American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1911-12-07

- ~ a-soounplsh ~ purposs apa blea
III = clea4 path Tor honetk merchants an
tuolneuB u3an 70 follow. II may b tha
such : plan WIN " evolved, but sub
nm thaf = dkDcussoons which have ben
bsvught out IN recent days ~ the tea
~ the continued execution Of the anti
tsust law havs produced bathing but slt
ter1ng gsneralitfes Ind heve offered ~
line Of distinction or rule Of action - de0
n1to and ~ clear a. hat which the Su
prsme court itself lays down In snforcinl
the statute.
Supplemental LsoIsIstion Nssdsd-No'
Repeal es Amendment.
- no ob5sction-and indeed l can sex
decided advantages--in the enactment Of
= law which shall describe and d~enounc<
nasthods Of competition. which are unfaiI
md are badges Of the unlawful purpose
denounced In the antitrust law. The At
Tempt and purpose to seppress . compeu'
tor ~ undsrss1itng him at a price 20 un.
profitable ~ TO drive him out Of business,
or the making Of exclusive contracts with
customsrs undor which they are required
% stvs up associstton with other manu-
facturers. and numerous kindred methods
for stihfnv competition and enecting mo-
nopoly. should b. described with sufficient
accuracy In . criminal statute on the one
hand 10 enable the government to short
On it, task by prosecuting single misde-
meancrs instead Of an entire conspiracy.
pose Of pointing out more In detail to the
businer1 community what must BE-
| avoided.
Federal Incorporation Recommended.
In . special message to congress on
January I, 1910. ! ventured to point out
the disturb4nce to business that would
probably attend the dissolution Of
these offending trusts. said:
But such an investigation and pos
prosperity or destruction affects the
comfort not only OF stockholders but Of
millions Of wsge earners. employer.
n associated tradesmen must neces-
sariiy tend to disturb the confidence Of
thu business community. TO dry up the
now Moving sources of capital from its
places Of boarding. and produce q halt
IN our present prosperity that will
cause suffering and strained circum-
stances among the innocent many for
the fault of the guilty few. The ques-
ton which l wish In this message I'd
bring clearly to the consideration and
discussion Of congress- In whether, in
order to avoid such . possible business
danger. something cannot be done By
which these business combinations may
be offered . means. without great imam
cial disturbance. of changing the char
~>$~st III OAt0At VI kn0
business into one within the lines Of
the law under federal control and SUI
pervision, securing compliance with the
anti-trust statute.
Generally. In h Industrial combi-
nations called Trusts tho principal
business In the sale Of goods In many
states and in foreign markets: in other
words. the interstate and foreign bust
ness far exceeds the business done In
m one state. This fact will Justify
the federal government In granting q
federal charter to such a combinat ton
to make and sell in Interstate and for
eign the products OF useful
manufacture under such limitations az
Will secure q compliance with the anti
trust law. IT In possible so to frame
a statute that while II offers protec-
ton 10 federal company against
harmful. vexatious and Unnecessary
by tho states. II shall subject
II to ~asonabl taxation and control
by the states with respect to It's pure
~ local business.
Corporations organised under this
act should be prohibited from acquir- |
Ing and holding stock In other orpora-
texcept for special reasons. upon
approval by the proper federal author
tty). thus avoiding the creation under
national auspices OF the holding COM
with subordinate corporations In
dimerent states. which has been such an
88UAHRy III Nu0 CI00NlQu "a u 1
great trusts and monopolies.
III the prohibition OF the ANTITRUST
act aGninst combinations in restraint
OF trade II 10 be effectively enforced,
Ia essential that tho national govern
ment h provide for sns creation Of
legitimate business throughout tho
States. Tho conflicting laws of
different states OF the Union with
respect TO foreign corporations makes
u dihcuit. II not impossible. for one
corporation to comply with their re-
uuirements so rs to carry on business
In a number of different statea"
Federal Corporation Commission Pro-
posed.
! do not set forth In detail the terms
md sections of u statute which might
Iupply the constructive legislation permit
ms and aiding the formation OF combina-
Ions OF capital Into federal corporations
should be subject to rigid rules as
o their organization ana procedure, In
ludtnx effective publicity. and to the
losest supervision as to the issue OF
took and bonds by IN executive bureau
r commission In the department of
and labor. to which IN times of
|oubt they might we'll submit their pro-
'osed plans for future business. 1t must
% distinctly understood that incorpora-
under a federal law could not ex-
'Htt nv tVsttPauy tius turned ana Its
ncorporators and managers from prose-
ution under the antitrust law for sub
eauent legal onduct, but the publicity
Z Its procedure and the opportunity for
reauent consultation as to the legitimate
urpcse OF It's transactions would offer ,
ms great security against successful
resolutions for violations of the Law I
= would be practical or wise. 1
such a bureau or commission might .
roll be invested also with the duty al
rady referred to- Of aiding the courts =
! tho dissolution and recreation OF trusts :
Ttthin the law. IL should be an execu- c
We tribunal OF the dignity and power Of F,
no comptroller OF the currency or the /.
commission. which !
ow exercise supervisory power over TIM
ortant classes OF corporations under fed I
raj regulation. :
The drafting Of such a federal ineorpor- :
ton aw would offer ample opportunity n
prevent . manifest evils In corpor- c
10 management today. Including ire h
ponsibttity Of control In the hands OF :
70 few who are not the real owuer~ y
"