The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-06

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an effective agency In the creation OF
the great trusts ana monopolies
| III the prohibition of the antitrust
act against combinations III restrain,
| or trade Is to be effectively enforced,
! II is essential that the national gov
eminent shall provide for tho creation
OF national corporations Ia carry on Il
legitimate business throughout the
United states. The conflicting laws of
the different States OF the Union with
respect to foreign corporations make
| II difficult. IL not impossible. for one
| corporation 10 comply with their re-
lutrements so az to carry on business
In number OF different States
| I renew the recommendation of the
enactment of general law providing;
tor the voluntary formation vi cor
operations TO engage In trade ami COM
eign nations. Every argument which
was then advanced for surh a law. and
every explanation which was ut that
time offered to possible objections have.
| been confirmed hy our experience since
| the enforcement Of the antitrust sta
tutc has resulted In the actual disso-
tons
It is even more manifest now than
It was then that the denunciat!on OF
| conSpiracies In restraint of trade
should not ard does not moan the ie-
! NAL of organizations large enough To
be intrustcd with our Interstate and
foreign trade. II has been made more
clear now than 1t was then that a
purely negative statute like the anti
trust law may well he supplemented by
specific provisions for the building up
and regulation of legitimate national
ana foreign commerce..
| government Administrative Experts
Needed to Aid Courts In Trust
DissOlutIuns.
The drafting OF the DEGREES in the
dissolution of the present trusts, with
| a view to their reorganization into
/ especially apparent ihat the courts are
not provided with the administrative
machinery TO make the necessary in
| quirics preparatory TO reorganization.
or to pursue such inquiries, ana they
should be empowered TO Invoke the
aid OF the Bureau OF Corporations In
ton OF the disintegrated paris. The
| Circuit Court and the Attorney-Gcncral
| We're greatly aided in framing the de-
cree in the Tobacco Trust dissolution
/ by an expert from the Bureau of Cor
| porations,
Federal Corporation Commissions Pro-
| posed.
do not set forth in detail the terms
and sections OF q statute which might
supply the constructive legislation per.
uniting and aiding the formation OF
comhinntions OF capital into Federal
corporations. They should be subject
to rigid rules as to their organiza-
| ton and procedure, including effective
| publicity. and to the closest supervls-
by an executive bureau or commission
in the Department of Commerce. and
\ Labor, to which In times of doubt they
might we'll submit rheir proposed plans
| for future business. IT must be dis
| tinctly understood that incorporation
| under a Federal law could not exempt
| the company thus formed aud its in
| corporators and managers from prose-
cution under the antitrust law for sub
| sequcnt illegal conduct, but the pub
| iicity of its procedure and the oppor-
the bureau or commission In charge
OF the incorporation as to the leSiu-
mate purpose of It's transactions would
offer 1t as great security against sue
cessful prosecutions for violations OF
law as would be practical or wise.
Such bureau or commission might
well be invested also with the duty
already referred TO, OF aiding courts
trusts within the law. 1t should be
an executive tribunal OF the dignity
and power of the Comptroller OF the
Currency or the Interstate Commerce
Commission, which now exercise sup
| errisory power over important classes
l Of corporations under Federal regula-
ton.
The drafting of such Federal in
corporation law would offer ample OPP
portunity to prevent many manifest
including irrcsponsibllity of control In
the hands OF the few who are not the
real owners.
Incarceration Voluntary.
recommend that the Federal
charters thus 10 be granted shall be
| voluntary, at least until experience
jnstifes mandatory provisions. The
ton of great businesses under the pro-
lection of such n charter would attract
all who are anxious to keep within the
| lines of the law. Other large combi-
nations that fail TO take advantage of
the Federal Incorporation will not have
a right to complain II their failure Is
ascrihcd 10 unwillingness to submit
their transactions to the careful official
/ scrutiny, competent supervision and
publicity attendant upon the enjoyment
Of such charter.
Only supplemental Legislation Needed
The opportunity thus suggested for
Federal incorporation, II seems to me-
| Is suitable constructive legislation
needed to facilitate the sauaring OF
! great industrial enterprises TO the rule
of action laid down by the antitrust
law. This statute us construed by the
supreme Court must continue to De the
line Of distinction for legitimate bust
ness, 1t must be enforced. unless we
are to Danish tndivldnalism from all
business and reduce ii TO one com
mon system Of regulation or control
CT prices like that which now prevails
with respect u public utilities, and
which when applied 10 all business
would he Il long step toward State So
cialism
Importance of the Antitrust act.
The antitrust act Is the expression OF
the effort of IL freedomlo loving people
I 10 preserve equality of opportunity. 1t
: is the result OF the confident determine
ton OF such a people to maintain their
future growth by preserving uncon-
trollcd and unrestricted the enter
prise III the Individual. mis- industry,
his ingenuity. his intelligence. and his
indepcndant courage.
i For twenty years or more this sta
tutc has been upon the statute book.
:, All knew It's general purpose and APP
proved Many Of its viola tors wore
cynical oyer It's assumed Impotence
1t seemed impossible OF endorsements
Slowly the mills of the courts ground
and only gradually did the majesty Of
the law assert itself. Many OF its
smen-authors died before il be-
came living force. and they and 9TH
lers saw the evil grow which they had
hoped 10 drstroy. Now it's efficacy is
seen: now It's powel>is heavy; now its