The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1911-12-07


defn;te Ind 81 clear Id that which NE
supfetue court itselfslays down In On.
torctug the ffatute
Supplemental Lcslslatlun Needrd-Npt'
Repeater Amendment. Il
see no objection-and indeed 4 can,
see decided adyantages-insthe enact.
nient Of d law witch ahall describe and
Sdenounce methods OF competition,
which are unfair and are badges OF the
unlawful purpose denounced In the
anti:trust law. The attempt and pur.
pose to suppress competitor by I'M
derselIing him at d price ID; ulnproft
able as I'd drive him out Of business
or the making ri exclusive contracts
with, customers under which they are
required t9sstyE up association with
other manufacturers and numerous
Kindred methods sfor stiflhss competi,
ton md etteettig monopoly. should be.
described With auficlent acsuracysnsa
criminal statute on the one hand to
enable the government to shorten It's
task by prosecuting single mlsde,
Meanors Instead ~ an entire eoa:
spiracy. and, on the other hand. to
serve the purpose OF pointing out
more in detail to the business com.
munity what must be avoided.
Federal Incorporation Recommended.
In a special message to congress
on January Z, 1910, yentured to
point out the disturbance to business
that would probably attend the disco
luton OF these offending trusts. I
said:
But such an investigation and pos.
sible prosecution OF corporations
whose prosperity or destruction affects
the comfort not only Of stockholders
but Of millions of wage earners.5 em.
pfoyes. and associated tradesmen must
necessarily tend TO disturb the con
hdence OF the business community.
to dry up the now flowing sources Of
capital from its places OF boarding.
and produce la halt In our present;
prosperity. that VIII cause suffering
and strained circumstances a1dong'
the innocence many for the faults Of
the fgguinytfsws THE question: which
! wishI1n this messaget to bring clear
ly to the consideration and discus.
sion Of congress- Is whether. in order
to avoid such a possible business
danger, something cannot be done by
which these business combinations
may be offered a means. without great
financial disturbance. OF changing the
character. organization, and extent OF
their .buslness 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-
icipal business Is 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. This
fact Will Justify the federal govern.
ment In granting a federal charter
to such a combination to make and
sell In interstate and foreign com.
merce the products Of useful mani.
facture under such limitations as will
secure a compliance with the anti.
trust law: It Is possible so 10 frame
a statute that. while It offers protec.
ton to a federal company against.
harmful. vexatious, and unnecessary
invasion by the states. It shall sub,
ject II to reasonable taxation and.
control by the states with respect TO
its purely local business. q
Corporations organized under this
act should be prohibited from ac..
quiring and holding stock in other
corporations Except for special rea.
sons. upon approval by the 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.
III the prohibition OF the antitrust
act against combinations In restraint
Of trade is to be eftectively enforced.
It Is 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
the different states Of the Union With
respect to foreign corporations makes
II difficult, II not impossible. for one
corporation. to comply with their re-
EQuirements SO as to carry on business
In a number OF different states.r
l renew the recommendation OF the
enactment OF a general law providing
for the voluntary formation Of cor
poratlons to engage In trade and com.
merce 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-
ttions, have been confirmed by our ex-
perIence since the enforcement OF
the antitrust statute has resulted In
the actual dissolution Of active COM
merclal organizations. lri
It Is even more manifest now than
It was then that the denunclatfon of
~ ~ -. - - -