The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1907-12-03

rose upon purn tne- department 81
Justice and the courts an impossible
burden It is not feasible TO carry on
more than a limited number Of such
suits Shrh q law 10 be really effec-
tive must Of course bc administered
by an executive body and not merely
by means Of lawsuits The design
should be TO prevent the abuses incl
dent to Che creation Of unhealthy and
improper combinations instead Of wait
Ing until they are IN existence and
then attempting 70 destroy them by
civil or crlminsl proceedings.
Law sseald Be Explicit
A combination should not be tolerat-
cd II it abuss the power acquired by
combination to the public dotriment.
No corporation or association Of any
kind should be permitted to engage IN
foreign or interstate commerce that is
formed for the purpose of or whose
operations create a monopoly or gen
eral control Of the production. sale or
distribution OF any eae or more Of the
prime necessities of life or articles Of
general use and necessity. such com
binatioas are against public policy.
They violate the common law. The
doors of the courts are closed to those
who are parties TO them, and I believe
the congress can close the channels OF
interstate commerce against them for
its protection The law should make
It's prohibitions and permissions as
clear and definite as possible. leaving
the least possible room for arbitrary
action or allegation OF suca action on
the part Of the executive or of diver
gent interpretations by the courts
Among the points to be aimed at
should be the prohibition Of unhealthy
competition. such as by rendering serv-
ice at an actual loss FOR the purpose Of
crushing out competitions the proven
tion Of imitation Of capital and the pro
hibltion of corporations making ex-
elusive trade with Itself a condition OF
having any trade with itself Beason-
able agreements between or combina-
tlons Of corporations should be per
mitted provided they arc first submit
ted to and approved by some appro-
pirate government DouA.
Congress- Power
The congress has the power 10 char
ter corporations TO engage IN interEtate
ard foreign cohtnerce. ahG n general
law can be enacted under the proyi-
sIous OF which existing corporations
could take out federal charters and
new federal corporations could be ere
aIed. An essential provision Of such q
law should be a method Of predeter-
mining by some fseeral board or com
mission whether the applicant for a
federal charter was an association or
combination within the restrictions Of
the federal law. Provision should also
be made for complete publicity in all
matters affecting the public and com.
plete protection to the investing public
and the shareholders IN the matter of
issuing corporate securities. If an in
corporation law IS not deemed advisa-
bic, n license act for big interstate cor.
| pOrations might be enacted or com
binatlon Of the two night be tried.
The supervision es, Ped might be
analogous to that now exercised over
national banks. AT least the anti
trust act should be supplemented by
specific prohibitions Of the methods
which experience has shown have been
OF most service in enabling monopolls-
tic combinations to crush out competi-
tion.
The real owners OF a corporation
should he compelled to do business in
their own name. The right 70 hold
stock IN other corporations should here
litter be denied 20 interstate corpora
tions, unless on approval by the proper
government officials, and prerequisite
to such approval should be the listing
with the government Of all owners and
stockholders, both by the corporation
owning such stock and by the corpora
tlon in which such stock is owned.
Lessons Of Recent Crisis.
To confer upon the national govern,
ment In connection with the amend
mcnt I advocate in the antitrust law
power Of supervision over big business
concerns engaged IN interstate com
merce would benefit them as Il has
benefited the national banks I'm the
recent business crisis It IS noteworthy
that the institutions which failed were
Institutions which were not under the
supervision and control Of the national
government Those which ~ere under
national control stood the test
National control of the kind above
advocated would be 10 the benefit of
every we'll managed railway. From
the standpoint Of the public there Is
need for additional tracks. additional
terminals and improvements I'm the ae-
tual handling OF the railroads, and an
this as rapidly as possible Ample,
safe ana speedy transportation facili-
ties are even more necessary than
cheap transportation Therefore there
IS need for the investment Of money
| which VIII provide Tor an these things
while az the same time securing as far
as Is possible better wages and ahorier
hours for their employees. Therefore,
while there must bc Just ana reasona-
be regulation OF rates. we should be
| the FIRST 20 ur0tpst neniust any Qrbitrn.