Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1899-09-29
THE ANTT-TRUSTS.
ST. LOUIS CONVENTION SETS
FORTH A PLAN OF ACTION.

FORTH A PLAN OF ACTION.
Twelve States Represented They Formulate
Concise Statement Of Facts and Conditions
and Recommend State Action Supplemented
by National Legislation for Control and Reg
ulation Of Corporations Washington Repre-.
ssnted by Mr.. Heifner.
The antitrust convention of State
executives held in st. Louis last week,
by suggestion OF Gov. Sayers, OF Texas,
after a two days session, adopted reso-
lutions outlining the legislation need
ed to control the so-called trusts and
combines, and adjourned sine die.
The resolutions embodied were
agreed to after long session of the
committee. So widely divergent were
the views presented for consideration
that it was after midnight when the
committee was able to arrive at any
conclusion. The whole matter was
|
then referred to a sub committee COM
posed of Gov. McMillin, of Tennessee,
and Attorney Generals Smith, of
Texas, and Campbell, of Colorado, to
put into proper shape.
The committee on Resolutions, to
which were referred several resolutions
and papers, ir lieu of all of them, sub.
NIT the following, with the recon-
mendation that it be adopted by this
conference:
"That we believe the best present
available remedies lie along the fol-
lowing lines:
"The enactment and enforcement
by the several States and the nation
of legislation that shall adequately
and fully define as crimes any attempt
ed monopolization or restraint of
trade in any line of industrial activity,
with provisions for adequate punish
ment, both of the individual or the
corporation, that shall be found
guilty thereof, punishment to the
corporation to the extent of its dis
solution.
Second--The enactment by each of
the States OF the Union of legislation
for the adequate and proper control
and regulation of corporations char
tered by the State, and we recommend
an eficacious system of reports to and
examinations by State authorities of
the corporations organized under its
laws, to the end that they be brought
to 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 corpor-
alton into its limits for any other pur-
pose than interstate commerce, except
on terms that will put the foreign
created corporation 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
that ale applicable to the domestic
corporations of that State, and to this
end we recommend legislation that
would make it mandatory upon corpor-
ations 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
and subject to such restrictions as will
place the corporation subject to the
same control, inspection, supervision
and regulation as the domestic corpor-
alton of that State, and subject to be
revocable if the conditions thereof are
violated.
Fourth-The enactment OF State
legislation declaring that corpora
ton created in one State to do busi-
ness 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
legislative enactment, uniform
throughout the States.
Fifth-That no corporation should
be formed in whole or in part by
another corporation.
Sixth-That no corporation shall
own or hold any lstock in corpora
ton engaged in similar or competi.
tive business, and that no officer or
director Of a corporation shall be the
officer or director or the owner of
stock in another corporation engaged
, in a similar or competitive business,
the object or result OF which is to ere
ate trust or monopoly.
Seventh - By recognizing that
trusts are usually composed of corpor-
atlons 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 with
held when desired, we recommend as
the sense of this conference that each
State pass laws providing that no
corporation which is member of any
pool or trust in that State or else
where can do business in that State.