The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-28
YOUNG GETS AFTER |
TRADING SYSTEMS
ATTORNEY GENERAL WANTS
MORE STRINGENT LEGISLATION.

/
Gives Them too Much Privilege
Wound Punish Corporation Officials
for Watering Stock.
Edward T. Young, attorney general,
! made his biennial report to the gov
ernor today. 1t contains several rec
CONCENTRATIONS of a general character.
Mr.. Young favors the enactment of
more stringent laws against trusts, and
| wants legislation to reach the Mime
| apohs Chamber Of Commerce and Du-
luth Board Of Trade, asserting that
they are combinations in restraint of
trade. especially privileged by law.
On this subject he says:
1T is very apparent from the num-
Der OF complaints received by this de-
partment recently, with reference to
the. existence of combinations and as
soclatlons within the state which were
formed for the purpose Of restraining
trade, destroying business competition
and securing monopolistic control Of
the markets, that the legislature should
give very careful consideration to the
| revision and elaboration of our present
antl.t trust laws so as to give the pros
ecutlng officers of the state better OBJ
portunity to reach existing evils, and
successfully prosecute the class Of
cases referred to. It is perfectly mani
test that the. increasing number of
such organizations, and their encroach-
ment upon the ghts of individuals, is
at the present time the greatest menace
to the public welfare.
Calls It Monopoly. 8"
"In this connection. I. desire to call
| attention to sections 3112 and BIB of
the revised laws, relating to boards of
trade and chambers of commerce I'm
DER the provisions Of the present law
(Which is simply continuation of the
ola statutes on the subject), the grain
trade OF the state has, in my opinion,
fallen into the hands of two close
and the other at Duluth. These insti-
buttons have the absolute control of the
grain market Of the state, and they as
sumo to have, under the law, the power
to exclude from membership in their
organizations any one considered unde-
s1rable, and the. person so excluded IS
absolutely barred from embarking IN
the grain trade by reason of it's conccn-
ferred to.
They also assume to have power
to prescribe the commissions or rates
OF profit at which they and their as
sociates shall do business, and to pro-
hlblt any member from doing business
at less rate than that prescribed.
They also assume to prescribe the rates
at which money shall be advanced by
buyers to shippers, and, both as to such
advances Of money and rates of com
mission, all competition is absolutely
prohibited under heavy penalties. e.
~ do not believe that it is a iusti-
fable public policy to continue on the
statute books laws which can in any
way be construed to permit the forma-
ton or continuance of such associations.
There undoubtedly should be central
markets for; great staples like grain
and like. stock, but the. producers Of
the state are entitled TO- be protected
against such monopolies as have been
formed and assume to find their justi-
fcation under the laws referred to.
Pool in Livestock Trade. T.,
"What has been said of the grain
trade is equally true Of the livestock
business, and here again the producer is
the one who must suffer from the lack
of competition, and the evil practices
OF the exchange having control of the
business, in fixing prices and commits
slons: l have case pending, which
will reach the supreme court at it's next
term, involving the validity Of the
rules Of the Duluth Board Of Trade, but
this case cannot be determined before
the next legislature adjourns, and the
power OF the legislature to remedy this
evil is far more ample than that Of the
courts. - -" :. -
Aims at Fee Offices 81
I: IN NJ. = Youn!ggf2>favors aboIishing the
different surveyors general Of logs
and lumber and creating one state
scaler, who shall be on salary, and
hence under no obligation to lumber
men. This feeling of obligation to
lumbermen who have the state scale
logs from private land, the attorney
general to be lenient in scaling 1oes
from state lands.
Mr.. Dung will have the inheritance
tax law amended so the counties and
localities may share in the tax col
lected, 50, local officers would have
some incentive to collect the tax, He
would have the administration of this
law turned over to the state tax com
mission, if created. <.:-. .-s.. -.
There is a chapter on public service
corporations. Mr.. Young favors a law
to prevent the Unlimited and indis-
criminate purchase by one railroad
company Of the stocks of another.
Make Watering Stock Crime.
cit should also be made crime
says the report, "for the officers and
directors Of any public-service corpora
ton to issue fictitious or waterd stock.
Such stocks are mortgages upon the
resources of the country, and the divi-
bends exacted upon them are tax i'm
posed upon the people without their
consent. In view Of this fact, there
should also be "a law penalizing the
wrongful diversion from it's proper
channel of any Of the legitimate CAPT
talization Of such corporations, and the
state should have the right to examine
their books and records for the purpose
of finding out whether either offense
has been committed, the same as the
books and records of banks are ex-
amined
There is no PROVISION in the pres
ent law for the collection Of Interest
on taxes not paid promptly by corpora
tions which pay taxes in substituted
form. This omission should be supplied
by appropriate legislation.
Needs Additional Help.
Mr.. Young asks for a $4,000 con-
tingent fund to employ special counsel,
SO as to give sufficient force to
carry on suits for collection Of taxes,
treSnass anfOrcinU franchise +ovoe on