The Mena weekly star., 1909-07-15
ID MANAGE TRUSTS
ATTORNEY GENERAL WICKER SHAM ADVISES REGARDING
 BIG CORPORATIONS
FOR FEDERAL INCORPORATION
The Kentucky Bar Association Was Told That Holding Corporations Should Be Prevented From AcquIr ing Stock by State Laws.

Should Be Prevented From AcquIr-
 ing Stock by State Laws.
 Paducah, Ky, July 9.-State control of corporations doing an interstate business was discussed in an address before the State Bar association by George w. Wickersham. attorney gen eral of the United States. In this city. The address, taken as outlining the attitude of the present national admin istrat!on toward the trusts. was nota- ble chiefly for its recommendation that congress should enact a law providing for nationally created interpretations to carry on interstate commerce.
 "Of course, many will object to the centralizing tendency of national law authorizing the formation of cor porations to carry on interstate busi- ness," said Mir. Wickersham. but such law seems to me to be the inevitable result of economic conditions"
 An important feature of the address was the speakers effort to show the separate states how they may control the business of foreign corporations in their limits.
 The attorney general quoting an ar gument once made by Daniel Webster, said that 1t was a fallacy to hold that corporation can have no existence beyond the limits where 1t is or ganized.
 Dealing with the citizenship and standing of corporations, Mir Wicker sham quoted decisions that they were not citizens in the meaning of the fed eral constitutional requirements that citizens of each state should be en. titled to all the privileges and immuni- ties of citizenship of the states;" that the power of a state to prevent for eign corporation from continuing to do business is but the correiative of its authority to prevent such corporation from coming into the state; That the state in passing on these questions might take cognIzance of acts done elsewhere.
 As an instance of the unlimited pow CT of the state, as recognized by the United States supreme court. he cited the case of the Security Mutual Life Insurance company verses Prewitt, In which the consttutionality of statute of Kentucky was upheld by the United States supreme court.
 The result of this decision. he point. ed out, is to enable state to compel foreign corporation to refrain from retorting to the federal court fin con trCversies brought by or against it or else to cease to do business within that state.
 Much legislation has been enacted in various states" he said. for the purpose of preventing trusts, pools and combinations in restraint Of trade and monopolies. Many of these acts are long. involved and abounding in adjcciives. Some of them have been ore or less effective, most of them ave proved ineffective as applied to foreign corporations.
 Tt has seemed to me that an effec. tive method of leglslating on this sub ject would be to enact that no foreign corporation should be licensed to dc business within a state if 50 per centum of it's capital stock or upwards was owned or held by any other cor poration, domestic or foreign: and that if at any time after obtaining such a license, more than 50 per centum of the capital stock of such corporation should be acquired by another corpora tion. the license should be impso facto vacated
 The device of the holding corpora ton is the only thing which has made possible the rapid growth of the great trusts and monopolies and a prohibit ton such as that stated would go far toward their destruction"
 American Respect for Education.
 There is something in America be sides money and politics. America realizes the importance of education and the respect due to those who are entrusted with the great work of pre- pairing men for their part in life When Dr. Eliot resigned the presi- dency of Harvard university the whole country treated it as event of the first importance and realized the re sponsibility resting upon the overseers in the selection of his successor. When 1t comes to the selection of a governor, a senator. an ambassador, a president even. Americans are care less. for while their politicians may do harm it is seldom lasting, but 1t Is different with the president of liar. yard. Only the man fitted by learning and character and temperament is deemed worthy of being considered. sc great is the respect in which the office is held.--Nation Review.
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