Iola Daily Register And Evening News from Iola, Kansas on December 5, 1911 · Page 6
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Iola Daily Register And Evening News from Iola, Kansas · Page 6

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Tuesday, December 5, 1911
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OF THE PRESiDENT •f* - ~~~~ |Mr. Taft Giiampions ttie Antitrust |EW REMEDIES SUGGESTED. f^et^ Repeal or Amendment, ^ift .'8up> plementai Legislation Needed—The Tobacco Trust Decision an Effective One—Federal Incorporation Recom- tmhded and a Federal Corporation Commission Proposed—The Test of "Reasonableness." JT O tbe Senate and Honse of BepresentatiTes: This message Is the first of several IR^hlchl shall send to congress docingr fitoe Ihterral between the opening of (ts'Iregnlar session and Its adjonm- ipient for tbe Cliristmas bolidays. Tbe fkbioast of Information to be commn- talcated as to the operations of the government, the number of important 'Witdects calling for comment by the jeXecnBTe and the transmission to con- of exhanstlve reports of special commissions make It Impossible to in- chide in one message of a reasonable length a discussion of the topics that Opght' to be brought to the attention tbo national legislature at Ita first NjgQlar session; Tilt Anti-trust L BW>—Tlie Siipremo I - Court Deeisions. |n Uay last tbe supreme court bandied down decisions In tbe suits in equi- jtji brought b7 the United States to en- pop ^he "farther maintenance of the ^taodArd Oil trnst and of the Amori- eap Tobacco trust and to secure their tdiaiolntlon. The decisions are epoch ijiniklDg and serve to advise the busi- inan world authoritatively of the ^pcW and operation of tbe anti-trust Hjpict of 1S90. Tbe decisions do not de- Hbart In any substantial way from the Mi>r^oa8 decisions of the court in con- •stiinlng and applying this important ••tatnte, but they clarify those deci- Hid<^ by farther defining the already HRfl ^nltted exceptions to tbe literal con- Hrtipctlon of the act By the decrees Bthjjy famish a useful precedent as to ^pfao proper method of dealing with the ipital and property of illegal .trusts. ^hoBe decisions suggest the need and ^prlsdom of additional or supplemental Beglslatidh to make It easier for the ^btjbre business commnnity to square ^nrltii tbe rnle of action and legality H ^df finally established and to pre- Jiciiio the benefit, freedom and spnr of ' onable competition without loss of efficiency or progress. Change In the Rule of Decision, •rely In Its Form of Expression. le statute in its first section de- S8 to be Illegal "every contract, blnatlon In the form of trust or mon law Is well nndemood and la clearly dt>fined. It d«>cii tibt rest In tbe discretion of tbe court It 'must be limited to nccomptitib tbe purpose tt • lawful main contract to which in o der that It'sbnll be enforceable at at It must be Incidental. If it exceed tbe needs of that contract It is void. The test of reasonableness was nirer applied by the court at comman aw to contracts or combination^ or'< on spiracles in restraint of trade wtose purpose was or whose necessary eC ect would be to stifie competition, to < on- trol prices or establlsb moOopolles. Xbe conrta never assumed power to say that snch contracts or comblna>. tions or conspiracies might be law fnl if the parties to them were only n od- erate In the use of tbe power tbns se- cnred and did not exact from the public too great and exorbitant prices. It la tme that many theorists and oth >rs engaged Inboslness violating the si .it- pte have hoped that some snch I ne coald be drawn by courts, but no co irt of authority has ever attempted it Certainly there U nothing in the di cl- bions of tbe latest two cases fr)m jlrblcb such a dnn^^oiis theory of |u- dlciat discretion in enforcing this stiit- nte can derive the sli;;htest sanctiot. Force and Effectiveness of Statute a Matter of Growth. We have been tw<'nty-one years mjik Ing this stainto crTt-cflve for the p ir poses for which it WHS enacted. 1 he Knight case wu.s discouraging :iud seemed to remit to the states tbe wh jle available power to nttncU and suppr -ss the evils of tbe trusts. Slowly, how er, the error of tli .it JiulRtueut waspjr rectcd. and oiil.v in ibi' lust thrci* or four years 1ms tin- hi-iivy hand of Iho law bccu laid u|iun the great lllo;;nl combliinLlnns ili :it li.ive cxcrcistHl sicl an nb.sulute (luiiiliiinn uvt -r niiiiiy of i ur Industrie*. Cnmlanl iinwoiMiiions li;i vo been bropKlit, uml » iMiitibi .'r arc pt 'i d lug. but jurifn liiico I't'lt Kvurse to mu vlctlng for Jiili H .»n(i-ii((-« iiud Jiidjos bare berii must ri-l>i''laiit to Itu |)i sn such tit'n!''Q< c-s fin iiii'ii of respectalilc standing ll n'i:My whose offensi.' I ;i« bccu rcs'-'idfd i>n iiUTtrly statute y Still, ns till' olT'<'n .s(« bwomes better v n derstflod ninl tlio coiiiinlttlng of It |i ir prwlse or conspiracy In restraint jrade or commerce among the sev- Gtates or with foreign nations" I In the second declares guilty of a ! tak«?s ni 'iro of studied and dellbenlto dcfinnro of tlio law wc <.an be coiltl dent '.ti:)f .lurit?.'* will convict iudlvidu als nn>l tlial Jail seutuui -M will bu ijui pose<l. The Remedy In Equity by Dissolution In the Sfand.ird Oil ta.sc- tlie supre ne and circuit courts found the conibi in tlon to be a ibouoiwly of the inti-rstnte b«slnt.>s.s of ri'ttiilii'.;, iriinsporting ju>d marketing in'troleiim and its prodo' ts. efTected and maintained through II ir- ty-seven different corporation.s. lie stock of which was held by a New .Ji-r- sey company. It In tillett comniaix <>d the dl.s.solution of this combination, dl- rt-cted the transfer and pro rata iLs ri- butlon by tlie New Jersey compan.v of the BtocV held by It In the thlrty-sei en corporations to and among its ato :k- bolders. and the corporations and li di­ vidual defendants were enjoined fr im conspiring or combining to rest ire such monopoly, and all agreement.s lio- tween the subsidiary coryiorations le id ing to produce or bring about fnrt ler I violations of the act were enjoined. I& the tobacco c.i.se the court foWud ! that tiie individual defendants, tw -n- iemeanor "every person who shall • ty-uine in number, bad been en^; VM I bpoilze or attempt to monopollzb ' in a successful effort to iirqulre Ct tn- ombloe or conspire with any other ' plete dominion over the manufacture, on to monopolize any part of (he I sale and distrilmtlon of tobacco in t lis ! or commerce of the several states ; countrj- and abniiid niid that this 1 ad Ir jWth foreign naUons." U two early cases, where the statute Bgreemcnt as to rates complained it ^ns reasonable at common law, l>e- been donp by comlilnatlonn made with a purpose and effect to stifle compctl Inv|oked to enjoin a transporfa-! tlon, control prires and establlsb a rate agreement between inter-• nionopoly. not only In the manufacliirt.' railroad companies, it was bold j of tobacco, but also of tin foil and it was no defense to show that i orice used hi Its manufacturo and of its products of cigars, cigarettes nud snuffs. The tobacco suit presented a piMe It was said that the statute was far more compllcutcd and difllcult ci so ted against all contracts and com-! than (he Standard Oil suit for a decree donete TCBtrnlnt of trade, whether j which would effectuate the will of ijhe . meble at common low or not It plain from the record, however, pat the contracts complained of In cases would not have t>ecn deem|k jAasonable nt common law. in sub- |igspnt cases the court' said (bat the te should be given a reasonable court and end the violation of the s( it u(e. There was here no single .holding company, as In the case of (be Standard Oil trust The main oompa ly was the American Tobacco compai y. a manufacturing, selling ttnd holdi ig company. The plan adopted to <lo- TUGtion and refused to Include 1 stroy the combination aifd restore cokn petition Involved tbe redivblon of tJlic capital and plants of tbe whole tn st between some of the companies cc u stituting the trust'and new compan cs organized for the purposes of the decree and made parties to It and nufn- bering, new and old. fourteen. • Situation After Readjustment. The American Tobacco compahy (old), readju.stod' capital $92.000.0()o: in Its inhibition certain contrac- restraints of trade which it de- IJlnated as Incidental or as indirect lee'cases of reistrant of trade tlwit excepted from the operation statute were instances which on law would have l>een callable. In the Standard Oil ^bacco cases, therefore, the court adopted the tests of the com- l^w and in defining exceptions to j the Liggett & Meyers Tobacco compahy jiltteral application of the statute i (new), capital Sin'.OOO.OOO; the P. Lo^ll- Jrabstttnted for tbe test of being I iard company inew), capital $47.00f).- il oi- Indirect that of being j ibl^! knd this without varying 000. and the H. J. Reynolds Tobateo company fold), capital $7,520,000. tre slightest the actual scope and j chletly engaged In the manufactt re of the statnte. 'In other words, ; and sale of chewing and smoking o- 9 cases under the statute wWch f bacco and cigars. Tbe former one i In |4JOW_ been deciiied would have) foil company is divided Into two. o le dodded the same way if the! of $.''2.'>.0fi0 capital and the other of Jmd_<«lginaIIy accepted In its | ?-l00 .C «0 The one snuff company ts !on the rule at common law., i divided Into three companies, one w tb been said that the court by In- 1 a capital of Sl.l.OOO.OOO, another witl a . j-4nto the constmcUon of the ! capital of J».000.000 and a third with 8,^bmmon law distinctions has ' a capital iif $8,000,000. The licorice lat^ it Tbis is obviously nn- { compaf.Ies arc two. one with a capl al Bytts judgment every contract; of $5.7 ."iS :30<» and another with a ca il"* Oon in restraint of inter-i (al of $2.O«!O.<«)0. There'Is also tie [^tmde made with .the purpose or effect of cotitrolling prices ; competition or of establish- whole or In partj a monopoly of |tmde^Ir condemned by tbe stnt- OHie most cstrfme critics cannot a rase that o( ght to be con[ tmder the statute which Is not ^ iwltbin lis terms as thus con- j^^mgeeKtlon ts also made that tbe ntf court by iu decision in the irocsRes ban committed to the Sbf andeflaed and nnllmited dls- I fodetMnInn whether o case of lot pt trade Is within the teraw Britlsli-.\iuprl-jan Tobacco company, n Britisli <>«in)oratlon. doing bunlntss abroad with a cutiltal of $;>(l.000.0 X), tbe IVirto RIcan Tobacco compai y. with H capital of Jl.SOiVOOO. and t le corporation of United Cigar Stor^. with a capital of $0,000,000. Under this iirningement each of t|»e different kinds of InisineBs will be dl pany will have 33.0S'|N,>r'cent' tbe UC' gett & Meyers 2a05 per ceo^ tbe Loril^ lord company 22.82. per 'cient and the BeynoldS'Company 2JId per cent. The stock of tbe other .thirteen companies, bbtb preferred and-common, bas beisn taken from tbe defendant American Tobacco coimpany and bas been dls tribated among \» stockholders. All covenants restricting competition Jiave been declared nnll and further' performance of them has been ^enjoln^^ The preferred stock of the different companies has no^ been given voting power which was denied It under the old organization. ^ The ratio of the preferred stock to t^e common was as 78 to 40. This constitutes a' very decided change in the character of tbe owner­ ship'and control of cacb company. In the original suit there were twenty-nine defendants, wliti were charged with being tbe conspirators , through whom the Illegal combination acquired and exercised Its unlawful dominion. Under tbe decree these defendants will hold amounts of stock In the various distributee companies ranging from 41 per cent as a maximum to 28V4 per cent as a mlnimum.except in the case of one small company, the Porto KIcan Tobacco company. In which they will hold 45 per cent The twenty-nine Individual defendants are enjoined for three years from buying any stock except from each other, and the group Is thus prevented from extending its control during that period. All parties to tbe suit and tbe new companies who are made parties are enjoined perpetually from In any way effecting any' combination between any of the companies In violation of the statute by way of resuni|i(Iou of the old trust Each of tbe fourteen companies Is enjoined from acquiring stock in any of tbe others. All UIOKC comj)anles are enjoined from having commop directors <ir ofllcers. or common btiylng or nelling agents, or conihion offices, or lending money to encii other. Size of New Companies. Objoctlon was made by certain Independent toliii'(II 'oinpanlcs that thl.<< settlement was unjust bpcnuse it left companies wlib n-ry larg<i capital In active buslni'ss niid that the sottle- ment that would be effective t" put all mast disappear. . Those critics wl o speak.of this dblntesratlon fartbe tro it as a merecboiige of |;armenbs hftyen< t given Cossideratlbn-to the Inevttab c' working of tbe decree aad nnderstaoil little the pasopai dbtoger ot at^mp^' ipe to evade or ttet at naught the solemn ^InJphOtton bt.'ai court whose dlifa t Is ninde plain by the decree and wh<K e inhibition!^ are set foi:tb with a.detal and comprehensivenesM unexampled. 1 a the history of equity jurlsprudeiic& Voluntary Reorganizations 'of Oth^t v.- Trusts-at'Hfnd. The effect of these two decLMons hak led to decrees dbtsolving' the comblni^ tlon of manufactiirers of 'ieleirtri lamps, a southern vbolesaje grocerd" association, an interlocutory decrel against the iiowder trust..with dire< tions by tbe circuit court compellln dissolution, and other comblii&tions o|( a similar history are nt^ uegotlatin. with the department of justice; ioOkin; [ to a disintegration by decree' and r« • organIz.ition in accordance with Ian It seems possible to bring about thes i reorganlzatlous without general busi ness di.stnrbance. Movement For Repeal of the Anti trust Law. But now that tbe anti-trust act lit seen to be efi'ective for the accompIlsh| ment of the piir(>o.se of Its enactmen we are met i>y a cry from many differ ent i|uartcrs for its reiicni. It Is salt \ to be obstructive of buslnc<» progress to be an attempt to restore old fash ioned met!:o<ls ut destructive competi tlon between small units and to maki Imjiosslble those u .sofnl combination: of capital and (be n-duetlon of tbe cos of production (bat arc CMcntlal to con tinned pmsiteilty and normal growth. In tbe recent decisions tbo suprein^ court ma!:-js clear that (hero is noth Ing In the alaliite which condemn) conjlilnations of capital or mere big ne.sK of plant otganlzed to secure econ orny In prodticdon and a reilitctlon o: Its cost It Is only when (be porpost or mcftssfiry effect of (ho organizntlot and maintenance of the combinatiOi] or tbo ngarogallon of Immense size on the Ktlflin;r of corai>eti(lon. actual anc potential, and tbe enhancing of prices and uatablisliing a monopoly that tb on an equality wonlrl iie n division of I statute is violated. Mere size is n( the capital and plant -if the trnst into • sin asrain.st tbe law. Tbe merging ol small fractions In amount more near- two or more business plants necessari ly, equal to that of each of tbe iude- ly eliminates competition between tb^ pendent comp:inle.«i. Tbis contention j units thus comlilned, but tbis elimina results from a mi .<!Tinderstanding of ' tlon is In contravention of tbe statutd the anO -truRt law and its purpose. It ' is not intended] thnreiiy to prevent the accumniatinn of large catJltnl in Inisl- nefM enterprises In which sucb o combination can seoijre reduced cost of prodiiction, rfilo and distribution. It is directed against snch an aggregation of capital only when Its purpose is that of stifling competition, enhancing or controlling prices and establishing a monopoly. Jf we shall have by the decree d«>f<»ntwl these purposes and restoretl competition between tbo ' only when tbe combination is m.ade fo^ pin-pose of ending tbis particular com petition in order to secure control o^ and enhaui-e jirlccs and create a mo nopoly. Lack of Dcfiniteness In the Statute. The complaint Is made of tbo stat ute that It is not sulhciently definlt^ In its description of tiiat which is forbidden to eiialile business men to avoid it« violation. Tlie suggestion is thai liave a coinblnutlon of two we may corponitl _ — .— ptant have been divide<l we shall have • "'"J subsequently' the at] accomplished tbe useful purpose of laise units into which the capital and i «"-PO"">"n« ^'"^^ -n-''^ the statute. Cenfiscatioti Not the Purpese of the Statute. It Is not tbo purpose of the statnte to confiscate tlie property ahd capital of the offending (msts. Methods of punishment by fine or Imprisonment of the individual offenders, by fine of torney general may conclude that Ii was a violation of the statute and thai which was suppo.sed by (be combiners to lie Inno<'cnt then turns out to be i coroblnatiuu In violation of the statute The answer lo this byjiothetlcal cas< Is that when men attempt to amas: sucb stupendous caiiltal as will ennbl^ lliem to suppress competition, contro prices and establlsb a monopoly tbejj the corporation or by forfeiture of Us ( know tbe pur\)oso of their acts. Mci^ goods' In frnnsportntlon are provided. I <io not do Pitch u thing wKlioot having but tbe proreedln« In equity Is a spe- | \t clearly In mind. If what they do Iij clfle remedy to stop the. operation of the trnst by Injunction and prevent tbo future use of (be plant and capital in violation of tbe statute- Effectiveness of Deoree. X venture to say that not In the history of American law has a decree merely for (be purpose of reducing tbt cost of proilucilon. without tbe tbongbi of BUppiusRlng competltlou by use of tbi bigness of tbo plant they are creating, then tliey cannot be convicted at (lid time the ttiiion Is made, nor can they be convicted later unless It bappert more effective for such a purpose been t>>ot later on tliey <onclnde to HUJI' entered by a court than that against I""®*" ••ohil'etltlon and take tbe usual tbe tobacco trust As Circuit Judge ! methods for doing so and thus estaH Noyes said In his judgment approving the decree: •^be extent to which It has been necessary to tear apart this combination and force It into new forms with the attendant burdens ought to demonstrate that the federal anti-trust statute is a drastic statute which accomplishes llsb for tbenwclvcs a monopoly. They can in such n case hardly coriiplaln if the motive wbicb subsequently is disclosed Is attributed by tbe court to the original combination. New Remedies Suggested. JVInch is said of the repeal of this! ! st.itnte and of conslructive leglsiatiouj a»|awitriMB<^j Investigation and pod- of corporations whose prosiperUy .or d4stmctIon nflTects the offepi *^nt'8nch an .slbl^ prosecution eonuTort not only and ^^^^^^^^^^^ of mUIIons of wage eiiracrs. employees associated ti^ Jadesmen; must necessarily tend to dl.stiirb the confidence of tjie business ([ommnnlty, to dry np flowing - sources of capital nf boarding and pro dac^ a halt In our present prosperity (bat will cnuRe sjuffering and strained cifct mstances rimong . the Innocent mangrfor the fni Its of the gailty few. the now frbii 1 its places Thej question w message < to brin sidefntion and d| ilch. I wish in this ij: dearly to the con scn.ssion of congress :is Whether. Inoder to avoid such a possible businesi danger, .something cannot be done >y which these busl- n «!8J comblrintloj s may be offered a means, wltbont great financial dls- tnrbnnce, of ch.Tnglng the character. I In fore Inters tJi foreign ma state. This fact ernl govern/nent charier to such a and sell In Inters .cure I a comiiliancj luw. i It is poNsib Ute tSiat. while It federjal company Stnti .>t4. it shall s xaiinn and rations (ixcept iiponl'approvai b; authority), ilius : conipiany witii siib In djfferent stat snch] an elTectlve of stockholders, bnt organization and {extent of their business!,Into f"e n'tthin the lines of the law under fedenl control arid snper- vlslopa. .securing compliance with the antitrust stiture "Generally in tl tions culled 'triis ness is tbe .siile o e industrial combln.i- s' I lie principal bu.si- goods in many states !rkets—in other word.s. and the interstate and foreign business far exceeds tbe buslipess done in any one will justify the fed n granting a. federal Iconiblnntlon to make ate and foreign com- s of useful manuf.-ic- merc^ the iiroduc tare lunder su>-b ^Imitations as will .se- witli tbe anti-trust le so to frame a stat o(r<'ni protection to a ii::ainst harmful, vex ptloi^ and unni>oijssary invasion tiy tbe lijf ?ct It to reasona- jrontrol by tbe states re -MH 'ct to Us purely local busI hie t with aess. Ctirponilious <|rgaiiized under tills act tiliould b» prr bibited from acquir- Jng and liolding fto<-k in oilier corpo- ^or • special reasons, (lie proper feder.il voiding (be creation under national aiHiiic«<s of the hotdln;; irdlnate corporations s. ivhich bas been agency' In the creation of the gri-ad trusts and mouopo lies. ion of (be an(i-trust illations in restraint effectively enforced ^SFlsirisTfonraFBf ipcaciUcal or 'wjse; -. ^Biich a bnrean or com^!.<;slon might Iweil' be invested also with the duty already referred to of aiding conrts in the dissolution and t^reation of trusts within the" law. It should be aa executive tribunal of tbe dignity ahd power of the comptroller of the currency or the Interstate commeree commission, which now exercises supervisory power over important classes Of corporations under federal regulation. The drafting of such a federal incorporation law wOnldiOffer ample opportunity to prevent'Aaany manifest evils>in corporate n^anagement today, including irresponsibility of control in the bands of the few who are not the real owners. Incorporation Voluntary. 1 recommend that the federal charters thus to be granted shall be voluntary, at least until experience justifies mandatory provisions. The benefit to be derived from tbe operation of great businesses under the protection of snch a charter would attract all who are anxious to keep within the lines of the low. Other large combinations that fall to take advantage of the federal IncorpoRition will riot have a right to complain if their failure Is ascribed to unwillingness to .submit their transactions to the careful olficial scrutiny, competent supervision and publicity attendant upon'tbe enjoyment of such a charter. Only Supplemental Legislation Needed. The opportunity thus suggested for federal Incorporation, it seems to me. Is suitable constructive legbilntlou needed to fndlilate (be squaring of great Indusdial enterprises to (bo rnle of action laid down by tbo anti-trust law. This statute as construed by tbe supreme court must continue to bo (ho line of distlncdon for legillmale business. It must be enforce<l unless wo are to banish Indlvlilnalism from all business and reduce It (o one common system of regulation or control of prices like that wlikb now prevails with respect to public nlilities and wblcii when applied to all business would be a long step toward state uo- clallsm. at prices that will surely interest you, as we now have more than fifty different patterns to select from; and in order to move a number of these tables we have decided to mark them so low that if you have been thinking Library Table you surely will have to buy. Caclillae Desk Table, finished in golden oak. Size of table 28x42, Colonial pattern—a table that is well worth .$27.50; special price— , $19.75 Ifj the nroblli! act against c <iml| of ti^de Is to bq Importance of the Anti-trust Act The nhti -ti -iist act Is tbe expression of tbe efiort of a freedom loving people to preserve equality of opportunity. It i.s (be result of the conlide .Mt deter- I miuation of sncii i\ |:e :)ple to in.iintain tlieir future growth by preserving nn- controlUsl and unrestricted (be cuter- prise of (bp individual, bis indus(ry. his ingenuity, ills intelligence and his Independent courage. For twenty yeare or more this statute has bi-en upon tbe statnte bonk. All know its general purpose and approved. Many of its violafors were rpi^crio'forergnT -onK .n7tions makeit^fy"'''^'^ 't« «f'""cd impotence. .11.1 J .if i.,l.^.-.-..,i.. ' It seemed impossible of eaforcomeut. Slowly the mills of tbe conrts ground, and only gradually did t'le majesty of the law a.s-.sert Mis.sion Library Tables— finished in Early English. This is a veiy massive table, built of oak, with a very heavy toj). We display this table in 28x4.5. Priced at— e for the creation of :)iis to carry on a le- tbrougliout the Unlt- [intllctlng laws of the effec Ive results, which so long as it i intended to accomplish (he purpose stands on the statute books must be ' „nd blaze u clear path for honest mer- obeyed and which cannot be disobey- , cbanbs and business men to follow It ed without Incurring farreaching pen- I may be that sucb a plan will be altles. And. on (he other hand, the evolved, but I submit that the dlscus- succeSsful reconstruction of this organization should teach that the effect of enforeing (bis s(ato(e is not to destroy, but to recons(ruct: not to de- molh;h, but (o recrea(e In accordance sions wbicb have been brought out in| recent days by the fear of the con- (inned execution of tbe anti-trust law have pro<luc-e<l nothing but glittering geneniiides and liave offered no linel with the conditions which the congress ^of distinction or i-uie of iicUon as ded- bas declared shall exist among the people of the TJaited S(a(es." Common Stock Ownership. It bas been assumed that tho present pro rata and common ownership in all these comiianles by former stockholders of the trust would Insure a continuance of the same old single control of oil the companies Into which the trust has by decree been disintegrated. This Is erroneous and Is based ntte and as <lcnr as (bat which the su- pi-enie conr itself lays down In enforcing tbe statule. Supplemental Legislation Needed, Not Repeal or Amendment. I EPC no objection, and Indeed T can see decided advantages, in the enactment of a law which shall describe and denounce metbod.s of competltlou which are unfair iiud are badges of tbe unlawful puriiose denounced In (be upon the assumed luefficacy and Innoc-1 .„M In,.. •»•!,» . ^ nonsness of judlclarinjunctlons. The ! ^ L^re„^^^lT comoanles are enlolned from «w,ner- ! ^ }^ suppress a competitor by un- companles are enjoined from co-opera tlon or combbiation; they have different managers, directors, pnrchasing and sales agents, if all or many of the numerous stockholders, reaching into tbe thousands, attempt to secure dersetllng him at a price so unprofitable as to drive him out of business or the making of e.-ccluslve contracts with customers under which they are required to give up n .<u3oclntion with btb- concerted action of the companies with j J^STn^'TT "."m, » .—-I .M lu ..-i 1 dred melUotls for stilling competition a view to the control of tbe market their number hi so large that snch an attempt con Id not well be concealed, and its prime movers and all its participants would be at once subject to contempt proceedings and' Iroprtaonment of a summary character. Tbe Immedl- tributed l >«tweeD two or more comF a- i ate rekalt df tbe present situation will nl^ with a division of tbe promlneit necessarily be activity by all tbe com- brands in the same tobacco producia, panics under different managers, and •o as to mnke comiMXItion not on y then competltioo must follow or there possible, but necessary. Thus tie xrlll be activity by one compapy and sinr^king tobacco business of the conii- stognadon by .unother. Only a short try \i» divided so!ibat the present In- time wlir InerJtably lend (o a change •ml effe <-iiiig mnnopnly should be described with mifflclent accuracy In a criminal Mtarnte on the one band to enable tlie u'overument to shorten Its task by pro «<<cMtlng single misdemeon- ors Instead of an entire consplrocy ond on the otbeir hnnd to serve (be purpose of p'^^itlng out more In dutail to the hitslnex'j c():!::miulty what must be avoided. FedtrsI Incerporatien Recommended. to a speolnl ro<'««nsc to congress on Jan. 7. 1010. I ventured to point out it Is b-ssentlal (lia( the national government shall provid untie nai coriiorat) gltlmate business ed States. Tlie c i^ffercnt states o'f tbe Union with re- spec^ to foreign <-oi-por.Uions make it dltllr^ilt If li-.)t In iw.ssible. for one cor- porailon to coinp y with (heir require-, mends so «s lo c; rry on business In a number of Uin'«'re(it sditus." i I )4-new .be relommeudaUon of tbe ' ^''^'^™''"-"""""'^ '^'""^ "«^'"'« enactiheni of a uVn.ral law providing '•"'^''^- "'"^ "'^J* °*b- | . ,.p,.„ f^lpo-^^f 4-„ for Ibe voli.n .aH .v formation of cor' ^''^ "•''^^ ^l"^" "''3 P*^^"' elegant ta- poralions to eiigi^ge in li-ade and commerce among tlui stales and with for- '^^ P^''^*''' ^f^-^y- 't-'' K^ery argument which- f^'^^L'.^ near acliievetnent Now wo A Library Table for a it.spif. M.any''"of" Its \ Small rug; finished in golden oak, dull; size of top 2'6x42. , hoped to destroy. Npw its efficacy is j blo, vciy reasonably priced, cign nations was Ihen advanctjii for such a law and hear the call for Its repeal on the plea $12.50 •; ;T--;' — that u interferes wub business pros-1 , All othcr Library Tables every eM.ianat.oi which was at that ^^.^ „re advi.se.1 in most haVO been greatly rcdUCed genera, terms l.«w by .som_e other s... in priCG We will put any table aside and deliver at" Christmas. Monthly Payment if Desired L. SLEEPER & SON KIS .NORTH ^VASIIIXOTO.V. 'I-"""'""" ;M -''P«rien« j,„,j ,„ „,„^r way tbe evil the ^nforccni-n -f be anti-trust st.it- stamping out can be cured ute hir< resuliisl n the actual dissoiu- „ ' „. . 7,.. . . . .„„ , , , . If we only nbandon tills work of twen- .(Ion of active ijonitnercial orgauiz.n- _ „' „, .„ „„, „,^,.i..,„„t ^ • 1 • ty years and try another experiment • , i for another term of yeai-s. It Js even mor^ maulfost now (ban , ,h.,t the act has not done it wjis tlieii th.-it consiilracics In should not and d ntal of org.itilzat l>e Intrust I'll wlili foreign trade. Itj eleai^ now tlian purely lieK-ifive trust law iiia.v M by specific (irovls up flind regulail tloual and foreig lb.- denunciation of restraint of trade ».s not mean (lie de- iiiis liir;.'e enough to nir interstate and good. Can this be said in the face of tbe effect of tbe Noribern Securities decree? Tliat decree was In no way so drastic or liibibltlvo In detail as cither tbe Standard Oil decree or the It was tluii that a .•Itaiute like the unti- cll lie supplemented |ons for the buildlug n of legitimate na- coinmerce. Government Administrative Experts Needed to Aid Discblutions. Tlif drafting o^ (be decrees In the «>mbIna(Ions and monopolies lawful? dissolution oC till' a view to tlieir n gUlmiate coriuiratij peclally aiiii.-irent sot proviiieil with tbe administrative inacliluery to ma C'Ircuit court and cree In tbj tobaccc Idd not set fort and sections of a has been made more tobacco dc-ree I5ut did it not stop Courts In Trust for all time the then powerful movement toward the control of all the railroads of tbe country In a single hand? Such a one man power could not have been a healthful Influence In the republic, even though exercised under the general supervision of on Interstate commission. I Do we desire to make such ruthless present .trusts, with iirganizatlon into ie- itis. bas made It es- lliat tbe courts arc Le tbe necessary In- •qHiIrles piepanitory to reorganization or to', pursue suclJ Inquiries, and they should be empowered to Invoke the aid (if tbe l)iii-e.-iu of corporations In de(ermining tlie suitable reorganization )f the disintegrated parts. The j be attorney general When all energies are directed, not to- wiird tbe reduction of the cost of production for tlie public benefit by a healthful competition, but towai^d new ways and means for making permanent In a few hands the absolute control of tbe conditions and prices prevailing in (he whole field of Industry, then individual enterprise and effort will be paralyzed and the spirit of commercial freedom will be dead. WM. H. TAFT. The White House, Dec. 5, 191L wereigreatly iiiilL -d !n framing tbe de- trust dl.ssolution by an expert from tt'.e bureau of corporations.! Irederal Corporation Commission Proposed. Got a Free Lecture. The agent tor a baudsomcly Illustrated book to be sold on long time credit—a feast to tbe Intellect and an adornment to any library—leaned against the side of (he house, caught bis breath, clinched his fist and looked supply the con.-.tri^tIve legislaUon per- ("''^baCs the matter?" asked a pollce- niltdijg and aldiug the formation of 'jnan lupital Into federal I) In detail tbe terms 4(atu(e which might ombinatlons of jorporatlons. Thc^- should be subject to rigid rules us eo their organization end procedure. Int-puding effective pub- lieltyjand to r^v closest su[iervIsIon as to tb| Issue of stdck and bonds by an pxeciitlve bureau Or commission in tbe depot ment of cbnjimepce and labor, to wblcl In times of doiilit they might well-nibmit Ibclrj proposed plana for future business. It must be distinctly ; I "I've met tho meanest man," he answered. 'Tve heard of him. and I've read about bini iu the, papers, but I .never expectiHl to meet him face to face- , . "Where Is be?" 1 "Up In that building." ' I "How do' you know he's the meanest many "By tlie way be acted. I showed him this work of art. lectured on it Undeiitood that lijconKirutlon under a jfor half an hour, tainted out the~en. fedenll luw could lot exempt tbe com- Igrnviugs. and when I blnted It would the abtMrust law] legal proced ({ueut coihml rarity any thus formed 4nd Its Incorporators ^nd i^anngers froip r )rosPcutlon under for Kubseouent lithe publicity of Its |oppori unity for fre- with the bureau or .-onduct. but uru and the consultation tntnsm?tlons would •sipn In chaijge of tbe Incorporation to the legitimate purpose of Its offer It as great se- against sucdesaful prosecutions be a goud thing to order what do you think be said?" "I don't l-.aow." • "He s.iid be never bought books, he didn't bare to: (le just waited for some Idiot of an agent to come alung^ and tell blni all ili:it was In 'em and' turn over the leaves while he looked' Bt the iileliires .Vice, Isn't Itf— Ep^' worth Herald. ij W.lVKItl.EV. Dcccniber 4.—Mrs. .Ino. Vaughn gave a Thanksgiving day dinner to several of lier neighbors and our teacher, .Miss Smart. .Mlna Harnett spent Saturday and Sunday with her teacher In the Pleasant Valley neighborhood. Will Harnett drove to Linn, county Saturday morning. liable and Earle Smith have mcved back with tlic'r uncles, the Dickerson brothers. Quite a number visited the school Thursday and listened to a very good program. Several from here attended the box socials at Diamond and Fair View. Diamond school took in about twenty- eight dollars. .Mr. and .Mrs. Frank Albertson. of Kansas City Kansas spent Thanks^ giving week at J. A. Morrison's. .Mrs. McVaiiahn is able to be up anilarouad ol late. lia Lai gent and son, Elmer of Gar- nctt, came down Saturday and spent Sunday with his nephews, the ^Morrison brothers. THE DOCTOR'S QUESTIOK, .Mneh Sickness Due to Bowel Disorders. A doctor's first question when consulted by a patient Is "Are your bowels regular?" He knows that 98% of illness is attended with Inactive bowels and torpid liver, and that this condition must be removed gently and thoroughly before health can be restored. Rexall Orderlies are a positive Iileasant, and safe remedy for constipation and bowel disorders In general. We are so certain of (heir great curative value that' we promise to return the purchaser's money ha every case when (hey fall to produce entire satisfaction. Itexall Orderlies are eaten like candy, they act quietly, and aid In produp- Ing a soothing, strengthening healing Influence on tbe entire. Intestinal tract. They do not purge gripe cause nausea flatulence, excessive looseness, diarrhoea or other annoying effect They are especially good for children, weak persons or old lolks. Three sizes, lOc, 25c., and SOc. Sold only at our store—The Rexali Store,. Barren's Drug Store West Bide Square, ^ j

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