The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-27
THINKS SHERMAN
LAW IS ADEQUATE
Former Attorney-Ceneral Wick
crsham Discusses Pending
Antitrust Measures.
NO RECENT COMBINATIONS
Constructive Legislation Should
Discriminate Between Past
and Future.

Philadelphia. February 26.---Cieorgo
w. Wickersham, former Attorney Cen
eral of the United States, delivered an
address here tonight before the Amer
lean Academy OF Political and Social
Science Ills subject was The Rcla-
ton of the Federal Government to In
dustrial Combinations" and he spoke
In part as follows:
The sherman law is adequate TO
reach any private monopoly without
further legislative aid Under ii. every
one Of the great trusts has been dis
solved. or is now defendant in q gov
ernmcnt suit. No organization. except
defendants In pending suits, exists to-
day. which could be called private
formed In the United states since the
decision in tho Standard Oil and to-
Distinction should be made between
corporations which are nothing but
devices TO hold stocks OF competitive
corporations. and the ownership by one
corporation OF stock in anoNef made
necessary by conflicting provisions of
State laws.
The bills pending In Congress don't
discriminate between normal processes
OF necessary business cooperation, and
abuses Of such processes. Constructive
log is!ation should discriminate between
the past and future.
Some properly constituted admins
trative body should be created, with
power to disintcerate or readiust exist
J
NAL competitive conditions. Congress
should declare principles 10 guide such
u commission, requiring IL TO accom-
pliSh that result with as little injury az
possible to public Interests and due re-
gard for vested private property rights.
Her size should not be criterion AZ
10 the extent or character of disintc-
grafton. Relative amount Is important
No company should be left SO large Il
proportion Of the business involved
as TO give il control great enough TO
exclude sound, effective corTpetition
Discrimination should be made between
corporanons engaged In domestic trade
ana those In foreign commerce. The
commissions decision as to the legality
OF The organizations resulting from its
action should be conclusive in favor OF
defendants and government alike sub
jcct only to a right of appeal to courts
on questions Of law.
The recommendation TO further de-
trust law Is based on the n:sconccp-
ton OF that statute. Bills now pend
ing IN Congress DO not tend to make
certain any existing uncertainties. They
Introduce new questions, and would
give rise 10 greater uncertainty.
The condition OF State opinion on
laws OF the different States. In fifteen
states laws have been passed contain
ing provisions similar 20 the definitions
bill now pending in Congress. In ten
states within tho last four or five
years provisions of those statutes have
been expressly modified so as to except
]
OF corporate organization.
Legislation should be enacted that
no railroad corporation shall hereafter
acquire an interest IN any interstate
railroad except upon finding OF the In
terState Commerce Commission that
such acquisition would not unduly re-
strain Interstate commerce. Railroad
companies should then he exempted
from the Sherman antitrust law.
Control OF the commission over rates
and practices OF railroads is so com
prehcnsive that reason for subjcctinE
Interstate carriers TO the antitrust law
no longer exists.
"AN pending proposed legislation
adds strictncSs, imposes conditions upon
corporations. tells them what they
shall not do. The problem OF the re-
lation OF the Fedora government 10 CO.
operative industrial business can't sat
isfactorily be solved until Congress
can be done and throw the protection
OF the national government about those
acts in conformity with its laws"