The Owosso times. (Owosso, Mich.) 1897-1926, 1911-12-08

chants and business men to Follow. II
may be that such plan will be-
evolved. but I submit that the discus
sions which have been brought out IN
recent days by the fear of the con
tinued execution Of the antitrust law
have produced nothing but glitterine
generalities and have offered no line
or distinction or rule OF action as
definite and as clear as that which the
| Supreme court itself lays down In en-
| forcing the statute.
Supplemental Legislation Needed-Not
Repeal or Amendment.
see no objection-and indeed can
see decided advantages-in the enact
ment of law which shall describe and
denounce methods of competition,
which are unfair and are badges of the
unlawful purpose denounced in the
antitrust law. The. attempt and pur.
pose to suppress a competitor by un-
derselling him at price so unprofit-
able as to drive him out of business.
or the making of exclusive contracts
with customers under which they are
required to give up association with
other manufacturers. and numerous
kindred methods for sitting competi-
ton and effecting monopoly, should be
described with sufficient accuracy in a
criminal statute on the one hand to
enable the government to shorten Its
task by prosecuting single INSIDE
meanors instead OF an entire con-
spiracy, and, on the other hand, to
serve the purpose of pointing out
more In detail to the business COM
munity what must be avoided.
Federal Incorporation Recommended.
In a special message to congress
on January Z, 1910, I ventured to
point out the disturbance to business
that would probably attend the disso-
luton Of these offending trusts.
said:
But such an investigation and pos
sible prosecution of corporations
whose prosperity or destruction affects
the comfort not only of stockholders
but Of millions Of wage earnerA en-
ployes, and associated tradesmen must
necessarily tend to disturb the con-
fldence Of the business community,
to dry up the now flowing sources OF
capital from its places of boarding.
and produce a halt In our present
prosperity that will cause suffering
and strained circumstances among
the innocence many for the faults Of
the guilty few. The question which
l wish in this message to bring clear
ly to the consideration and discus
sion Of congress is whether, in order
to avoid such a possible business
danger, something cannot be done by
which these business combinations
may be offered a means, without great
financial disturbance, of changing the
character, organization. and extent Of
their business into one within the
lines of the law under federal control
and supervision. securing compliance
with the antitrust statute.
Generally, in the industrial COM
binations called Trusts the prin-
cipal business Is the sale of goods In
many states and In foreign markets;
In other words. the interstate and for
eign business far exceeds the busi-
ness done in any one state. This
fact will Justify the federal govern
ment in granting a federal charter
to such combination to make and
sell in interstate and foreign COM
merce the products of useful manu-
facture under such limitations as will
secure compliance with the anti
trust law. 1t Is possible 80 to frame
a statute that while It offers protec-
ton to federal company against
harmful, vexatious, and unnecessary
invasion by the states, 1t shall sub.
ject 1t to reasonable taxation and
control by the states with respect to
It's purely local business.
Corporations organized under this
act should be prohibited from ac-
curing and holding stock in other
Except for special rea-
sons, upon approval by the proper
federal authority, thus avoiding the
under national auspices Of the
holding company with subordinate
In different states, which
has been such an effective agency In
he creation of the great trusts and
eff the prohibition of the antitrust
,ct against combinations In restraint
If trade Is to be effectively enforced,
t Is essential that the national gov
shall provide for the creation
If national corporations to carry on a
legitimate business throughout the
United States. The conflicting laws Of
he different states Of the Union with
aspect to foreign corporations makes
difficult, II not impossible. for one
to comply with their re-
Iuirements so as to carry on business
n a number of different states"
I renew the recommendation of the
nactment OF a general law providing
or the voluntary formation of cor
'orations to engage in trade and com.
nerce among the states and with for
ign nations. Every argument which
vas then advanced for such a law,
nd every explanation which was at
hat time offered to possible objec-
ions, have been confirmed by our ex-
,erience since the enforcement of