Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-12-05
oUs.A,

not provided with the administrative
machinery to make the necessary IN
quiries preparatory to Reorganization
or to pursue such inquiries. and they
should be empowered to invoke the
aid of the bureau Of corporations IN
determining the suitable reorganlza'
ton Of the disintegrated parts. The
circuit court ind the attorney genera
were greatly aided in framing the de-
cree in the tobacco trust dissolution by
an expert from the bureau Of corpora
lions.
Federal Corporation Commission Pro-
posed.
do not set forth In detail the terms
and sections Of a 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 10 times Of doubt they might
veil submit their proposed plans for
future business. It must be distinctly
understood that incorporation ucder a
federal law could not exempt the CON-
pany thus formed and it's incorporators
and managers from prosecution under
the antitrust law for subsequent H.
legal conduct. but the publicity of its
procedure and the opportunity for fire.
luent consultation with the bureau or
commission in charge Of the incorpora-
ton as to the legitimate purpose of its
transactions would offer it as great Sc
cur!ty against successful prosecutions
for violations Of the law as would DO
practical or wise.
Such q bureau or commission might
we'll be invested also with the duty
already referred to Of aiding courts
In the dissolution and recreation Of
trusts within the law. 1t 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 supervis-
Dry power over important classes Of
corporations under federal regulation.
The drafting Of such federal in
corporation law would offer ample op-
portunity to prevent many manifest
ia IN f0A0V
including responsibility 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 volun-
tary, at least until experience justif'es
mandatory provisions. The benefit to
be derived from the operation Of great
businesses under the protection Of such
q 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 federal
will not have a right to
complain If their failure is ascribed to
to submit their transac-
lions to the careful official scrutiny.
supervision and publicity
upon the enjoyment Of such
. charter.
Only Supplemental Legislation Needed.
The opportunity thus suggested for
federal incorporation. it seems to me,
Is suitable constructive legislation
needed to facilitate the squaring Of
great industrial enterprises to the rule
Of action laid down by the antitrust
law. This statute as construed by the
supreme court must continue to be the
line of distinction for legitimate bust
ness. 1T must be enforced unless we
are to Danish individualism from all
business and reduce it to one common
system Of regulation or control OF
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.
importance Of the Antitrust Act.
The antitrust act Is the expression
Of the effort Of freedom loving peo-
pie to preserve equality Of opportunity.
It is the result of the confident deter
mination OF such a people to maintain
their future growth by preserving un-
controlled and unrestricted the enter
prise Of the individual, bis industry,
his ingenuity. his intelligence and his
courage.
For twenty years or more this stat
ute has been upon the statute book.
All knew its general purpose and ap-
proved. Many Of its violators were
cynical over its assumed impotence.
It seemed impossible Of enforcement
Slowly the mills Of the courts ground,
and only gradually did the majesty Of
the law assert itself. Many Of its
Recommendations died before it BE-
came a living force. and they and 9TH |
ers saw the evil grow which they had
hoped to destroy. Now its efficacy Is
seen: now its power Is heavy: now its
object IL near achievement Now we |
hoor tho no11 Por ito xonosI IN <ho nIoa