Cañon City record., 1910-01-13
PRESIDENTS
MESSAGE LAID
BEFORE HOUSE
FEDERAL CHARTER MAIN POINT
OF SPECIAL MESSAGE.
President Taft Suggests No Change ia
the Sherman Antitrust Law at
the Present Time.

Washington. Jen. S.-President
Taft's special message TO congress,
recommending amendments TO the In
terstate commerce and antitrust
laws. was laid before the house OF
representatives yesterday. The read
ing OF the document was begun with
out delay and members on both the
Republican and Democratic sides. fol-
lowed the clerk closely. Unusual
quiet prevailed during the reading.
Representative Townsend of Mich
igan. who was among the most atten-
tive listeners. was understood to have
In his possession the administration
bill amending the interstate commerce
law, accordance with the recommen-
dations OF the president This bill
will be introduced next Monday. The
message was referred to the appro-
pirate committees.
President Taft's special message
dealing with amendments to the in
terstate laws, looking to a more eff
fectiye federal supervision OF rail-
roads and conveying his recommen-
dations for the passage of a federal
Incorporation act. followed closely
the forecasts that have been made
from time to time. and in the suggest
ed legislation as 20 railroads embodies
all of the suggestions that the presi-
dent has made from time to time In
his speeches on the subject.
Mr.. Taft suggested no changes In
the Sherman antitrust law at this
time.
The antitrust feature OF the mes
sage deals solely with the subject Of
federal charters.
The president thinks that an oppor-
iunity should be given the big indus
=. 4. .T.,. a.. IwfF. kFNr
iuess once more into the zone OF law
fuiness.' by taking out a federal char-
ter under certain conditions. before
II becomes necessary 20 proceed
against every corporation about which
there Is a breath OF suspicion.
1T - the duty and the purpose OF
the executive SAYS the message. Ito
direct an investigation by the depart
ment OF Justice. through the grand
Jury or Otherwise into the history. orr
ganized and purpose OF all Industrial
companies with respect 70 which
there Is any reasonable ground for
suspicion that they have been orga-
nized for a purpose and are conduct
Ing business on n plan which IL In
violation of the antitrust law"
Such n wholesale Investigation and 4
possible prosecution the president
points out. however would result IN
serious disturbances and produce n
halt In our present prosperity that
will cause suffering and strained cir
among the Innocent
many of the faults OF the guilty few.
The question which I wish In this
message to bring clearly 30 the con-
sIderation and discussion OF congress
Is whether I'm order to avoid such a
possible business disaster something
cannot be done by which these busi-
ness commissions may he offered
means. without great financial dis
turbnnce. Of changing the character.
organization and extent of their husi-
neas into ono within the lines OF the
law under federal control and super
vision. and in complete compliance
with the antitrust statutes
The conditions upon which federal
charters are 10 be granted under the
presidents recommendations are
these: The Issue of stock TO he 20 an
amount equal only TO the cash paid
In on the stock. or II stock be issued
for property then at fair valuation,
ascertained under approval and su-
pervlsion of federal authority. after
full and complete disclosure of all the
facts appertainIng to the value OF the
and the interest on Il of the
persons to whom the stock Ia to be
Issued. Corporations taking federal
charters are 10 be prohibited from ao-. 4
lulring and holding stock in other
except for special rea-
sons upon approval by the proper fed
eral authorities. Full reports of op-
eratIons are to be made to the depart
ment OF commerce and labor AT reg
nlar intervals. The federal lncorpora- 4
lion Is to be voluntary but the presi/
lent feels that most of the corpora
lions will he glad or the opportuni-
iy TO reform their business methods
he department OF justice will invesu-
gate them Nothing in the federal
charters IL To exempt any corporation
from prosecution for violation OF the
lnti-trust law.