Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-12-05

tons, have been confirmed by our ex.
perience since the enforcement of
tho antitrust statute has resulted in
the actual dissolution OF active CON-
mercial organizations.
It 10 even more manifest now than
II was then that tho denunoiation OF
conspiracies In restraint Of trade
should not and does not mean the do.
NAL OF organizations large enough to
be Entrusted with our interstate and
foreign trade. It has been made more
purely negative statute like the anti
trust law may we'll be supplemented
by specific provisions for the build.
ing up and regulation Of legitimate
national and foreign commerce.
Government Administrative Experts
Needed to Aid Courts In Trust
Dissoiutions.
The drafting Of the DEGREES in the
dissolution of the present trusts. with
view to their reorganization into
legitimate corporations. has made It
especially apparent that the courts
are not provided with the administra-
tive machinery to make the neces-
sary inquiries preparatory to re.
organization. or to pursue such in
quiries. and they should be empow-
cred to invoke the aid Of the bureau
of corporations in determining the
suitable REORGANIZATION of the disin.
teErat.ng parts. The circuit court
and the attorney general were great
ly aided In framing the decree in the
tobacco trust dissolution by an ex.
pert from the bureau of corporations.
Federal Corporation Commission Pro
posed.
do not set forth in detail the terms
and sections Of statute which might
supply the constructive legislation per-
hitting and aiding the formation OF
combinations of capital into federal
corporations. They should be subject
to rigid rules as to their organization
and procedure, including effective pub
licity, and to the closest supervision as
to the issue Of stock and bonds by an
executive bureau or commission In the
department Of commerce and labor. to
which in times Of doubt they might
we'll submit their proposed plans for
future business. It must be distinctly
understood that Incorporation under a
federal law could not exempt the COM
pany thus formed and it's incorporators
and managers from prosecution under
the antitrust law for subsequent lille
gal conduct. but the publicity Of its
procedure and the opportunity for fire.
Quent consultation with the bureau or
commission in charge Of the incorpora-
ton as to the legitimate purpose Of ito
transactions would offer 1t as great Sc
curity against successful prosecutions
for violations Of the law as would be
practical or wise.
Such a bureau or commission might
we'll be invested also with the duty al
ready referred to, Of aiding courts In
the dissolution and recreation Of trusts
within the law. 1t should be an execu-
tive tribunal Of the dignity and power
Of the comptroller of the currency or
the interstate commerce commission.
which now exercise supervisory power
over important classes Of corporations
under federal regulation.
The drafting of such federal incor-
poration law you'd offer ample oppor-
tunity to prevent many manifest evils
in corporate management today, in
Guiding responsibility Of control in
the hands of the few who are not the
real owners.
Incorporation Voluntary.
I recommend that the federal char
tiers thus to be granted shall be volun-
tary, at least until experience justides
mandatory provisions. The benefit to
be derived from the operation Of great
businesses under the protection OF
such charter would attract all who
are anxious to keep within the lines
of the law. Other large combinations
that fail to take advantage OF the fed
eral Incorporation will not have q
right to complain II their failure 10
ascribed to unwillingness to submit
their transactions to the careful scru-
tiny, competent supervision and pub
OF such charter.
Supplemental Legislation Needed.
The opportunity thus suggested for
federal Incorporation. 1t seems to me.
is suitable constructive legislation
needed to facilitate the sQuartng OF
great Industrial enterprises to the rule
Of action laid down by the antitrust
law. This statute Is construed by
the Supreme court must continue to
be the line OF distinction Tor leg1ti'
mate business. It must be enforced.
unless we are to Danish individualism
from all business and reduce It to one
common system Of regulation or con-
troll of prices like that which now pre-
walls with respect to public utilities.
and which when applied to all bust.
ness would be long step toward state
socialism.
Importance Of tho Antitrust Act.
The antitrust act is the expression
OF the effort OF freedom-loving peo-
pie to preserve equality OF opportun-
ity. 1t is the result Of the confident
determination Of such a people to
maintain their future growth by pre-
serving uncontrolled ana unrestricted
the enterprise of the individual. his
ingenuity, his intelligence and his In
dependent courage.
For twenty years or more this stat
ute has been upon the statute book.
All knew Of its general purpose and
aDprOved MANY Of its violators were