The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1911-12-07

the disturbance to business that would
probably attend the dissolution of these
offending trusts. | said:
But such an Investigation and pos
sibIe prosecution of corporations whose
prosperity or destruction affects the
comfort not only of stockholders. but
Of millions Of wage earners. employees
and associated tradesmen. must neces-
sarily tend to disturb the confidence
of the business community. to dry up
The now flowing sources of capital
from it's places Of boarding and pro-
duce halt in our present prosperity
that will cause suffering sand strained
circumstances among the innocent
many for the faults Of the guilty few.
The question which wish in this
message to bring clearly to the CON
sideration and discussion Of congress
IS whether. in order TO avoid such a
possible business danger. something
cannot be done by which these busi-
ness combinations may be offered II
means. without great financial dis
turbance. of changing the character.
organization and extent of their bust
ness into one within the lines of the
law under federal control and super
vision. securing compliance with the
antitrust statute
Generally in the industrial cOmbina-
tons called trusts the principal bust
ness is the sale of goods in many states
and in foreign marketS-in other words.
F.. the interstate and foreign business far
! exceeds the business done in any one
state This fact will justify the fed
! eral government in granting federal
charter to such a combination to make
and sell in interstate and foreign COM
herce the products Of useful manufac-
ture under such limita tons as will Sc
cure a compliance with the antitrust
! law. 1t is possible so to frame stat
ute that. while it offers protection to a
federal company against harmful. vex-
atious and unnecessary invasion by the
states. it shall subject it to reasona-
BILE taxation and control by the states
with respect to its purely local bust
ness
act should be prohibited from acquir-
ing and holding stock in other corpo-
raticns except for special reasons.
upon approval by the proper federal
authority. thus avoiding the creation
under national auspices of the holding
company with subordinate corporations
in different states. which has been
such an effective agency in the crea
ton of the great trusts and monopo
lies.
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
national corporations to carry on lie
Ultimate business throughout the Unit
ed States. The conflicting laws of the
different states of the Union with re
spect to foreign corporations make i
difficult. if not impossible. for one cor
poration to comply with their require
ments so as to carry on business In
number of different states"
| renew the recommendation of the
enactment Of general law providing
for the voluntary formation of cor
porations to engage in trade and com
merce among the states and with for
eign nations Every argument which
was then advanced for such law ant
every explanation which was at tina
time offered to possible objections ha:
been confirmed by our experience since
80 fpr1 CT ~
ute has resulted in the actual dissou
ton Of active commercial OrganiZa
tons.
1t is even more manifest now thar
it was then that the denunciation o.
conspiracies in restraint Of trade
should not and does not mean the de
NAL of organizations large enough tt
be intrusted with our interstate anC
foreign trade 1t has been made more
clear now than it was then that ;
: purely negative statute like the anti
trust law may well be supplemented
by specific provisions for the buildin:
up and regulation OF legitimate Ma
, tional and foreign commerce.
Government Administrative Expert
Needed to Aid Courts In Trust
Dissolutions.
The drafting of the DEGREES in thu
dissolution of the present trusts. will
a view to their reorganization into lie
ultimate corporations. has made it es
pecially apparent that the courts arr
not provided with the administrative
machinery to make the necessary in
: quiries preparatory to reorganization
or to pursue such inquiries. and the!
: should be empowered to invoke tn,
aid of the bureau of corporations il
determining the suitable reorganiZa
ton of the disintegrated parts. Tbs
circuit court and the attorney genera
: were greatly aided in framing the de
cree in the tobacco trust dissolution b,
an expert from the bureau of corpora
tons.
d.