Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-09-22
Adopt Resolutions Calling for
Regulation Of Trusts.
Would Have State and National Leg
isIation, Strict and Stern.
Draft Of Suitable Bill 10 Be Furnished Gov
ernor Of Every State.


after midnight trying to bring to
gether the widely divergent views pre-
scented, and finally the matter was left
in the hands of subcommittee.
Shortly before 10 o'clock, when Chair
man Sayers called the conference to
order. there was a very slim attend
ance of both delegates and visitors.
He announced that the committee on
resolution would be ready to report
about noon, and the conference took a
recess until that time.
On re-assembling, Mr.. Mcmillan pre-
scented the resolution as adopted by the
committee on resolutions. They are as
follows:
The committee on resolutions to
which was referred several resolutions
and papers, in lieu Of all Of them,
submits the following with the recon-
mendation that it be adopted bv the
conference. That we believe that the
best present available remedies lie
along the following lines:
1.-THE enactment and enforcement
both by the several states and the ma
ton, of legislation that shall adequate
Iy and fully define as crimes any at
tempted monopolization or restraint of
trade in any line of industrial activity
with provisions for adequate punish
ment, both of the individual or the cor
poration that shall be found guilty
thereof punishment to the corpora
ton to the extent of dissolution.
't2-The enactment by each of the
states of united legislation for the ade-
quate and proper control and relation
of corporations chartered by that
state, and we recommend as efficacious
q system of reports to. and examina-
ton by state authority. of the corpo-
rations organized under the laws, to
the end that they be brought to a fair
observance of the laws under which
they are enacted.
"3-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 in
terstate commerce. except on terms
that will put the foreign created cor
poration 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 up
on corporations seeking to engage in
business outside the state of their crea-
ton 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 VIII
place the corporation subject to the
same control, Inspection. supervision
and regulation as the domestic corpora
tion of that state and subject to be
,revocable if the conditions thereof are
violated
THE enactment Of state legislation
declaring that corporation created in
one state to do business exclusively in
other states than We're created. shall be
prohibited from admission into any
state. This proposition is supported by
decisions of the supreme courts OF sew
etal states. but we believe it should be
come by legislative enactment uniform
throughout the states.
"5-That no corporation should be
formed in whole or in part by another
corporation. s'stslM
'.6-That no corporation shall own or
hold any stock in another corporation
engaged in a similar or competitive
business and that no officer or director
of a corporation shall be the officer or
director or the owner of stock in an
other corporation engaged in a similar
or competitive business the object or
result of which is to create trust or
monopoly.
'.7-Recognizing that trusts are usually
composed of corpora tions. and that cor
I'M of the law
and can only exist in the place of then
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 cor
poration which is a member of any poo
or trust in that state, or elsewhere, car
do business in that state.
Resolved. that il is the sense Of thi;
private corpora tons should be fully paiu
either, first. in lawful money, or, second
in property of the actual cash value ="
the amount of the capital stocks: an'
. that in all private corporations with q
capital stock issued in excess of tho
amount actually PAID up as a, ap9ve pro .,
the extent of twice the face value of the
stock held by each.
Gov. McMillin, in presenting the reSolu
tions, said that he was aware that trust:
and combina tons to restrain trade were
In n degree always dependable on federal
state or municipal governments Tor thei
continuance. H.
'This Is no assemblage," he said, u
war on corporations or capital IN any
form The object of these resolutions Il
not to crush corporations or destroy cap
ital. but to regulate them. This is TIT
whole object of this conference ana Whel
that is obtained its whole duty will have
been done
Attorney General Davis Of Arkansas
made a few remarks in favor OF the res
olutions, in the course of which he de
piored the fact that anything had conn
up during the conference to mar the har
mony OF its Proceedings. Chairman Say
ers then put the question and the resolu
tons We're unanimously adopted by tn
representatives of the states remaining
Gov. shaw of Iowa. and Gov. Thoma
of Colorado. and Attorney General TayIo
of Indiana. having gone home, last even
ing. only eight states We're represented
Attorney Genefa Campbell of Colorado
moved that committee of five be an
pointed to formulate a bill along the lin
OF the resolutions adopted and that cac
governor Present 1t to his Legislature an
recommend II 10 the chef executives a
other states MI. Heifner of Washineto.
and Gov. Jones of Arkansas objected +
this on general principles and the motio
vas lost.
Chairman Sayers made 4 short aadras
telling OF MS disinterest euness in calm
the conference. He said he did not Il,
peSe the trust was n question of n1Iiti,s
put one purely OF patriotism Serrefar
Moore Promised 10 have a copy Of ~
proceedings furnished to the eov.rp,r :,
Every state In the Union The crn,n,.anS
then adjourned sine lie - ''i'efeh'