandatory upon
corporations seeking to engage in bust
hes outside of the State of their Gre
asion that they procure license from
tie foreign State as a condition prece-
dent to their entry into such State;
such licenses to be granted on such
terms and subject to such restrictions
as will place the corporation subject
to the same control, inspection, super
vision and regulations as the domestic
corporation of that State, and the same
to be revocable if the conditions there
of are violated
Il. The enactment of State legislation
declaring that a corporation created III
one State to do business exclusively in
other States than where created shall b.
prohibited from admission into any
State.
This proposition is supported by deci
siDns of the Supreme Courts of several
States, but we believe it should become
legislative enactment, uniform through
out the States.
%. That no States corporation should
be formed in whole or in part by another
corporation.
"6. That no corporation shall own or
hold any stock IN another corporation en-
gagged in similar or competitive bust
ness. and that mo officer or director of
corporation shall be the officer or direc-
tor or the owner of stock i'll another
corporation engaged in similar or com
u titive business, the object or result OF
which is to create trust or a monopoly.
u. Recognizing that trusts are usual
is composed of corporations, and that
corporations are but creatures of the law.
and can only exist in 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 recon-
mend as the sense Of this conference
that each State pass laws providing that
no corporation which lis member of
any pool or TRUST in that State or else
where, can do business in that State. I
"Resolyed, that it is the sense of this
conference that all the capital stock Of
private corporations should be fully paid
either as, first, in lawful money; or, sec
ord in property of actual cash amount
of the capital stock; that in all private
corDorations with capital ISSUED in ex-
cess of amount actually paid as above
provided, the shareholders shall be liable
to the extent of twice the lace value of
the stock held by EACH
Governor McAIillin in presenting tie
resolutions said he was aware of the
fact that trusts and combinations to re-
strain trade are in degree always de-
pendable upon Federal, State or munaci
pal Governments for their continuance.
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 cap
| ital. but to regulate them. That is the
whole object of this conference and when
| that is obtained the whole duty will
| have been done
Attorney General Davis, OF Arkansas,
| made few remarks in favor of the res