Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1911-12-08

and the attorney general were great
ly aided in framing the decree in the
tobacco trust dissolution by an ex-
pert from the bureau of corporations.
Federal Corporation Commission Pro.
posed.
do not set forth in detail the terms
and sections of 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 In times Of doubt they might
we'll submit their proposed plans for
understood that incorporation under a
federal law could not exempt the com
pany thus formed and its incorporates
and managers from prosecution under
the antitrust law for subsequent lille
gal conduct, but the publicity of its
procedure and the opportunity for fire.
quent consultation with the bureau or
commission in charge of the iucorpora-
tion as to the legitimate purpose of its
transactions would offer 1t as great Sc
curity against successful prosecutions
for violations of the law as would be
practical or wise.
Such a bureau or commission might
well be invested also with the duty al
ready referred to. of aiding courts IN
the dissolution and recreation of trusts
within the law 1t should be an execu-
tive tribunal of the dignity and power
of the comptroller of the currency or
the interstate commerce commission.
which now exercise supervisory power
over important classes of corporations
under federal regulation.
The drafting of such federal incor-
poration law would offer ample oppor-
tunity to prevent many manifest evils
in corporate management today, in
GLIDING 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 justifies
mandatory provisions. The benefit to
be derived from the operation of great
businesses under the protection of
ouoh a charfar would attract oil uho
are anxious to keep within the lines
of the law. Other large combinations
that fail to take advantage of the fed
eral incorporation will not have
right to complain If their failure is
ascribed to unwillingness to submit
their transactions to the careful scru
tiny, competent supervision and pub
licity attendant upon the enjoyment
of such a charter.
Supplemental Legislation Needed.
The opportunity thus suggested for
federal Incorporation. 1t seems to me,
needed to facilitate the squaring of
great Industrial enterprises to the rule
of action laid down by the antitrust
III L.
~ s,,ana,,a oo,,r. ,,,st oontinua ~
- Az ~ :, ata.ino,ion Co. iag,t,.
80 h,,a,no.s +. n,,st ho antorcod
80. ~ 90 - hantsh ,na,nidnoIiom
80, .n s,,a,.r, 80 ,od,,oo q - ono
oa1,uon .ustar, 80 roa,Iation ~ con.
trol ~ nr,oas u,a tbot which now nre
,,a,,a u,th rasnoot ~ n,hIio ,ttIitioo
- .hteh ~, arn1,od ~ oil h,s,
80. ,no,,id ~ ,ong sto,, toward s,ato
Inpo''anee VI '"o N"t'= 49,
Inc anti-truse acl is Tue eApression
OF tue eHort vi ileeuoli-losihs peo-
PIE TO preserve equaii.y VI oppoi .uh
lty. II ID the resui. Vi tue oohnuen'
determination Oh such peopie "
maintain thelr future grown ny pre-
serving uncohtrolleu anu UNI eseiie.eu
the enterprise Oh the lhoiVlouai MS
ingenuity, MS lnteihgence anu MS IN
dependent courage.
For twenty years vi hhoie .iie e'ae
ute mas peen upon ehe STATUTE JUN.
All knew OF lts general purpose anu
approved. many Oh us Vloiators were
cynical over its assumed ilnpo'ence'
1t seemed Impossible OF ENFORCE
ment. Slowly the mills OF the courts
ground, and only gradually dld the ma
jesty of the law assert ltsel1. MANY
al 81 a m q I