Yellowstone monitor. [volume] (Glendive, Mont.) 1905-1928, 1911-12-07
the disturbance to business that would
probably attend the dissolution of these
offending trusts. said.

the disturbance TO business that wouid
probably attend the dissolution &c these
offending trusts. ] said:
But such an investigation ana pos.
sIble prosecution Of corpora tons whose
prosperity Or destruction a1eets the
comfort not only Or stockholders, but
OF millions sf wage earners, employees
and associated tradesmen, must neces-
sarily tend to disturb the confidence
Of the business community, 60 dry mp
! the now flowing sources OF capital
from It's places of boarding and pro
duce halt In our present prosperity
that will cause suffering and strained
circumstances among the Innocent
many for the faults OF the guilty few.
The question which I wish In this
message to bring clearly to the con-
| sideratIon and discussion Of congress
ia whether. I'm order to avoid such q
| possible business danger. something
cannot be done by which these bust
ness combinations may be offered q
means. without great financial dis
turbance. OF changing the character.
| organization and extent OF their bust
ness into one within the lines OF the
law under federal control and super
| vision, securing compliance with the
| antitrust statute.
Generally in the Industrial conbina
tons called trusts the principal busi-
ness is the sale OF goods In many states
and i'm foreign mark ets-in other words,
the interstate and foreign business far
exceeds the business done In any one
state. This fact will justify the fed
eral government In granting federal
i charter to such combination to make
and sell in Interstate and foreign com
nlerce the products OF useful nanufac-
| ture under such limitations as will Sc
cure compliance with the antitrust
law 1t Is possible so TO frame stat
ute that, while it offers protection to a
| federal company against harmful, vex-
atfous and unnecessary invasion by the
| states, 1t shall subject it to reasona
bic taxation and control by the states
with respect to its purely local bust
ness. =
Corpora tons organized under this
act should be prohibited from acquir-
ing and holding stock In other corpc-
rations except for special reasons
| upon approval by the proper federal
authority. thus avoiding the creation
under national auspices Of the. holding
company with subordinate corporations
| In different states. which has been
such an effective agency in the crea-
| ton Of the great trusts ana monopo-
| lies.
IF the prohibition OF the antitrust
act against combinations in restraint
Of trade is TO be effectively enforced
it is essential that the national govern
ment shall provide for the creation OF
national corporations to carry on le
climate business throughout the Unit.
ed States. The conflicting laws Of the
different states Of the Union with re-.
spect to foreign corporations make il
difficult il not impossible, for one cor
poratson TO comply with their require
ments SO as TO carry on business In
number OF different states
I renew the recommendation Of the
enactment OF general law providing
for the voluntary formation OF cor
porations to engage In trade and COM
merce among the states and with for
eign nations Every argument which
was then advanced for such law and
every explanation which was st that
time. offered to possible objections has
been confirmed by our experience since
the enforcement OF the antitrust stat
ute has resulted in the actual dIssolu-
ton OF active commercial organiza-
| tions4
| Ii is even more manifest new than
| 1t was then that the denunciatfon OF
| eonspiracies In restraint OF trade
should not and does not mean the de-
NAL OF organisations large enough TO
| be intrusted with our interstate and
foreign trade. It has been made more
clear now than it was then that 8
purely negative statute like the anti
trust law may well be supplemented
BY specific provisions FOR the building
up and regulation OF legitimate ma
tional and foreign commerce.
Government Administrative Experts
Needed 10 Aid Ceurts In Trust
Disectusiens.
The drafting Of the DEGREES In the
dissolution OF the present trusts, with
8 view to their reorganiaa ton into le-
/ climate corporations. las made it es-
pecially apparent that the courts are
not provided with the administrative
machinery TO make the necessary in
qulries prepar tory 70 reorganization
or TO pursue such Inquiries, and they
| should be empowered TO invoke the
| aid Of the bureau Of corporations in
determining the suitable reorganiza
ton OF the disintegrated parts. The
circuit court and the attorney general
were greatly aided In framing the de-
! cree In the tobacco trust dissolution by
an expert from the bureau OF corpora
tons.