The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1911-12-05

s~vsne shs s9sfNts -
lsssssws~ss, / ssAssss~~ Nssss*~-esrs
wsr.ss ~ Announcement
~. ae msts@tsan ana s'sess J cas-
~ decide. ssvsssssss shs shse'
pssnt ~ ssw wh,es shaIl ss~rfshe ans
a~s@anes wsghwss VI ens#e~sisssa'
~hseA are aassss sna srs badges ~ sns
50 IA sai rmrpess asseaecea ~ shs
astt sswss i&w The atss.eEs she par
vas. ca saprssss = ~sFapsisssf W aa
Asss.lllas him nj . rsle~ W. snrfans
aAis ~ IN drive him es, ~ business,
NJ The fnAsise II ssc1esise eenuaess
With customers .sass which thsf ~
required " sive up association WIN
ether manufacturers. And nufn@f~1s
hsadrsd methods fns stiains e"npef
sion and eNeetins neuepeI,, should %
described with sufAeseas accuracy ia
criminal statute on the enc hsnd W
en- able the government 10 shor'ss Ns
task by prosecuting single m'sae
rreanors instead Of an entire con
spirao,. aaA. on the ether hand. 70
serve the purpose Of poins'ns os'
more In detail to the business com
murisy what must b~ avoided
Federal incorporation Rsee~msnssd.
In 4 special message to CONGRESS
on January I. 1910. vsntured 10
poin, out the disturbance to business
that would probably attend the d'sso.
luton of these offending uusts 4
said.
put such an investigation and pee
sibls prosecution OF corporations
whoss prosperity or destruction snec's
the comfort not only OF stockholders
but Of millions OF wage enrners. an.
p,oyes. and associated tradesmen must
necessarily tend to disturb the CON
ddencs OF the business community,
10 dry up the now flowing sources Oh
capital from it, places OF boarding,
and produce a halt In our present
prosperity that will cause suner'n9
and strained circumstance1 amone
the innocence many for the faults OF
the guilty few. The question wnich
I wish in this message to bring clear
" to the consideration and discus
sion of congress 10 whether. In order
10 avoid such possible business
danger. something cannot be done BY
which these business combinations
may be offered 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 II 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, Tnia
fact will Justify tho federal govern
mont in granting a federal charter
to such a combination to make and
sell In interstate and foreign com
merce the products OF useful manu-
fscture under such limitations as VII
secure a compliance With the anti
trust law. II II possible so to fram'
/ a statute that while It offers protec
: ton to a federal company agains
harmful. vexatious. and unnecesssr,
invasion by the states. II shall sub
joct II to reasonable taxation ant
control by the states with respect te
its purely local business.
Corporations organized under this
act should be prohibited from ac
curing and holding stock In other
corporations Except for special rea
sons. upon approval by tho proper
federal authority, thus avoiding the
creation under national auspices OF tho
holding company with subordinate
corporations in different states. which
has been such an effective agency In
the creation Of the great trusts and
monopolies.
IF the prohibition Of the antitrust
act against combinations In restraint
Of trade IL TO be effectivslI enforced.
II II essential that the national gov.
eminent shall provide for the creation
Of national corporations to carry on a
legitimate business throughout the
United States The conflicting laws OF
tho different states Of the Union with
respect to foreign corporations makes
II dificult. II not impossible. for one
corporation to comply with their rs.
Quirements 10 ~ to carry on business
In Z number Of different states"
renew the recommendation OF the
enactment Of 4 general law providing
for the voluntary formation OF cor.
porations to engage In trade and com.
MERGE among the states and with for.
eign nations. Every argument which
was then advanced for such a law,
and every explanation which was at
that time offered to possible objec-
tons. have been confirmed by our q.
perience since the enforcement OF
the antitrust statute has resulted in
the actual dissolution Of active com.
mercial organizations.
II Ii even more manifest now than
II was then that the denunciatlon Of
conspiracies In restraint OF trade
should not and does not mean the do.
NAL OF organizations large enough to
be intrustsd with our interstate and
foreign trade. II has been made more
clear now than II was then that a
purely negative statute like the anti.
trust law may well BE- supplement
-