Omaha Daily Bee Newspaper, January 8, 1910, Page 13

President Taft’'s Message to the Con- -gress On Railroads (Continued from Page Bleven.) - - than one vear from the date of their issue), Without the prévious or stmultaneous pay tent to such corporation of not less than | fhe par value of such bonds, or other obli- @itions, or, If Issued at less than their pdr value, then not without such payment of the reakonable market value of such nds or obligations as ascertalned by the z'!l’llllfl Commerce commission; and that 6b property, servicks, or other thing than money, shall be taken in payment to such | gartier corporation, of the par or other re- Quired price of such.stock, bond or other obiigation, except at the falr value of such Poperty, servicea'or other thing as ascei- fained by the commission; and that such &8t shall also contain provisions to pre vent the use by the improvident or improper fasue of notes maturing at a period not #%0ceeding twelve months from date, in such | MafAner as to commit the commlission to tha approval of a larger amount of stock or bonds In order to retire such notes than should legitimately have been required. Approval of Stock Issues. .This act should also provide for the ap Provai by the Interstate Commerce commis- &lon of the amount of stock and bonds to Bé issued by any raliroad company subject 8 this act upon any reorganization, pur- #uant to judiclal sale or other legal pro- ckedin in order to prevent the issue of sfocks and bands to an amount In excess of the fair value of the property which is the subject of such reorganization 1 belleve thcse suggested modifications 1 and amendments to the Interstate com Plerce act would make It a complete and | #tieotive measure for securing reasonable f¥an of rates and, fairness of practices in| #hs operation of Interstase rallroad lines, fthout undue preferenee to any individual | € class over any others; and would pr vant ihe recurrence uf many of the prac: tlges which have given rise in the past to #0 much public inconvenience and loss. 4By my direction the attorney general fins drafted a bill to carry out thesé| recommendations, which will be furnished @pon request to the appropriate comndittee Whenever it may be desired Safety Appliances on Cars. In addition to the foregoing amend- ments of the Interstate commerce law, the Interstate Commerce commission should be #tven the power, after a hearing, to de- tgrmine upon the uniform construction of tiose appliances—such as sill steps, lad- ders, root handholds, running boards and handbrakes on ‘frelght cars engaged In Interstate commerce—used by the trainmen In the operation of trains, the defects and lack of uniformity in which are apt to produce accldents and injuries to railway tralnmen. The wonderful reforms effected in the number of switchmen ard trainmen Injured by coupling accidents, due to the énforced Introduction of safety couplers, i% a demonstration of what can-be done i’ raliroads are compelled to adopt proper satuty appiianices. . Suits Under Linbility Act. “The question has arisen In the opera- tioh of the Interstate commerce employer's Mabitity act a8 to whether suit can be Biought ugalnst the employer company in any” place other than that of its home office. The right to bring the suit unaer thig act should be as easy of enfordement 8 the right of & private person not In the wuupany’s enploy to sue on an ordinary cliin, and process in such sults should be sutticiently served iff upon the station agunt of the company upon whom service | & ‘authorized to be made (o bind the com- pany in ordinary actions arising under the Sudte laws. 'Blils for both the foregolug purpuses have becn considered by the house | Of Fepresentatives and have been passed | and are now before the interstate com- | wwrce ‘commitiee of the senate. I aarnestiy Wiky that they he eracted into law. Changes in Anti-Trust “There has heen a marked tendency buriness in this country for forty lust past toward combination of ag plant In inanutactute, sae and portavon. The moving causes several: “lest, It has scanomiles, “Second, by a union of former competi- tors, it has reduced the probability of ex- cessive competition; and, 'hird, ¢ the combination has been ex- tensive enough, and ceriain methods in the twgatment of . competitors and customers have been adopted, the combiners have se- cured a monopoly and complete control ot prices or rates. YA combination suecessful In achleving complete control over a particular line of manufacture has frequently been called ‘a Wust' 1 presume that the derivation cf the word 18 to be explained by the fact| that the usual method of carrying out the plan of the combination has been to put | the capital and plants of various individu- als, firms or corporations engaged in the | same business under the control of trus- t | | aw. | m| vears capital trans- have been rendered . possible great Blgness Not a Crime, ““The increase o the capital of a4 business tor the purpose of reducing the cost of pro- duction and effecting economy in the man- | agement has become as essential in modern | Progress as the change from the hand tool to the machine. When, therefore, we come to eonstrue the abject of congress in adopt- Ing the so-calied ‘Sherman anti-trust' act In 189, whereby in the first sec- | tlon every -contract combination in the| form of a trust or otherwise or conspiracy in restraint of Interstate or foreign trade or commerce is condemned as unlawtul and | made subject to Indictment and restraint by, Injunction; and whereby in the second | section every monopoly, or attempt to mo nopolize, and every combination or conspir- acy with other persons to monopolize any part of Interstate trade or commerce, Is denounced as lllegal and made subject to similar punishment or restraint, we must infer that the ovil aimed at was not the mere bigness of the enterprise, but It was the aggregation of capital and plants with the express or implied Intent to restrain interatate or foreign commerce, or to mo- nopolize it In whole or in part »t Trade Restraint. “Monopoly destroys competition utlerly, and the restraint of the full and free oper- atlon of competition has a tendency Lo re sivaln commerce and trade. A combina fsell their products. | & use of thelr preponderating capital and|more and more certain in Its meaning by | caacmiea. | methods of securing a trade monopoly, con- | or_control pric demned In the sacond section | Legal and Tllegal Methods. | “It 1% possible for the owners of a busi- ness of manufacturing and selling useful articles of merchandisw o to eonduct thelr business as not to violate the inhibitions of the anti-trust law and yet to secure to themselves the benefits of the eeonomiss of management and of produetion due to| the concentration under ome control of large capital and many plants. If they use no other Inducement than the oconstant low price of thelr product and its good quality to attract custom and thelr busl- [ness 1s a profitable one, they violate no law. If thefr actual competitors are small | in comparison with the total eapital l'\»i vested the prospect of new investments Of‘ capital by others in such a profitable busi- | ness fs sufficiently near and potential to restrain them in the prices at which they But If they attempt by |by a sale of their goods temporarily at| unduly low prices to drive out of business | thelr competitors, or If they attempt, by | exclusive contracts with their patrons and | threats of non-dealing except upon such | contracts or by other methods of a simiiar | character, to use the largeness of thelr| resources and the extént of thelr output | compared with the total ofitput as a means of compellirg custom ang frightening off of competition, then they disclose a purpose 1o restraln trade and to establish a mo- nopoly and violate the act. “The object of the anti-trust law was to suppress the abuses of business of the kind deseribed. No Attack ou Large Caplital. “It was not to Interfere with a great| volume of capltal which, concentrated under one organization, reduced the cost of pro- duction and made its profit thereby, and took no advantage of its size by methods akin to duress to stifle competition with it. 1 wish to make (his distinction as em- atic as possible, because I conceive that thing could happen more destructive to the property of this country than the loss of that great economy In production which has been and will be effected in all manu- facturing lines by the employment of large capital under one management. 1 do not mean to say that there is not a limit be- yond which the economy of managemen' by the enlargement of plant ceases; and where this happens and combination con- tinues beyond ‘this point, the very fact shows intent to monopolize and not to economize. ‘The original purpose of many combin» tions of capital in this country was net confined to the Jegitimate and proper, oh Jeat of reducing the cost of production, On the contrary, the history of most tradee will show at times a feverish desire to unite by purchase, combination or otherwise ali the plants in the country engaged in the manufacture of a particular kind of goods. The idea was rie that thereby a monopol, could be etfected and control of prices brought about which would insure the profi of those engaged in the combination. T puth of commerce Is strewn with failures of such combinations. Their projectors found' that the union of all of the plants dil not prevent competition, especially where proper economy had not been pur- sued in the purchase and in the conduct of the business after the aggregation was complete. There-were enough, however, of such successful combinations to arouse the tears of good, patriotic men as to the re- sult of 4 contnuance of this movement to- ward the concentration in the hands of & fow qf the absolute control of the prices of all manufactured products. Sugar 'Trust Decision. Che anu-trust statuie was passed in 1800 und prosecutions were soon Degun un- dei 1L in wie case of the Unitea Siaies aguidst AOghL, Knuwn as the ‘Sugar irust Case' vicause OF the narrow scope of tue Picadings, i COMUINALIOL BOUBLL Lo e elyuillen Was Dela 1ol w be Inciuaed within Prohiviuon ol the arerment i Lol o wulsition ot g act, because ine LEYUIL LI wiere Be- manulucturing plants for the 1Linig Ol Ui, ANd did Dot inciude thae 4 wiict uba lcended Wuu cotmmerce in ot restraint saie uyuu ana au- | across slate bounduries Li | Lhe resuil Of the Sugai FUSL LaBe WM IOC hupby, B Whet iU gav GUIEE COINPADIES ANA. COMIBALIONS Beenllls o sLULAT wieliuY Ok IaKIUE PIOt by “avusiing! @i ANUIULE conLrul wna monuply MW parucuiar of manuiaciiie ut AgInsL Prusecutions a1 e federal Juiisuicuon, ana wiere i, LIBGICUON 18 Lalled 1 Fespect 1o & buse wan voundaries ot Ao piOSECULIL accded ausciinery ¢ punmisnient, LULUWING Lae Sugdr trust decision, how- Ver, wiere wave Course UL JUUiChe GIspOSILOD cases - Vol B CUlSUUCUN UL Lie atstrust sl 4 L3 appucation uldl oW tuey Secli L0 CHIDIUCY eVerY Puase of hai mw WAL Gl plaCULELY DU PIOSeLENG WO Ui Aliercan e governmens LF aeun, Uit the anu-truse WU wppiies W0 many GO VLS ) BULUAE OPCERUON, Fender g [T inaieument | avery oi sukui wreigh tiaae, une o LUty o comme e counciy W suppy udequate iosirain. race e v s wbie 101 Ui @ B BUL verldin puvaC shu Lhey suow ACL Has B Wike sCUpe wein ula BUUGL W U enLra. “ake subume’ Restraint Not in COURL bl Beveids Luaw. Ahe Bubreine L ile ue- CIBIULS LB UECHILEU (0 Teda 1N Ui Slail; Wuia unke w ot dpbaies Woluue Loaore g el FESLUINLS 8L dUes DO L W Lue court tae res) vl traue e ou sroung W au Al 10 ikave aiscredon o sceriuiiie WURE 18 & reasonavie ICSUAINL Oy Faue. AN eXPECEBLUL Teswratie of w raae 40 I com Cellan Cuvensats ia- wikes (v We columon A Wkl MW el WLt | wuslits W0 W Cally g VUL oL waay ol Poadlipil Cllluatis whlcn were said w Leslimne ol Wade, enLoICiLie Covelais 1 pal il it Wel€ Leld W Do LeCalse slasubauy’ duabied 10 e performance PHDCIPRL CODLACS, selera, court wat Cdenal covenans | 4 TeSUIAL Of ADierstate Lisde Were Williin i€ I0LIUILOL UL Lie Slalule DG MUSt Le o WOl wnues e ialguage used cases it oy wupreme mosevera a0 even sucn Al LIOEr W avert sucu & e | SUIL L have THOUBNL 4u 340 LDaL 16 Iiglt Lo Well Lo MINENG Loe Stalules of thne state W eXCiuGe SUCH COVenAnts from Its con- | ciose examination of tne uemnation, A \otd of persons, formerly engaged In trac a8 panterships o1 corporations or othe wise, of course eliminates the compet! that existed between (i but the Ingcl dental ending. of that competition s not to be regarded as necessarlly a direct vestrala: of trade, -unless of such an embracing character that the intention and effect (o] restrain trade are apparent from the cir ctmstances, or are expressly declare be. the objeet of the combination. A jucidental restraint of trade and competl- | tion 18 not within the Inhibition of the act but it ls where the combination ur con- spiracy or contract is inevitably and ai- rectly a substantial restraint of competi- ton, and #o0 a restraint of trade, that the statute is violated “The secohd section of the act 1s & sup< plement of the first. A direct restraint of trade, ‘such as !s condemnod in the first scéilon, Af successtul and uscd to suppress eommpctition, s une of e common st to nere | MALLE aecisions Of wue eourt, huwever, shows | quite cicary in cases presenting ne exact | | Guestion that sucn ineidental restrainis of | (uge Bre Dela not Lo be witnin,the law and aie exciuded Oy the general statement be Within the siaiute the efiect Lwull tne Lrade oL the rescraint must be di- 6L anG nut merewy Incldenial or indlrect. | | tue necessity, theretore, for an amendment | Uk e BiaLule %0 &8 Lo exclude these incl- | wenial bud beneficial covenants in restraint ui uade beid at cdimmon law 10 be rea- | sulianie wins not exist. | Trivial Cases Excluded. In some of the opinions of the federal Judges (here have been intimaiions, hav- ing the effect, If sound, to weaken the| force of the statute by including within it absurdly unimportant combinations and arrangements and suggesting, (hévefore, | uat W 40 organize, and Trusts| «. A reading of the opin- fons of the supreme court, however, makes the changes unnecessary, for they exclude from the operation of the act contracts affecting Interstate trade In but a smail and incidental way and apply the statute only to the real evil aimed at by consress. “The statute has been on the statute book now for two decades, and the su- preme court In more than a dozen opin- lons has construed it in applicdtion to va- rious phases of business combinatiops and in reference to various subjects' matter. It has applled it to the union under one control of two competing interstate rail oads, to joint traffic arrangements be- tween several interstate railroads, to pri- vate manufacturers engaged in a plain at tempt to control prices and suppress com- petition in a part of the country, Includ ing a dozen states, and to many other combinations affecting Interstate trade. The value of a statute which is rendered | a serles of decisions of the supreme court furnishes & strong reason for leaving the act as it is to accomplish Its useful pur- pose even though, It it were being newiy enacted, useful suggestions as to change )t phrase might be made. Duty of Investigation. It duty and the purposs of the executtve to direct an Investigation by the Department of Justice {hrough the grand Jury or otherwise, into the history, organ ation and purposes of all the industrial companies with respect to which there is any reasonable ground for suspicion that they been organized for a purpose and are conducling business on a plan which Is in violation of the anti-trust law The work is & heavy one, but it s not beyond the power of the Department of Justice, If sufficient funds are furnished, to carry on the investigations and to pay | the counsel engaged in the work. But such an investigation and possible prose- cution of corporations whose prosperity or have TURDAY ANUARY destruction affects the comfort not only of stockholders, but of milllons of wage¥ carners, employes and associated trades- | men must necessarily tend to disturb the | confidence of the business community, to| dry up the now flowing sources of capitai | halt in our present prosperity that will| cause suffering and strained circumstances of the gulity few. Plea for Federal Charters. sage, to bring clearly to the consideration And discussion of congress is whether, m‘ something cannot be done by which these business combinations may be offered n‘ of changing the character, organization and extent of their business into one within and supervision, securing compliance with | the anti-trust statute. E called ‘trusts’ the principal business is the | sale of goods in many states and in foreign | trom its places of hoarding and produce a | among the Innocent many for the faults The question which I wish, in this mes- | avold such a possible business danger, means, without great financial disturbance, the lines of the law under federal control | “Generally.in the industrial combinations markets; in other words, the interstate And forelgn business far exceed the busi- ness done in any one state. This fact will | justity the federal government in grant- | ing a federal charter to such a combins tion to make and sell in Interstate and for- elgn countries the products of useful manu- | tacture and such limitations as will secure | a compliance with the anti-trust law. It is possible 80 to frame a statute that while it offers protection to a federal company | against harmful, vexatious and unneces- | sary invasion by the states, {t shall subject | it to reasonable taxation and gontrol by | the states, with respect to its purely local business. Cannot Recognize “Good” Trusts, “Many people conducting great businesses have cherished a hope and a bellef that in some way or other a line may be drawn between ‘good trusts' and ‘bad trusts,' and that It is possible by amendment to the antl-trust law to make a dlstinction under which g00d combinations mny be permitted ( suppress competition, control prices and do it all legally If only they do | not abuse the power by taking two great profit out of the business, They point with force to certain, notorfous trusts as having | grown Into power through criminal meth- | ods, by the use of {llegal rebates and plain cheating, and by verious acts utterly in| violation of business honesty and wporality, | and urge the establishment of some legal | line \of separation by which ‘criminal | trusts\ of this kind can be punished, and | they, on the other hand, be permitted under | the law, to carry on thelr buginess. “Now the public and especially the busi- ness public ought to rld themselves of the idea that such a distinction is practicable or can be Introduced into the statute. Cer- tainly under the present anti-trust law no such distinctfon exists. It has been pro- posed, however, that the word ‘reasonable’ should bo m 4 part of the statute and then It should be left to the court to say | what Is A reasonable restraint of trade what 1s & reasonable suppression of com- | petition, what Is a reasonable monopoly. | I venture to think that this is to put into | the hand of the the court a power im- possible to exercise on any consistent prin- | ciple which will insure the uniformity of | decision essential to just judgment. It js to thrust upon the courts.a burden that they have no precedents to enable them to carry, and io give them a power approching the arbitfary, the use of which might invol/e our whole judiclal system in | dlsaster. Methods Formerly “In considering violations trust law, we cught, of forget that that law methods of carry on before its passage was evidence of business, of sagacity and success, and that they were de- nounced in this act, not because of their | intrinsic morality, but because of the dan- gerous results toward which they te nded, the concentration of Industrial power fn thelr hands, leading to oppression and in- Justice. In dealing, therefore with many of the men who have used the methods condemned by the statute for the purpose | of maintaining a profitable bu ness we may well facllitate change by them in the method of doing business and enable them to bring I back into the zone of lawfulness without l0sing to the country the economy of management by which fn our dompestic trade the cost of production has been materially lessened and in com- petition with foreign manufacturers forelgn trade has been greatly “Through all ou consideration of this | grave question, however, we must (nsist that the suppression of competition, the controliing of priwes, and the monopoly or attempt to monopolize in interstate com- merce and business are not only unlawful, but contrary to the public gocd, and that they must be restrained and punished until ended. Law for Federal Corporatio Legal, of the antj- course, not to makes unlawful business which regarded as our increased, “I therefore recommend the enactmen: | by conggess of a general law providing tor | the formation of corporations to engage in trade and commerce among the states agd the wisdom of changing its language by | limivgg 1ts application to serious combi- vativas with Intent 10 sirain competition rgeurrence, with foreign nations, proteet them from undus interference by the states and regu- lating thelr activitios, 8o as 10 prevent | under pational auspices, of | disclosure of all the facts pertaining to - | to the same taxation as is imp! and it should require such corporations to [ations in different states, & binations abus and the permitting industrial be opposed their property constitutionality be opposed, HAYDEN: THE RELIABLE STORE Fur Overcoats Excepted HAYDENs THE RELIABLE STORE Fur. Lined Goais Excepted Don’t Forget Come Early Come Early those abuses which have arisen under sta.e conmtrol. Such a law should provide for ih2 1ssue of stock of such corporationsyto un amount equal only to the cash paid in on the stock; and if the stock be issued fur property, then at a fair valuation, ascer- tained under approval and- supervision of federal authority, after a full and complece tainly be imposed to accomplish the pur- pose of the incorporation would not be ac- tleness, the You may you-when" Takir ter grip, 1 vulgar it to screen the str also recall the friend. your delicate he my ey the ) hange I-used-to-know. ¢ hand in his wres- tries (o wrench your arm off at the meanwhile murmuring . fer- vently: “Why, are you here now It hurts, but be polite. Eay: +Oh, This is my uncle here now. am at present in Singapore.” But sweetey far than each, than all of these is the derelict. He storms upon the porch and rings you out of bed at 2:15 a. m. You break your knees shivering, siub your joint toes on eleven chairs, and finally reach the door, where you note with some satis- faction that the illuminated door number is working. Wondering whether its the po- lice or a telegram, you open. “Is this 4499?" he says, innocently, while the ten below wind breaks off your teeth Be civil. Say: “Dear, no, but 1 the mistake, seeing Won't you morning. root, value of such property and the intersst therein of the persons to whom it s pr> posed to issue stock in payment of such property. It should subject the real ll‘n\l y cporation ersonal property only of each corpora T its osed by \be states within which it may be slluulle"l upon other similar property located therela no. 1 Taree Courses Open. “Iirst they must resolve themselves into their component parts in the different states, with a consequent loss to them- selves of capital and effecting organiza- tions and to the country of concentrated energy and enterprise, “Second—In defiance of law and under some secret trust they must attempt to continue their business in violation of the federal statute and thus incur the penal- ties of contempt and bring on an inevitable | criminal prosecution of the individuals | named in the decree and their assoclates; or “Third—They must reorganize and accept | In good faith the federal charter 1 suggest, “A federal compulsory license law, |urged as a substitute for a federal incor-| voration law, unnecessary except to| Don't be afrald to give Chamberlain's reach’ that kind of corporation which, by |Cough Remedy to your children. It is per- Constitutionality of Aet. |virtue of the considerations already ad-|fectly safe. ond—There are those who doubt the | will take advantage voluntarily e | constitutionality of such federal incorpora- incorporation law, while the other | | tion. he regulation of Interstate and |State corporations doing an Interstate busi- foreign commerce is certainly conferred in |ness do not need the supervision or the the fullest measure upon ss, and if | regulation of a federal license and would | |tor the purposs of securing in the most |only unnecessarily burdemed thereby. |bar | thorough manner that kind of reguls The attorney general, at my suggestion, “‘h_r-‘k congress shall insist that it may provide [bas drafted a federal incorporation bill, (PR ") oy 0ve you known this ma |and authorize certain agencies to carry on | ¢mbodying the views I have attempted to| “From two feet up to five feet ten." | that comm it would seem to be within | set forth, and it will be at the disposition tand down!" yelled the lawyer in di its power. This has been distinctly affirmed | of the appropriate omn . |Bust. committees of the con | with respect railroad companies deing | Bress. |an interstate business and. Interstate | “The WILLIAM H. TAFT, |gtand up.’ bridges. The power of incorporation has | House, January 7, 1910." | “Officer, | And he |been exercisea by congress ana upheld by | JUST _NATURALLY DROP IN |the supreme court In this regard. Why —— then, with respect to any other form of of Daily Visitors Whose | luterstate commerce like the sale of goods w rovoke Incidental state boundaries and into foreig Remarks, may the same power not be Indeed, it is the very fact that interstate erce that makes these great Industrial concerns sub- Ject federal prosecution control HOw far as incldental to the carrying on of that cofmerce it Ynay be of the federal government to authorize manufacture of goods, I8 perhaps open aiscvs though a recent dectsion of the supreme court would seem to answer that question in the afflrmative Concentration of Even those who ar that the supreme cgurt may sustain tederal incorporation are inclined to oppose it on the ground of its tendency to the en- largement of the federal power at the ex pense of the power of the state. «It 18 & sufficlent answer to this argument to say trat other method can be suggested which offers federal protection on the one hand and close federal supervision on the {other handa of these great organizations |that are in fact federai because th wide a8 the country, ar in thelr business by state centralization of federal act likely to b corporations such a law tederal than' most, past midnight or, file full and complete reports of their 7> eyations with the Department of Jom: inerce and Labor at regular intervals Corporations organized under this oct should be prohibited from acquiring and he the the we our can’t blame you fo that my number come in and get coll —Kansas City Star. Good Your Unrestricted Choice of $37.50, blues, blacks, fancies, Rain Coats, Top Coats that guarantee in every respect. All Our @ACKH A i SRS v wioid viee p e pig e lutely dependable quality and strictly up-to-date styles and colorings. extent of creating a monopoly or of sub-|cepted by an ordinary business concern, to exist under federal fncorporation or to |of injunction recently adopted In prosecu- and should not be, the pelicy of the gov: | fore them. |trade and commerce This country has facturers in many markets. It should be the opportunity for a man or corporation creation under national auspices of dustrial corg€rns an opportunity to recog- a federal for dress or business wear, all sold from $20 to $40—no bet- 1,000 Men's Suits and 850 Men’s Overcoats— 1,500 Boys’ Suits—In all sizes from 6 to 16 : Youth’s Suits / Try Hayden’s F stantially and directly restralning inter- *“The third objection that the worst of- transter taythe protection of the federal tions the anti-trust law are so érnment to prevent reasonable concentra- shown a power of economical production the care of the government to permit such | T aeoun.in other corporations, €X32Pt | it reasonable capital to engage In bui holding company with subordinate corpor- |, . ana oncentrate their legitimate their FOR JUST ONE DAY In Our Entire Stock $1 5 In Our Entire Stock choice fabrics, styles & patterns ter garments ever produced. that sold regularly to $18.50; years, and worth up to $6.50— 8 1 on sale in one lot o 2 50 that where it appears that the acquisition |ce state commerce it is mot the intention of |fenders will not accept the federal incor-| | government of the state corporations now |thorough and sweeplng that the corpora- tion of capital which is necessary to the that has astonished the world, and has| concentration of capital, while keeping open | for special reasons, upon approval by ness. If would maintain present hich has ')l‘"n‘“‘“"ul in corporation and to [1ines of the law, frective agency in the trusts and moncpoll onal Control. such an e the great Neeessity for Nath “If the prohibition of the anti-trust against comblinations in restraint of (hlllnl is to be effectively enforeed, it is essentla that the national government shall provide for the creation of national corporations to carry on a legitimate business through- out the United States. Zhe conflicting laws of %he different states of the union with Tospect to forelgn corporations make it Hitfroult, If not impossible, for one corpor- ply with their requirements o business in a number of large saturday, Ja . Bfll Suits worth from $20 up to Auto Coats, Dress Coats, All are highest class fabrics and tailoring, all are garments bought for our regular fall and winter trade and which we go Saturday at one price Don’t miss this sale Saturday, the greatest real clothing bargain event of the season. Not a garment offered but is of abso- and concentration of property go 1o the government to permit this monopoly |porations, 1s casily answered. The decrees | violating the Sherman act. But It fs not, [tions affected by chem have but three be- economic development of manufacture, enabled us to compete with foreign manu- | the . avenues of individual enterprise and proper federal authority, thus avolding | business rzmm we should give to in creation of | oappy o business within the is wot| e vanced, ' of an Under Exam| “Do_you know the attorney “Never knew him 11" replied the witness )id you ever the prisoner at the fon. the prisoner well?” asked be 5 many a drink with me,” wds the a " ation to com| as to carry on ditterent states. “To the suggest federal incorporation sald he. “T% &it dow 0 White remove that man." Pittsburg Chronicl fon that this proposal of for industrial com- s !ntended to furnish them a which to econtinue industrial s under federal protection, it .s}lmv)h\ be said that the measure contemplated does not repeal the Sherman anti-trust lax i not to be framed so as to ‘m”"”. the “deing of the wrongs which it is I]l\w purpose of that law to prevent hut on \[ b foster @ continuance and advance o highest industrial effictency without abuses. “Such a national peorporation law will Tirst, by those who belleve that trusts should be completely broken up and | destroyed. # 1t will be op- by those who doubt the of such federal incorpora- tion. and even it it iy valid. object to it \no great federal centralization. It will ¢hird, by those Who will inist mere yoluntary incorporation like this will not attract to Its mcceptance the Worst of the offenders against the anti- trust statutes and who will therefore pro- poso instend of it & system of compulsory Hoenses for all federal corporations en- gaged in interstate business. the nts Some refuge in across to commerce erted? they carry b Speaking of pests, calls on you at the there's the visitor who office, stands around your desk, making conversation on unim- portant topie, while you walit, with your hand on the telephore, for him to go, and on comn > se und within the power the | to sks: “Are you busy answer is busy. am The proper ‘Oh no! 1 am not They just have me here 1 ornamental and have such an engaging personality. I draw entertaining acquaintances at n because a sulary the office Also the friendly vou when you for posed, second, = | willing to concede who soul approachey are 1eading and engages you “Maybe 1 am Interrupcing he suggests, noticing that you are using one finger for book mark, while you keep up an indifferent pretense ‘of ins rest And if u as polite as you | should be respond | “Certainly 1 am just holding Pl a friend who has been called of town for a few days in conversation that & . | | ot you not the out | always manufoct CALIF Fic SYrU | SOLD BY ALL LEADI one size only, regular price Answer to Objectors. | et us consider these objections in their order. The government is now trving Qisrolve some of these combinations and it is not the intention of the government to desist in the least degree in its effort {0 end those combinations which are today monopollzing the commeree of this country y are unlimited or 18 the power under this Only the largest would avail themselves because the burden of complete upervision and that must as One might also note the long- u on tn paper. view ot peevish, and the Bazoo?" you answer, with much fen- cked per car, cran When he | the news, he says: entirely who sits behind his neck to see lines. Ly obstructs a little you read no,’ excessive your you look Do “Oh E control