TIIK HKKi OMAHA. WKOXKSPAY. PIXTjMHKU (, 1911.
S
TAFT WRITES ON THE TRUSTS
President's Message to the Congress
Deals with Single Topic.
WHAT HAS BEEN ACCOMPLISHED
Scope and Kffrrt of t'nnrt Drrlalnm
nil Xew l.eaWlatr:n Required
for the Control ot Glass
tie I'orporatlunn
(Continued fro n First rage.)
have now been decided would have been
decided the ha me way If the court had
originally accepted in Its construction tlie
rule at ronimon law.
"It has been said that tho court, by in
troducing Into tho construction of the
statute common-law distinctions, has
emasculated l(. This is obviously un
true. Tly it Judgment every contract and
combination In restraint of Interstate
trndo made with the purpose or rtecrr sary
effect of rcntrolline; prices by stifling
conipetlllon. or of establishing In whole
or In part a monopoly of such trade, is
condemned by the statute. The most ex
trmc critics can not Instance a ease that
ought to he condemned under the rt.ttute
which la net brought within Its terms as
thus construed.
"The suRRpstlon Is also made that the
supreme court by Its decision In ths last
two cases hns committed to the court
the undefined and unlimited discretion to
determine whether a case of restraint
of trade Is within the terms of the statute
This is wholly untrue. A reasonable
restraint of trade at common law Is v.ell
understood and is clee.rly defined. It
does not rest In the discretion of tho
court. It must be limited to accomplish
the purpose of a lawful main contract to
which. In order that it shall be enforce
able at all. It -must be incidental. I f It
exceed the needs of that contract It Is
void.
"The test of reasonableness was Tievcr
applied by the court at common law to
contracts, or combinations or conspiracies
in restraint of trade whore purpose was
or whose necessary effect would be to
stifle competition, to control prices, or
establish monopolies. The courts never
assumed power to say that such con
tracts or combinations or conspiracies
irlKht be lawful If the parties to them
were only moderate In the use of the
power thus secured and did not exact
from the public, too great and exorbitant
prices. It ia true that many theorists.
-I others engaged In business violating
ti. Vtatute, have hoped Hint some such
line could be drawn by courts; but no
court of authority has ever attempted It.
Certainly there Is nothing in the decisions
of the latest two. cases from which sucli
a dangerous theory of judicial discretion
In enforcing this statute can derive the
bilKhtcst sanction.
Force Kd Kffectl ipnria of Statute.
"We have been twenty-one years mak
ing this statute effective for the purpose
for which It was enacted. The Knight
aie was discouraging and seemed to
remit to the states the whole available
power to attack and suppress the evils
of the trusts. Slowly, however, the error
of that Judgment was corrected, and only
in the last three or four years has the
heavy hand of the law been laid upon
the great illegal combinations that havo
exercised such an absolute dominion over
many of our Industries. Criminal prose
cutions hove been brought and a number
are pending, but juries have felt averse,
to convicting for Jail sentences, and
judges have been most reluctant to Im
pose such sentences oh men of respectable
standing in society whose offense has
been regarded as merely statutorv. Still,
as the offense becomes better understood
and the committing of.lt partakes more
of studied and deliberate defiance of the
law. we can be confident that Juries will
convict individuals and that Jail sentence
will be Imposed.
Heined? In Faulty by Dissolution.
"In the Standard Oil case the supreme
and circuit courts found the combina
tion to be a monopoly of the Interstate
business of refining, transporting and
marketing petroleum and its produces,
effected and maintained throughout thirty-seven
different corporations, the stock
of nhlch was held by a New Jersey
company. It in effect, commanded the
dissolution of the combination, directed
the transfer and pro-rata distribution by
t lie New Jersey company of the stock
held by it in the tiirty-seven corporations
to and among the stockholders, and the
corporations and individual defendants
were enjoined from conspiring or com
bining to restore such monopoly, ' and ail
agreements between the subsidiary cor
porations tending to produce or bring
about further violations ot the act were
enjoined.
"In the tobacco case, the court found
that the individual defendants, twenty
nine In number, had been engaged In a
successful effort to acquire complete do
minion over the manufacture, eaie and
distribution of tobacco l.i this country
and abroad, and that this had been done
by combinations made with a purpose and
effect to stifle competition, control prices,
and establish a monopoly, not only In
the man fart u re and of Its products, but
olso of tin-foil and licorice used In Its
innnufactuie and ot its products of cigars,
cigarettes and snuffs. The tobacco suit
presented a far more complicated and
difficult case tha.i the Standard Oil suit
for a dct-rce which would effectuate the
will ot tho court and end the violation
of the statute. There was her no single
holding company as in the case of the
standard Oil trim. The niMn company
was the American Tobacco company; a
iiiariufactuiinK, selling, and holding com
pany. The plan adopted to destroy the
combination and restore competition in
volved the redivlslon of the capital and
Plants or I he w hole trust between some
of the companies constituting the trust
u n.l new companies organized for the pur
pose's of the decree and made parties to
U, a-.d numbering, new and old, fourteen.
Situation After Readjustment.
"The American Tobacco company (old),
reitujutted capital. IM.OOO.OOO; the IJgaett
& Meyers Tobacco company (new),
capital, 67,ouO.Oii: the P. Ijrlllard com
puny (newi, capital, M7.0u0.0uo; and the
li. J. Reynolds Tobacco company (old),
capital, S7,ii.a. are chiefly engaged In
tho manufacture and sale of chewing
an J smoking tobacco and cigars. The
former one tinfoil company Is divided
into two, one of rjal.coo capital and the
Sarsaparilla
Ours blootl diseases and re
fetoivs health and strength.
There i no "just as good"
Medicine. Get it today and
begin taking it at owe.
In usual liquid forrr or In chocolate
cwld tablets called btcrhaLab.
other of Itoo.eAi. The one snuff com
pany Is divided Into three companies,
one with a capital or f i5.OW.nn, another
with a capital of M.W.wn. The licorice
companies are two, one with a capital
of S7.v..T00 n-id another with a capital of
J.'.ftfl.tvo. There K also, the Hrltlsh
Amerlcan Tohacco company, a British
corporation, doing business abroad with
a capital of :,0iO.W, the Porto PJcan
Tobacco company, with a capital of
$1.S'0,0"0, and the corporation of 1'nlted
Cigar Stores, with a capital of $9.0CK),0iX.
"I'nder this arrangement, ench of the
different kinds of business will be dis
tributed between two or more companies
with a division of the prominent brands
in the same tobac.-o products, to as to
make competition not only possible but
necessary. Thus the smoking tohacco
business of the country is divided so
that the present independent companies
have 21.39 per cent, while the American
Tobaccj company will have 33.08 per
cent, the l-lgett & Meyer 20.05 per cent,
the Lorlllard company 22.S1 per cent,
and the Reynolds company 2 fl8 per cent.
The stock of the other thirteen com
panies, both preferred and common, has
been taken from the defendant American
Tobacco company and has been dis
tributed among in stockholders. All
covenants restricting competition have
been declared null and further perform
ance of Ihem has been enjoined. The
preferred stocU of the different companies
has now been given voting power which
was denied it under the old organiza
tion. The ratio of the preferred stock
to the common was as 78 to 40. This
constitutes a very decided change In the
character of the ownership and control
of each company.
"In the original suit there were twenty
nine defendants who were charged with
hlnjr the conspirators throughwhom the
illegal combination acquired and exercised
Its unlawful dominion. Under the decree
these defendants will hold amounts of
stock in the various distributee com
panies ranging from 11 per cent as a
maximum to 2S4 per cent ns a minimum,
except In the caie of ono email company,
the Porto Itlcpn Tobacco company, In
which they will hold 45 per cent. The
twenty-nine individual defendants afe en
joined for three years from buying any
stock except from each other, and the
group Is tiius prevented from extending
Its control during that period. All parties
to the suit, and the new .companies who
are made parlies, are enjoined perpetu
ally from in any way effecting any com
bination between any of the companies
In violation of the staute by way of
resumption of the old trust. Ench of
the fourteen companies Is enjoined from
acquiring stock In any of the others. All
these compnntcs are enjoined from hav
ing common directors or officers, or com
mon buying or selling agents, or common
officers, or lending money to each other.
Slse of Xew Coiupanlen.
"Objection was made by certain Inde
pendent tobacco companies that this set
tlement was unjust because It left com
panies with very large capital in active
business, and that the settlement that
would be effective to put all on an
equality would be a division of the capi
tal and plant of the trust into small
fractions in amount more nearly equal
to that of each of the Independent com
panies. This contention results from a
misunderstanding of the anti-trust law
and Its purpose. It Is not Intended thereby
to prevent the accumulation of large capi
tal In business enterprises In which such
a combination can secure reduced cost
of production, sale and distribution. It
Is directed against auch an aggregation
of capital only when Its purpose is that
of atifling competition, enhancing or con
trolling prices and establishing a mon
opoly. If we shall have by the decree
defeated these purposes and restored
competition between the large units Into
which the capital and plant have been
divided we shall have accomplished the
useful purpose of the statute.
"It 1s not the purpose of the statute to
confiscate the property and capita) of the
offending trusts. Methods of punishment
by fino or imprisonment of the Individual
offenders, by fine of the corporation or
by forfeiture of Its goods In transporta
tion, are provided, but the proceeding in
equity la a specific remedy to stop the
operation of the trust by Injunction and
prevent the future use of the plant and
capital in violation of the statute.
Kffeetlveness of Decree.
"I venture to say that not In the history
of American law has a decrea more effec
tive for such a purpose been entered by a
court than that against the tobacco tru.st.
As Circuit Judge Noyes said in his Judg
ment approving the decree.
" 'The extent to which It has been
necessary to tear apart this combination
and force it Into new forms with the at
tendant burdens ought to demonstrate
that the federal anti-trust statute is a
drastic statute which accomplishes effec
tive results; which so lonir as It stands
on the statute books must be obeyed, and
which can not be destroyed without in
curring far-reaching penalties. And, on
the other hand, the successful reconstruc
tion of this organization should teach that
the efrect or enforcing this statute is not
to destroy, but to reconstruct;, not to de
molish, but to re-create In accordance
with the conditions which the congress
has deolared shall exist among the peo
ple of the United States.'
rout on Stock Ownership.
"It has been assumed that tho present
pro rata and common ownership in all
these .companies by former stockholders
of the trust would insure a continuance
of the same old single control of all the
companies Into which the trust has by
decree been disintegrated. This is erron
eous and la based upon the assumed In
efflcacy and lnnocuouanefcS of Judicial in
junction. The companies are enjoined
from co-operation or combination; they
have different managers, directors, pur
chiis'ng and sales agents. If all or many
of the numerous stockholder, reaching
Into the thousands attempt to secure con
certed action of the companies with a
view to the control of the market, their
number Is so large that such an attempt
could not well be concealed, and Its prime
movers and all Its participants would be
at once subject to contempt proceedings
and Imprisonment of a nummary charac
ter. The immediate result of the present
situation will necessarily be activity by
all the companies under different man
agers, and then competition must follow,
or there will be activity by one company
and stagnation by another. Only a short
time will enevitably lead to a change
:n ownership of the stock, as all oppor
tunity for continued competition must dis
appear. Those critics who speak of this
disintegration In the trust as a mere
charge of garments have not given con
sideration to the Inevitable working of
the decree and understand little the per
sonal danger of atemptlng to evade or
set at nought the solemn injunction of
a court whose obpect Is made plain by
the decree and whose Inhibitions are set
forth with a detail and comprehensiveness
unexampled in the history of equity Juris
prudence. Voluntary ReorKaalsatloas.
'The effect of these two decisions has
led to decrees dissolving the combination
of manufacturers of cits trio lamps, a
southern wholesale grocers' association,
an Interlocutory decree against the fow.
rier trut with directions bv the circuit
court compelling dissolution, and other
combinations of a similar history are now
negotiating with the Department of Jus
tice looking to a disintegration by decree
and reorganization In srrordance with
law. It rrems possible to bring about
these reorganizations without general
business disturbance.
"P.ut now that the anti-trust act Is
seen to he effective for the accomplish
ment of the purpose of Its enactment, we
are met by a cry from many different
quarters for Its repeal. It Is said to be
obstructive of business progress, to be
an attempt to restore old-fashioned meth
ods of destructive competition between
mall units, and to make Impossible those
useful combinations of capital and the
reduction of the ccst of production that
are essential to continued prosperity and
normal growth.
"In the recent decisions the supreme
court makes clear that there Is nothln
In the statute which condemns combina
tions of capital or mere bigness of plant
organized to secure economy in produc
tion and a reduction of Its cost. It is
only when the purpose or necessary ef
fect of the organization and maintenance
of the combination or tho aggregation of
Immense size ore the stifling (f competi
tion, actual and potential, and the en
hancing of prices and establishing a
monopoly, that the statute Is violated.
Mere slice is no sin agulnst the law. The
merging of two or more business plants
necessarily eliminates competition be
tween the units thus combined, but this
elimination Is In contravention of the
statute only when the combination Is
made for purpose of ending this particu
lar competition in order to secure con
trol of and enhance prices and create
a monopoly.
Lack of Ueflnitenesa In the Mfatnte.
"The complaint Is made of the statute
that It Is not sufficiently definite In its
description of that which Is forbidden,
to enable business men to avoid Its viola
tlon. The suggestion is, that we may
have a combination of two corporations,
which may run on for years, and that
subsequently the attorney general may
conclude that It was a violation of the
statute, and that which was supiosed by
the combiners to be Innocent then turns
out to be a combination In violation of
the statute. The answer to this hypo
thetical case Is that when men attempt
to amass auch stupendous capital as will
enable them to suppress competition,
control prices and establish a monopoly
they know the purpose of their acta.
Men do not do such a thing without hav
ing It clearly in mind. If what they do
Is merely for the purpose of reducing
the cost of production, without the
thought of suppressing competition by
ure of the bigness of the plant thev are
creating, then they can not be convicted
at the time the union Is made, nor can
they be convicted later, unless It happen
that later on they conclude ot suppress
competition and take the usual method
for doing so, and thus establish for them
selves a monopoly. They can, In such a
case, hardly complain If the motive which
subsequently is disclosed is attributed by
the court to the original combination.
ew llemcdlea Soarsested.
Much Is said of tho repeal of this statute
and of constructive legislation intended t
accomplish the purpose and blaze, a cleat
path for honest merchants and business
men to follow. It may be that such a
plan will be evolved, but I submit that
the discussions which have been brought
out in recent days by the fear of the oon
tinued execution of the anti-trust law
have produced nothing but glittering
generalities and have offered no line of
distinction or rule of action as definite
and as clear as that which tho supreme
court itself lays down In enforcing the
statute.
I see no objection and indeed I can see
decided advantage In the enactment of a
law which shall describe and denounce
methods of competition which are unfair
and are badges of the unlawful purpose
denounced in the anti-trust law. The at
tempt and purpose to suppress a competi
tor by underselling him at a price no un
profitable as to drive him out of business,
or the making of exclusive contracts with
customers under which they are required
to give up association with other manu
facturers, and numerous kindred methods
for stifling competition and effecting
monopoly, should be described with suffi
cient accuracy In a criminal statute on
the one hand to enable the government to
shorten its task by prosecuting single
misdemeanors 'Instead of an entire con
spiracy, and, on the other hand, to serve
the purpose of pointing out more in detail
to the business community what must be
avoided.
Federal Incorporation Suasested.
"In a special message to congress on
January 7f 1510, I ventured to point out
the disturbance to business that would
probably attend the dissolution of these
offending trusts. I said: ,
" 'But such an Investigation and pos
sible prosecution of corporations whoso
prosperity or destruction affects the
comfort not only of stockholders, but of
millions of wage earners, employees, and
associated tradesmen muat necessarily
tend to disturb the confidence of the busi
ness community, to dry up the now flow
ing sources of capital from Its places of
hoarding, and produce a halt in our pres
ent prosperity that will cause suffering
and strained circumstances among the
Innocent many for the fault of the guilty
few. The question which 1 wish In this
message to bring clearly to the consider
ation and discussion of congress is
whether, in order to avoid such a pos
sible business danger, something can not
be done by which these business combina
tions may be offered a means, without
great financial disturbance, of changing
the character, organisation, and extent of
their business Into one within the lines of
the law under federal control and super
vision, securing compliance with the anti
trust statute.
"Generally, In the industrial combina
tions called 'trust,' the principal busi
ness Is the sale of goods In many states
and in foreign markets; In other words,
the Interstate and foreign business far
exceeds the business done in any one
state. This fact will Justify the federal
government in granting a federal char
ter to auch a combination to make and
sell In interstate and foreign commerce
the products of useful manufacture un
der such limitations as will secure a com
pliance with the autl-trust law. It Is
possible so to frame a statute that while
it offers protection to a federal company
against harmful, vexatloua and uunc-c-e
unary invasion by the states, It shall ub
Ject it to reasonable taxation and con
trol by the states with respect to Its
purely local buslnass.
"Corporations organised under this act
should be prohibited from acquiring and
holding stock In other corporations (ex
cept for special reasons, upon approval
by the proper Federal authority), thus
avoiding ' the creation under national
auspices of the holding company with
subordinate corporations in different
states, which lias been such an effective
agency In the creation ot the great trusts
and monopolies.
"If the prohibition of the anti-trust, act
against combinations In restraint of trade
la to be effectively enforced. It Is essential
A
I
ale
3
1 CtMUD-lLaiTil
- . . "
You cannot be reminded too
often Culp - Langworthy
Suits and Overcoats for men
"Quite the finest ever shown
in an Omaha Clothing House.
A, fine selection of men's winter Suits and
Overcoats yet remains. But lines of
sizes, colors, styles, etc., break up quickly
in phenomenal sellings like this one. So
you would better hurry. Say you will be
here Wednesday surely.
'jj
S. E Cor. of 16th and Harney on
Ground Floor of The
City National Bank Bldg.
that the national government shall pro
vide for the creation or national corpor
ations to carry on a legitimate business
throughout the United States. The con
fllctliig laws of the different states of the
union with respect to foreign corporations
make it difficult. If not Impossible, for
one corporation to comply with their re
quirements so an to carry on business
in a number of different states.
"I renew the recommendation of the en
actment of a general law providing for
the voluntary formation of corporations
to engage in trade and commerce among
the states and with foreign nations. Ev
ery argument which was then advanced
for such a law and every explanation
which waa at that time offered to pos
sible objections have been confirmed by
our experience since the enforcement of
the anti-trust statute has resulted in the
actual dissolution of active commercial
organizations.
"It Is even more manifest now than it
was then that the denunciation of con
spiracies In restraint of trade should not
and docs not mean tho denial of organi
zations large enough to be Intrusted with
our' Interstate and foreign trade. It has
been inado more clear now than It was
then that a purely negative statute like
the anti-trust law may well be supple
mented by specific provisions for the
building up and regulation ot legitimate
national and foreign commerce.
Ksperts deeded to Aid onrts.
"The drafting of the decrees In the dis
solution of the present -trusts, with a
view to their reorganization Into legiti
mate corporations, has imtde It especially
apparent that the courts are not pro
vided with the administrative machinery
to make the necoeaary Inquiries prepara
tory to reorganization, or to pursue such
Inquiries, and they should be empowered
to Invoke tho aid of the bureau of cor
porations in determining the suitable
reorganization of the disintegrated parts.
The circuit court and the attorney gen
eral were greatly aided in framing the
decree in the Tobacco trust dissolution
by an expert from the bureau of corpora
tions. Federal Corporation CouiiHla.lon.
"I do not aet forth n drtull the terms
nnd section.! of a statute which might
supplv the constructive legislation per
mltttlng und Hiding the formation of
combliiat'otis of capital Into federal cor
porations. They should be subject to
rigid rules as to their c Kanlzu tlon and
procedure, including effective publicity,
and to the cloeest supervision .as to the
Issue of stock end bonds by an executive
bureau or commission In the Department
of Commerce and Labor, to which in
times of doubt they ndght well submit
their proposal plana for future business.
It must be distinctly understood that in
corporation under a federal law could
not exempt the company thus formed and
Its Incorporators anil manager from
prosecution under tho anti-trust law for
subsequent illegal conduct, but the pub
llclty of Us procedure and the opportunity
for frequent consultation with the bureau
or commission In charge of the Incorpor
alloit an to the legitimate purpose of Its
transactions would offer It as great se
curity against successful prosecutions for
violations of th law as would be practi
cal or wise.
"Such a bureau or commission might
well be invested also' with the duty al
ready referred to, of aiding courts In the
dlssolut.un and re-creation of trusts with
in the law. It should be an executive
tribunal of the dignity and power of the
comptroller of the currency or thu Inter
state comineice commission, which now
exercise supervisory power over Impor
tant classes of corporations under foderaj
regulation.
"The drafting ,! such a federal Incut'.
you'vt heard an J read of Saturday' cruthea; when police were called upon to make a
pathway to the entrance. Yet, Monday's crowd were almott a large, and there are
enough extremely high graded Culp-Langworthy uit andovercoattyet remaining to make
an exciting week of it. You know the value mutt be here; elte CROWD wouldn't beherel
2 Bankrupt Stoclc of
Shop 8
poratton law would offer ample oppor
tunity to prevent many manifest evils in
corporal management today, Including
Irresponsibility of control In the hand
of the few who are not the real owners.
Incorporation Yolautarr.
"I recommend that the rederal charter s
thus to be granted shall be voluntary, at
least until experience Justifies mandatory
provisions. The benefit to be derived
from the operation of great businesses
under the protection of such a charter
would attract all who are anxious to keep
within the lines of the law. Other large
combinations that fall to take advantage
of the federal Incorporation will not have
a right to complain If their failure la
ascribed to unwillingness to submit their
transactions to the careful official scru
tiny, competent supervision and publicity
attendant upon the enjoyment of such a
charter.-
"The opportunity thus suggested for
federal incorporation, It seems to me. Is
suitable constructive legislation needed to
facilitate the squaring of great Industrial
enterprises to the rule of action laid down
by the anti-trust law. This statute as
construed by the supremo court must con
tinue to be the line of distinction for
legitimate business. It must be enforced,
unless we are to banish Individualism
from all business and reduce it to one
common system of regulation or control
ot prices like that which now prevails
M
AKING GOOD
There is no way of making lasting friends like "Making Good"; and
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than four decades of popularity are numbered by the hundreds of thou
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A good, honest square-deal medicine of known composition is
Dr. Pierce's Golden Medical Discovery,
It still enjoys an immense sale, while most of the preparations that have come into promi
nence in the earlier period of its popularity have "gone by the board" and are never
more heard of.' There must be some reason for this long-time popularity and that is
to be found in its superior merits. When once given a fair trial for weak stomach, or
for liver and blood affections, its superior curative qualities arc soon manifest; hence it
has survived and grown in popular favor, while scores of less meritorious articles have
suddenly flashed into favor for a brief period and then been as soon forgotten.
For a torpid Jlver with Its attendant Indigestion, dyspepsia,
headache, perhaps dizziness, foul breath, nasty coated tongue,
with bitter taste, loss of appetite, with distress after eating,
nervousness and debility, nothing Is as good as Pr. Pierce's
Golden Medical Discovery.
It's an honest, square-deal medicine with all its ingredients printed on bottle-wrapper
no secret, no hocus-pocus humbug, therefore don't accept a substitute that the' dealer may
make a little bigger profit. Insist on your right to have what you call for. Don't buy
Dr. Pierce's Favorite Prescription
Expecting it to prove a "cure-all." It is only advised for woman's special ailments.
it makes weak women strong, sick women will. Less adver
tised than some preparations sold for like purposes, Its ster
ling curative virtues still maintain Its position In the front
ranks, where It stood over four decades ago.
As an invigorating tonic and strengthening nervine it is unequaled. It won't satisfy
those who want " boorc," for there is not a drop of alcohol in it. '
Dr. Plerce'M Pleasant Pellets, the triginal Little Liver Pills, although the first pill of their kind
in the market, still lead, and when once tried are ever afterwards in favor. Easy to take as candy.
till Continues
T P
I'l LtN ,
when applied to ail business would be a
long step toward state soclullsm.
"The astl-trust act Is the expression of
tha effort, of a frendom-lovlng people to
preserve equality of oportunlty. It is
the result of the confident determination
of auch a people to maintain their fu
ture growth by preserving uncontrolled
and unrestricted the enterprise of the In
dividual, his Industry, hla Ingenuity, his
Intelligence and his Independent courage.
"For twenty years or mote this statute
has been upon the statute book. All
knew Its general purpose and approved.
Many of Its violators were cynical over
Its assumed Impotence. It seemed Im
possible of enforcement. Slowly the
mills of the courts ground and only
gradually did the majcbty of the law as
sert itself. Many of Its statesmen-authors
died before ft became a living force,
and they and others saw tha evil grow
which they had hoped to destroy. Now
Its efficacy la seen; now Its power In
heavy; now Its object Is near achieve
ment. Now we hear the call for Its re
peal on the plea that It Interferes with
business prosperity and we are advised
In moat general terms how by soma other
statute and In some other way the evil
we are just stamping out can be cured.
If we only abandon thla work of twenty
years and try another experiment for an
other term of years.
"It Is said that the act has not done
'IP
i
O
For Culp-Langworthy
Suits and
Overcoats that have
been bringing up
to 20.00.
For Culp-Lmgworthy
Suits and Overcoats
that have been bring
ing $22.50 and up to
$23.00.
For Culp-Langworthy
Suits nnrl Ovprrnnta
WW W d VVUhf
that were formerly
sold at $25.00 and
even up to $30.00.
For Cu p -Langworthy
Suits and Overcoats
that never sold at less
than $30.00 and even
up to $35.00. - .
For EVERY HIGHEST
GRADE CULP - LANG
WORTHY $35.00 to
$45.00 SUITS and
OVERCOAT.
good. Can thla be said In the face of th
effect of the Northern Securities decree T
That decree was In no wsy so drastic of
Inhlbltlve in detail a either the Stand
ard OH decree oi the tobaoeo docree; but
did It not stop for all time the then pow
erful movement toward the control of all
the railroads of the' country In a slngKs
hand? Such a one-man power could not
have been a healthful Influence in tha
republic, even though exercised under
the general supervision of an Interstate
commission.
' "Do we desire to make such ruthlesi
combinations .and monopolies lawful?
When all energies are directed, not to
ward the reduction of the cost of produc
tion for the public benefit by a health
ful compettthin. but toward new ways
and means fur making permanent in a
few hands the absolute control of the con
ditions and prices prevailing in tho whole
field of Industry, then individual enter
prise and effort 'will be paralysed and
the Bplrlt of commercial freedom will be
dead. . ' . ';
WILLIAM H. TAFT.'1'
The White House. December 5. 1911.
General Herri Mill in fan Antonio.
SAN ANTONIO, Tex., Deo. S.-Qenerat
Hernardo Reyes, accused of violation oC
tho neutrality laws, has not left San An
tonio, as was reported last night. Tha
general is confined to his residence by;
Illness.
t