Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1899-09-28
ST. LOUIS CONVENTION OUTLINES 4
REMEDY.
Resolutions Are Adopted Outlining
h Liquidation Needed TO Controi
the SO-CaIled Trusts and Com
bines-DimcuIty I'm Reconciiins
the Widely Divergent Views FREE
scented for Consideration-Lous
Session OF the Committee ON
Resolutions Required Before an
Agreement Was Reached.

st. Louis, Sept. I3.-A1tfer TWO Gays
Of speech-making the governors, at
torney generals and other state repre-
sentatives who have been holding a
conference here on the invitation or
Coz Sayers OF Texas, adopted resolu-
tons outlining the legislation needed
to control the so-calied trusts and COM
bines and adjourned sine die.
The recommendations embodied We're
agreed TO after a lang session of the
committee on resolutions. So widely
divergent were the views presented
for it's consideration that it was after
midnight when the committee was
able to arrive at any conclusion. The
whole matter was then referred to a
subcommittee composed of Gov. Nc
nlillIn of Tennessee and attorney gen.
.nrals Smith Of fTexas and Campbell Of
Colorado TO put into proper shape.
The conference was TO have met at
D O'Clock, but it was noon before it got
down TO business as the committee ON
resolutions was not ready TO report I'M
til then. The delayed regrets of the
attorney general OF Ohio were then
read and the Gov. McMillin, chairman
OF the committee on resolutions, pre-
sented the report of that committee.
The following are he resolutions:
First-The enactment and enforcement, both
by the several states and the nation. Of legis-
latton that shall adequately and fully define
as crimes any attempted monopolization CT
restraint OF trade In any line Of Industrial
activity, with provisions for adequate punish
ment, both Of the Individual or the corpora
tion that shall be found guilty thereof. pun
ishmsnt 10 the corporation 70 the extent OF
its dissolution.
Secoad-The enactment by each OF the states
OF the Union OF legislation for the adequate
and proper control and regulation OF corpora
tons chartered by that state. and VS. recon-
mend as efhcacfous a system Of reports 20 and
examination by state authority OF the cor
porations organized under It's laws, TO the end
that they be brought 70 a fair observance OF
the laws under which they are created.
Third-The enactment by each state OF laws
that VIII preSeEt the entrance OF any foreign
chartered ccrporatiog into its limits for any
other purpose than interstate commerce. ex-
cept on terms that Will put the foresgn-crs-
ated corporation on a basis OF equality with
the doEnestic-created corporation OF the state
entered, and subject 20 the same laws. rules
are applicable to the domestic corporations
q. that state and TO this end we recommend
legislation thai would maks IL mandatory
upon corporations seeking TO engage in BUSH
mess outside the state of their creation that
they procure licenses from the foreiga state
as q condition precedent 20 their entry into
eQEU IA eAEl license 10 De %FAuA3l Oh kACl
terms and subject TO such restrictions as VIII
place the corporation subject 10 the same
control, inspection. supervision and regulation
as the domestic corporation OF that state. and
subject 10 be rsyocabls IL the conditions thereof
are violated.
F~ourth-The enactment OF state legislation
declaring that corporations created In one state
70 do business in other states than where Gre
ated shall be prohibited from admission into
the state.
This proposition is supported by decisions OF
the supreme courts OF several states. but we
believe IL should become a legislative enact
raent uniform throughout the states.
Tifth-That no corporations 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 a
similar or competitive business, and that no
ctflcer or director OF a corporation or shall be
the owner OF stock in another corporation en-
gagged in a similar or competitive business, the
object or result OF which is TO create q trust or
monopoly.
ssvsnth-Recognixing that trusts are usually
composed OF corporations. and that corporations
are but creatures OF the law and can only exist
In the place OF their creation and cannot mi
crate to another sovereignty without the con-
sent OF that sovereignty. 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 can do business In that state.
Resolved That il is the sense OF this confer
ence that all the capital stock OF private cor
porations should be fully paid, either first, In
lawful money. or, second. in property OF the
actual cash value Of the amount OF the capital
q capital stock issued in excess OF the amount
actually paid UP as above provided. the share
holders shall be liable TO the extent OF twics
the face value OF the stock held BY each.