The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-11-15
UTERMYER HAS
new TRUST PLAN
Favors Federal Regulation OF
Big Industrial Corpora
tions

New York. Nov. 15.-Samuel Inter
myer, chairman of the subcommittee
on plan for the federal incorporation
Of trusts Of the national civic fed
Grafton. has outlined his IDEAS IN a
statement submitted to the s,lb-com-
mittee. which is now considering ,s ms
suggestions. Mr.. untermyer bases his
plan on the assumption that the peo-
pie are in favor of antitrust law en-
forcement and that neither the pres
ent law ror the machinery of the
courts is adapted to the orderly and
effective disintegratiOn of corporations
that have been decreed to have been
organized or to be operating In viola
ton of law, and that the details OF
executing all such judgments and of
T. investigation of violations thereof
should be entrusted to such a commits
sion, subject to the control of the
courts by which such judgments were
rendered. That enforced ruinous COM
petition Is not an economic benefit or
necessity. but that on the contrary 1t
is injurious and must in the end result
in legalized monopoly or In state So
cialism: and that no law is capable
of enforcement which demands as its
basic principle that capital must COM
pete to the point of doing business
indefinitely at loss"
MIR. Tntcrmyer says:
IL beg to submit the following brief
outline of still crude and tentative
plan for legislation supplemental to
the Sherman law providing for the
disintegration of trusts that have been
decreed to be unlawful in their incep-
ton or operation. and for the federal
regulation of Industrial corporations
engaged in interstate commerce:
Every corporation which at the
time of the passage Of the act or
thereafter has gross assets or an au-
thorized capital of 100000 and
over. and that is now engaged in inter-
state commerce. is prohibited from
thereafter engaging in such COM
merce unless it shall within six months
federal charter under a federal incor-
poration law to be enacted or federal
license Gas may be decidedly Every
corporation of the character above
described hereafter formed or here
after engaging in interstate commerce
must secure a federal charter or IL
cense Gas may be determined) before
engaging in such commerce.
"A charter is recommended instead
Of license in order to put an end to
the powers and immunity from liabil-
ity that have been and are being
granted to corporations in many Of
the states for the improper purpose
of attracting to those states the or
ganization and accompanying fran
chise fees and other perquisites and
patronage Of corporations that are in
effect fugitives from the states where
they rightfully belong and are availing
themselves of the Illicit inducements
held out to them in states where they
conduct no business and with which
they have no legitimate relations.
Amending of State Charters.
"ff a federal license is decided upon
from motives of expediency AS less cal
culatcd to arouse the hostility of the
states, provision would still have to bc
made requiring that the state charters
of all corporations applying for a fed
eral license be amended 80 that they
shall bc uniform in their powers and
obligations to the extent at least of
preventing
"Thc continuance of the holding
company
1.-The issue of watcrcd stock.