Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-01-07
Would Forbid Any Interstate
Company Holding Interest in
Competing Corporations.

antitrust law no such distinction exists.
II has been proposed, however, that the
Wosd reasonable should be made a
part of the statute. and then that il
should be left to the court to say what
IS 4 reasonable restraint of trade, what
Is a reasonable suppression of COMPETE
tioa, What is a reasonable monopoly. /
venture to think that this Is to put into
the hands of the court a power impos-
slble to exercise on any consistent prin-
ciple which will insure the uniformity
OF decision essential TO just judgment.
1t is to thrust upon the courts a burden
that they have no precedents to enable
them to carry. and to give them a
power approaching the arbitrary the
abuse of which might involve our whole
judicial system in disaster.
In considering violations of the anti
trust law we ought, of course, not to
forget that that law makes unlawful,
methods of carrying on business which
before its passage were regarded as
evidence of business sasacity int sue
cess, and hat they were denounced in
this act not because of their intrinsic
immortality, but because of the dam
serous results oward which they
tended, the concentration of industrial
rover in the hands of the few, leading
"a. oppression and injustice. In deal
ms, therefore. with many of the men
who have used the methods condemned
by the statute for the purpose of MAIN
tanning a profitable business, we may
well facilitate a change them in
The method Of doing business, III en-
able them to bring it back into the
lone of lawfulness without losing to
the country the economy of man
agen1ent by. which in our domestic
trade the cost of production has been
materially lessened and in competition
with foreign manufacturers our for
eign trade has been greatly increased.
MonopoIies Illegal.
Through all our consideration of this
grave question, however, we must in
sist that the suppression of competi-
ton. the controlling of prices, and the
monopoly or attempt to monopolize in
Interstate commerce and business, are
not only unlawful, but contrary to the
public good, and that they must be re-
strained punished until ended.
! therefor recommend the enact
meDf by Congress of a genera law
providing for the formation Of cor
pOratfons to engage in trade aud
commerce among the states and
With foreign nations, protecting
them from undue interference by
the stntes and regulating their nc
tiyitics, so 0s to prevent the recur-
renee, under national auspices, of
those abuses which have arisen
under state control.
Such a law should provide for the issue
of stock OF such corporations to an
amount equal only to the cash paid in
on h stock, and il the stock be is
sued for property, then at a fair valua-
ton, ascertained under approval and
supervision Of Federal authority, after
q full and complete disclosure of all the
facts pertaining to the value of such
property and the Interest therein of the
persons to whom 1t is proposed to is
sue stock in payment of such prop
erty. IT should subject the real and
personal property only of such cor
porations to the same taxation as is
imposed by the States within which it
may be situated upoh other similar
property located therein, and 1t should
require such corporations to file full
and complete reports of their opera
tions with the department of COM
p1erce and labor at regular intervals.
Corporations organized under
this act should be prohibited from
acquiring and holding stock in
other corporations Except for spe-
cfaI reasons upon approval by the
proper Federal authority, thus
avoiding the creation, under ma
tionnI auspices, of the holding COM
pany with subordinate corporations
in different states, which has been
such an effective agency in the
creation of the great trusts and
m~onopolies.
If the prohibition of the antitrust
act against combinations in restraint
of trade is to be effectively enforced it
is essential that the National Govern
ment shall provide for the creation OF