The Bridgeport evening farmer., 1910-01-07

vexatious and unnecessary invasion by the states. it shall subject it to reason able taxation and control by the states with respect to purely local business.
 Many people conducting great busi nesses have cherished a hope and a belief that in some way or other a line may be drawn between good trusts and bad trusts.' The public, and es- pecially the business public, ought to rid themselves of the idea that such distinction is practicable or can be in. troduced into the statute. Certainly under the present antitrust law no such distinction exists. 1t has been proposed. however. that the word ''rea- sonable'' should be made part of the statute and then that it should be left to the court to say what is reasonable restraint of trade. what is reasonable suppression of competition, what is a reasonable monopoly. I venture to think that this is to put into the hands of the court power impossible to exer else on any consistent principle.
 Tn considering violations of the anti trust law we ought, of course, not to forget that that law makes unla wful methods of carrying on business which before it's passage were regarded as evidence of business sagacity and sue cess and that they were denounced in this. act not because of their intrinsic immortality, but because of the danger ous results toward which they tended. the concentration of industrial power in the hands of the few, leading to oppression and injustice.
 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 unlaw wful but contrary to the public good, and that they must be re strained and punished until ended.
 National Incorporation Law.
 I therefore recommend the enactment by congress of general law providing for the formation of corporations to engage in trade and commerce among the states and with foreign nations. protecting them from undue interfer- ence by the states and regulating their activities. so as to prevent the recur- renee under national auspices of those abuses which have arisen under state control Such law should provide for the issue of stock of such corpo- rations to an amount equal only to the cash paid i'll on the stock. and if the stock be issued for property then at a fair valuation ascertained under ap- proval and supervision of federal au thority. after full and complete dis closure of all the facts pertaining to the value of such property. and the in terest therein of the persons to whom it is proposed to issue stock in pay ment of such property. It should sub feet the req; and personal property only of such corporations to the same tax alton as is imposed by the states with in which it may be situated upon other similar property located therein. and it should require such corporations to file full and complete reports of their opera tions with the department of com merce and labor at regular intervals, Corporations organized under this act should he prohibited from acquiring and holding stock in other corporations except for special reasons upon. ap- prova by the proper federal author ity). thus avoiding the creation under national auspices of the holding com pany with subordinate corporations in different states, which has been such an effective agency in the creation or the grea trusts and monopolies.
 lf tie prohibition of the antitrust act against combinations in reStraun of trade is to be effectively enforced it is essential that the national govern ment shall provide for the creation of national corporations to carry on a 1 legitimate business throughout the T7nifc1 S-atcS @,I't,.s no,, air4inr laws Of