The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-11-20
FAN0RS NATIONAL
INCORPORATION LAW
Continued From Page One,


lished. the qpcstion of the reasonable
ness of such rate TO be subject TO the
other provisions Of the act in like man
ncr as any other filed and published
rate: the agreement, however. not TO
amount to a contract to maintain the
rate for any given time. but each party
10 have the right 10 withdraw from or
altcr such rate.
"By specifically empowering the
commission 10 prescribe regulations un-
der which shippers shall have the privl'
/, lcgc of designating the route over which
their shipments shall be carried.
BY providing that no railroad com
pauy shall acquire stock IN any com
pctiug railroad company; and, possi
bly,. that no railroad company engaged
in Interstate commerce shall hold stock
in competing railroad.
AS TO Bond Issues
4" BY providing that no railroad com
pany engaged in interstate commerce
shall issue any additional stock or bonds
except with the approval Of the COM
mission, and for price not less than
par for stock, aud not less than tho
reasonable market value for bonds,
''Thesc notifications in the act
would, il is believed, make il an ef.
l''ll'N Hl'HFbi' ~ ''idlU l'hNplslbi'
rates and fairness OF practices in the
operation of interstate railroad lines.
MIR. WIckersham, in speaking of the
sherman antitrust law. said that no
statute WAS so generally misundor,
stood.
The speaker said the great purpose
TO be borne in mind in connection with
this aud similar legislation is always
the preservation of the freedom TO
trade.
Must Provide Substitute.
" No doubt, said he, "thc Sherman
act is sufficiently comprehensive to de-
Stroy such monopolies as the holding
corporation, but at the same time that
the national government forges
weapon TO destroy abuses IL must pro-
vide substitute for those legitimate
enterprises that are equally dependent
FOR their existence upon the system SO
abused.
''I must provide a means of enabling
cooperative enterprises TO engage free.
lN IN interstate and foreign commerce
without interference by state action,
which fettcr, coniinc and destroy The
possibility of such free pursuit This
can only be done by the enactment of a
federal law providing for the formation
or corporations 10 engage in trade and
commerce among states. protecting them
from undue interference bv states and
regulating their activities so as TO pre-
vent the recurrence under national aus.
plccS Of those abuses that have arisen
under state control
Should Protect Corporations.
such 2 law should provide for the
organization and management of trad
ing corporations II should protect
organized under il from uu-
duo interference by state authorities.
snbJcciIGg its real and personal prop
elty only 10 such taxation as is imposed
by the state upon otErr similar property
locarcd therein; and il should require
u; TO Gle complete reports of its opera
tons with the bureau Of corporations
or some other similar Office.
such corporations should he pro-
hlhltcd from acquiring or holding stock
OF Other corporations
These agencies of commerce. thus
created under national authority, should
appeal 10 legitimate investors and to
Legitimate enterprises. They would not
2hord the same opportunity for stock
watering and stock Juggling as exists
today undor the complex and conflicting
regulations Of many states: hut they
would offer 30 investors "A security that
docs not exist under the present svs-
tom, and, II ayailcd Of TO a large extent.
IT might be advisable at some future
time TO prohibit trading corporations.
organized under state laws. from engaa.
ing in interstate commerce.
This, however, should be considered
only il The state of voluntary oraani-
zatlon under national law should make
1t clearly contrary to the general wei.
iarc that no other than national cOrpor.
ations engage in interstate trade -
DR.. Stephen ID. Wise. rabbi of the
Free Synagogue Of New York, spoke
On Municipal Reforms.