The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1911-12-05

Is even moro man1Ee-sG pA,sls tatIa
e was hen that h2 dennht ton OF
conspiracias IN restraint Of trade
should not and does not mean the' de-
Irial e1f orE niEat iOIiF' ilEsse 1ttEstlllsto
he fnfrusfei with our intarStRts aud
- sfI.atie itr,hass been made more
clelF now than e was then that q
pureIy negative statnfe Iike!the aInt1-
trust law, may well be supplemented
By spec1he provisions for the BUILDING
M ana regulation OF legitimate ma
tiOnaI and foreign commerce.
eeNernF,ant Administrative Experts
Needed 20 Aid Courts lnETrust
DlSsotUtions.
The drafting OF the DEGREES in the
dissolution OF the present TRUSTS. with
view to their reorganization into le-
climate corporations. has made &c es-
peeiauy apparent that the COURTS are
not provided with the adminlStrattR
machinery to make the necessary In
duiries preparatory to reorganization
or TO pursue such inquiries. and they
should be empowered invoke the
aid OF the bureau OF corporations in
determining the suitable reotBaniza-
ton OF the dislnteErated parts The
circuit court and the attorney general
were greatly aided I'm framing the de
cree in the tobacco trust dissolution BY
an expert from the bureau Ofcorpora-
tons
FedsraI Cooperation connisSion Pro-
posed.
lido 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
10 rigid rules as to their organtzat ion
md procedure. Including effective pub
tIcity, md TO The closest supervision as
20 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
federal law could not exempt the COM
pany thus formed and its incorporatorF
and managers from prosecution under
the antitrust law for subsequent IL
legal conduct. but the publicity OF its
procedure and the opportunity for ire
1uent consultation with the bureau or
commission in charge OF the tncorpora-
lion as to the legitimate purpose or It's
transactions would offer it as great Sc
.urlty against successful prosecutions
ror violations OF the law as would be,
practical or wise.
Such a bureau, or commission might
well be invested also with the duty
already referred to OF aiding courts
In the dissolution and recreation OF
trusts within the law. It should be an
executive tribunal OF the dignity and
power OF the comptroller OF the cur
rency or the interstate commerce COM
mission. which now exercises supervds-
DRY power over important classes OF
corporations under federal regulation.
The drafting Of such a federal In
corporation law would ofer ample OPP
portunity to prevent many manifest
evils in corporate management today.
including irresponsibility OF control in
the hands of the few who are not the
real owners.
incorporation Voluntary.
/ recommend that the federal char
tiers thus to be granted shall be yolun-
tary, at least until experience justices
mandatory provisions. The benefit to
be derived from the operation OF great
businesses under the protection ofSuch
a charter would attract all who are
anxious to keep within the lines OF the
law. Other large com btnntions that
fail to take advantage OF the federal
Incorporation will not have right to
complain If their failure is ascribed to
unyillInCnesS. to submit their NtTansac-
tions to the careful Official scrutiny.
competent supervision and publicity
attendant upon the enjoyment OF such
a charter.
Only Supplemental Legislation Needed
The opportunity thus suggested for
federal incorporation, it seems TO me,
Is suitable constructive legislation
needed to facilitate the squnring OF
great Industrial enterprises to the rule
of action laid down by the antitrust
law. This statute as construed blythe
supreme court must continue to the
line OF distinction for legitimate buEt-
ness. 1t must be enforced unless we
are to Danish indivlduaIism from all
business and reduce It to one common
system of regulation or control or
prices like that which now prevails
with respect to public utilities and
which when applied to all business
would be a long step toward state So
cialism.
I Importanee Of the Antitrust Act
The antitrust net IS the expression
OF the EFFORT OF freedom loving peo-
oIe TO preserve equality OF opportunity.
1t is the result OF the confident deter
mination OF such people to maintain
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