Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-01-07

among the states and with foreign ma
tions, protecting them from undue In
terference by the states and regulating
their activities so as to prevent the
recurrence, under national auspices. of
tnose abuses which have arisen under
state control. Such a law should pro-
vide Tor the issue of stock OF such
corporations to an amount emal onIv
TO the cash paid In on the stock: and
IL the stock be Issued for property, then
vi q falr valuation, aScertained under
approval and supervision of federal au-
tnority after a full and complete dis
closure OF all the facts pertaining to
the value OF such property and the
interest therein OF the persons to whom
IL Is proposed to Issue stock In payment
OF such property only OF such corpora
tions to the same taxation as is i'm
posed by the states, within which IL
may be situated, upon other similar
property located therein and IL should
require such corporations to file full and
complete reports of their operations
WIN the department of commerce and
lapor at regular intervals.
Corporations organized under th,s
act should be prohibited from acouir-
ing and holding stock in other
corporations (eXcept for special rea-
SONS upon approval by the proper
Ieueral authorities) thus avoiding the
oIeating, under national auspices of
the holding company with subordInate
corporations in different states. whicb
mas Deen such an effective agency in
inc creation of the great trusts and
monopolies
FEDERAL INCORPORATION
II the antitrust law against COM
plna.lons In restraint of trade Is to
pe effectively enforced il is essential
provide for the creation of national
corporations to carry on a legitimate
BUSINESS throughout the United States
Inc conflicting laws of the different
states OF the Union with respect to
iorelgn corporations make 1t difficult
not impossible for one corporation
TO comply with their requirements
SO as to carry on a business in a num-
Der of different states.
10 the suggestion that this proposal
OIL federal incorporation for Industrial
combinations is intended to furnish
the refuge in which to continue in
uostrlai abuses under federal protec-
tion, 1t should be said that the
measure contemplated does not re-
peal the sherman antitrust law. and
is not TO be framed so as to permit
the- doing OF the wrongs which 1t is
the purpose of that law to prevent
put only to foster a continuance and
ADVANCE OF the highest industrial eff
ficiency without permitting Industrial
abuses
Such national Incorporation law will
be opposed. first by those who be-
neVe the trusts should be completely
broken up and their property de-
stroyed. 1t will be opposed. second.
by those who doubt the constitutions
ality of such federal Incorporation
and even If 1t Is valid object to ii
TO great federal IL
Will be opposed. third, by those who
VIII insist that a mere volen-
tary Incorporation like this will
not attract to its acceptance the
worst OF the offenders against the
antitrust statute. and who will there
fore propose. instead of it. a system
of compulsory licenses for all federal
corporations engaged in interstate
business.
OBJECTIONS CONSIDERED.
Let US consider the objections in
their order. The government is now
trying to dissolve some of these com
binations and 1t Is not the intention OF
the government to desist In the least
degree In its effort to end these com
binations which arc today monopoliz-
ing the commerce of this country: that
where it appears that tho acquisition
and concentration of property go to
the extent of creating a monopoly or
of substantially and directly restrain
ing interstate commerce. II is not tho
intention of the government to per-
init this monopoly to exist under
federal incorporation. or to transfer
to the protecting wing of the federal
government, the state corporation
now violating the Sherman act.
But 1t Is not, and should not be the
policy of the government 10 prevent
reasonable concentration of capital
which is necessary to the economic
development of manufacture, trade and
commerce. This country shows a
power Of economical production thai
has astonished the world and has en-
abled us to compete with foreign
manufactures In many markets II
should be the care of the government
to permit such concentration Of cap
ital while keeping open the avenues
OF individual enterprise and the oppor-
tunity for man or corporation with
reasonable capital to engage in busi-
ness. If we would maintain our present
business supremacy, we should give