The Enid Events. (Enid, Okla.), Vol. 20, No. 8, Ed. 1 Thursday, December 7, 1911 Page: 3 of 8
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MESSAGE OF
THE PRESIDENT
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Continued from page 1
The test of reasonableness ivns never
applied by the court at cotnman law
to contracts or combinations or con-
spiracies in restraint of trade whose I
purpose was or whose necessary effect i
would be to stifle competition, to con j
trol prices or establish monopolies
The courts never assumed power to
say that such contracts or combina-
tions or conspiracies might be lawful
if the parties to them were only mod-
erate ia the use of the power thus so
cured and did not exact from the pub-
lic too great and exorbitant prices It
is true that many theorists and others
engaged in business violating the st:i!
ute have hoped that some such line
could be drawn by courts, but no court
of authority lias ever attempted it
Certainly there Is nothing In the deei-
'ions of the latest two cases from
Which such a dangerous theory of ju
jicial discretion in enforcing this stat
ute can derive the slightest sanction.
Force and Effectiveness of Statute a
Matter oF Growth.
We have been twenty-one years mak-
ing this statute effective for the pur
poses for which it was enacted. The
Knight case was discouraging and
seemed to remit to the states the whole
available power to attack and suppress
the evils of the trusts. Slowly, howev-
er, the error of that judgment was cor-
rected, and only in the last three or
four years has the heavy hand of the
law been laid upon the great illegal
combinations that have exercised such
an absolute dominion over mau.v of our
Industries. Criminal prosecutions have
been brought, and a number are peud
ing, but juries have felt averse to con-
victing for Jail sentences and judges
have been most reluctant to Impose
such sentences on men of respectable
standing in society whose offense has
been regarded as merely statutory
Still, as the offense becomes better un
derstood und the committing of it par
takes more of studied and deliberate
deflauce of the law we can be couti
dent that juries will convict individu-
als and that jail sentences will be im
posed.
The Remedy In Equity 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 ami
marketing petroleum and its products,
effected and maintained through thir-
ty-seven different corporations, lin-
stock of which was held by a New Jer-
sey company. It in effect commanded
the dissolution of this combination, di-
rected the transfer and pro rata distri-
bution by tiie New Jersey company of
the stock held by it in the thirty-seven
corporations to and among its stock-
holders, and the corporations and indi-
vidual defendants were enjoined from
conspiring or combining to restore
such monopoly, and all agreements be
tween the subsidiary corporations tend-
ing to produce or bring about further
violations of the act were enjoined.
In the tobacco case tlje court found
that the individual defendants, twen-
ty-nine in number, had been engaged
in a successful effort to acquire com-
plete dominion over the manufacture,
sale and distribution of tobacco in this
country'and abroad and that tills had
been done by combinations made with
a purpose and effect to stifle competi-
tion. control prices and establish n
monopoly, not only in the manufacture
of tobacco, but also of tin foil and lic-
orice used in its manufacture and of
its products of cigars, cigarettes and
snuffs. The tobacco suit presented a
far more complicated and difficult case
an the Standard OH suit for a decree
liicb would effectuate the will of the
y^5Spourt and end the violation of the stat-
ute. There was here no single hold-
ing company, as in the case of the
Standard Oil trust. The main company
was the American Tobacco company,
a manufacturing, selling and holding
company. The plan adopted to de-
stroy the combination and restore com-
petition Involved the redlvision of the
capital and plants of the whole trust
between some of the companies con-
stituting the trust and new companies
organized for the purposes of Hie de-
cree and made parties to it and nuin
berlug, new and old, fourteen.
Situation After Readjustment.
The American Tobacco company
(old), readjusted capital $92,000,000;
the Liggett & Meyers Tobacco company
(new), capital $07,000,000; the P. I.orll-
lard company (new), capital $47,000.-
000. and the R. J. Reynolds Tobacco
company (old), capital $7,52.r>,000. are
rtefly engaged in the manufacture
d sale of chewing nnd smoking to-
jco and cigars. The former one tin
foil company is divided Into two, one
of $82.',000 capital and the other of
$400,000. The one snuff company is
divided into three companies, one with
n capital of $15,000,000, another with a
capital of $8,000,000 and a third with
n capital of $8,000,000. The licorice
... w w companies nre two, one with a capital
* of $5,758,300 and another wltji a capl-
J tal of $2,000,000. There Is also the
' British-American Tobacco company, a
ljritlsh corporation, doing business
abroad with a capital of $20,000,000.
the Porto Rican Tobacco company,
with a capital of $1,800,000, and the
corporation of United Cigar Stores,
•t with a capital of $0,000,000.
Under this arrangement each of the
different kinds of business will be dls
trlbuted between two or more compa-
nies with a division of the prominent
brands in tho lamo tobacco products,
B0 ns to make competition not only
possible, but necessary. Thus the
smoking tobacco business of the ccun-
try is divided so that the present In
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dependent companies have 21.39 per
cent, while the American Tobacco com-
pany will have 33.08 per cent, the Lig-
gett & Meyers 20.05 per cent, the Lorli-
lard company 22.82 per cent and the
Reynolds company 2.00 per cent. The
stock of the other thirteen companies,
both preferred and common, lias been
taken from the defeudaut American
Tobacco company and has been dls
trlbuted among its stockholders. All
covenants restricting competition have
been declared null and further per-
formance of them has been enjoined.
The preferred stock of the different
companies has now been given voting
power which was denied it under the
old organization. The ratio of the pre-
ferred stock to the common was as 7S
to 40. This constitutes a very decided
change in the character of the owner-
ship and control of each company
In the original suit there were twen-
ty-nine defendants, who were charged
with being the conspirators through
whom the illegal combination acquired
and exercised its unlawful dominion.
Under the decree these defendants will
hold amounts of stock In the various
distributee companies ranging from 41
per cent as a maximum to 28',4 per
cent as a minimum, except In the case
of one small company, the Porto Itican
Tobacco company, in which they will
hold 45 percent. The twenty-nine in
dividual defendants nre enjoined for
three years from buying any stock ex-
cept from each other, and the group is
thus prevented from extending its con-
trol during that period. All parties to
the suit and the new companies who
are made parties are enjoined perpet-
ually from iu any way effecting Any
combination between any of the com
panies in violation of the statute by
way of resumption of the old trust.
Each of the fourteen companies Is en
joined from acquiring stock in any of
the others. All these companies are
enjoined from having common direc-
tors or officers, or common buying or
selling agents, or common offices, or
lending money to each other. (
Size of New Companies.
Objection was made by certain in-
dependent tobacco companies that this
settlement was unjust because it - left
companies with very large capital in
active business and that the settle-
ment that would be effective to put all
on an equality would be a division of
the capital and plant of the trust into
small fractions in amount morn near
ly equal to that of each of the inde
pendent companies. 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 capital in busi-
ness enterprises in which such a com-
bination can secure reduced cost of
production, sale and distribution. It
is directed against such an aggrega-
tion of capital only when its purpose
is that of stifling competition, enhanc-
ing or controlling prices and establish-
ing a monopoly. If we shall have by
the decree defeated these purposes
nnd 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.
Confiscation Not the Purpo-e of the
Statute.
It is not the purpose of the statute
to confiscate the property and capital
of the offending trusts. Methods of
punishment by fine or imprisonment
of the individual offenders, by line of
the corporation or by forfeiture of its
goods in transportation are provided,
but the proceeding in equity is a spe-
cific 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.
Effectiveness of Decree.
I venture to say that not In the his-
tory of American law has a d.<cree
more effective for such a purpose been
entered by a court than that against
the tobacco trust As Circuit Judge
Noyes said in his judgment approving
the decree:
"The extent to which it has been
necessary to tear apart this combina-
tion and force it Into new forms with
the attendant burdens ought to demon
strate that the federal anti-trust statute
Is a drastic statute which accomplishes
effective results, which so long as it
stands on the statute books must be
obeyed and which cannot be disobey-
ed without incurring farreaehlug pen
alties. And, on the other hand, the
successful reconstruction of this or-
ganization should teach that the effect
of enforcing this statute is not to de-
stroy, but to reconstruct: not to do
mollsh, but to recreate in accordance
with the conditions which the congress
has declared shall exist among tfie
people of the United States."
Common Stock Ownership.
It has been assumed that the pres-
ent pro rata nnd common ownership in
all these companies by former stock
holders of the trust would insure a
continuance of the same old single con-
trol of all the companies into which
the trust has by decree been disinte-
grated. Tills Is erroneous and is bused
upon the assumed inefllcacy and Innoc-
uousnes3 of judicial injunctions. The
companies nre enjoined from co-opera
tlon or combination; they have differ-
ent managers, directors, purchasing
nnd sales ngeuts. if all or many of
the numerous stockholders, reaching
into the thousands, attempt to secure
concerted action of the companies with
B view to the control of the market
their number is so large that such nn
attempt could not well be coucealed.
and Its prime movers and all its partic-
ipants would be at once subject to con-
tempt proceedings and imprisonment
of a summary character. The immedi-
ate result of the present situation will
necessarily he activity by all the com-
panies under different managers, and
then competition must follow or there
will he activity by one ••ompan.v and
fitngnatlon bv another. Only a short
time will inevitably lead to u change
In ownership of the stock, us nil op-
portunity for continued co-operation
must disappear. Those critics who
speak of this disintegration in the trust
as a mere change of garments have not
givcu consideration to the Inevitable
working of the decree nnd understand
little the personal danger of attempt-
ing to evade or set at naught the sol
emn injunction of a court whose object
is made plain by the decree and whose
inhibitions nre set forth with a detail
and comprehensiveness unexampled in
the history of equity Jurisprudence.
Voluntary Reorganizations of Other
Trusts at Hand.
The effect of these two decisions has
led to decrees dissolving the combina-
tion of manufacturers of electric
In nips, a southern wholesale grocers'
association, an interlocutory decree
against the powder trust, with direc-
tions by the circuit court compelling
dissolution, and other combinations of
a similar history are now negotiating
with the department of Justice looking
to a disintegratlcn by decree and re
organization In accordance with law.
It seems possible to bring about these
reorganizations without general busi
ness disturbance.
Movement For Repeal of the Anti-
trust Law.
But now that the anti-trust act is
seen to be effective for the accomplish-
ment of the purpose of Its enactment
we are met by a cry from many differ-
ent quarters for its repeal. It is said
to be obstructive of business progress,
to be nn attempt to restore old fash-
ioned methods of destructive competi-
tion between small units nnd to make
impossible those useful combinations
of capital and the redaction of the cost
of production that are essential to con-
tinued prosperity nnd normal growth.
In the recent decisions tho supreme
court makes clear that there Is noth-
ing in the statute which condemns
combinations of capital or mere big-
ness of plnnt organized to secure econ-
omy in production and a reduction of
its cost. It is only when the purpose
or necessary effect of the organization
nnd maintenance of the combination
or the aggregation of Immense size are
the stifling of competition, actual and
potential, and the enhnnclng of prices
and establishing a monopoly that the
statute is violated. Mere size is no
siu against the law. The merging of
two or more business plants necessari-
ly eliminates competition between the
unite thus combined, but this elimina-
tion is in contravention of the statute
only when the combination Is made for
purpose of ending this particular com-
petition in order to secure control of
and enhance prices and create a mo-
nopoly.
Lack of Definiteness In the Statute.
The complaint is made of the stat-
ute that it is not sufficiently definite
in its description of that which is for-
bidden to enable busiaess men to avoid
its violation. The suggestion is that
we may have a combination of two
corporations which may run oil for
years and that subsequently the at-
torney general may conclude that it
was a violation ot the statute and that
which was supposed by the combiners
to be innocent then turns out to be a
combination in violation of the statute.
The answer to this hypothetical case
is that when men attempt to amass
such stupendous capital as will enable
them to suppress competition, control
prices and establish a monopoly they
know the purpose of tlieir acts. Men
do not do such a thing \Vithout having
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 use of the
bigness of the plant they are creating,
then they cannot be convicted at the
time the union is made, nor can they
fce convicted later unless It happen
that later on they conclude to sup-
press competition and take the usual
methods for doing so and thus estab-
lish for themselves a monopoly. They
can In such n case hardly complain if
the motive which subsequently is dis-
closed is attributed by the court to the
original combination.
New Remedies Suggested.
Much Is said of the repeal of this
statute and of constructive legislation
intended to accomplish the purpose
nnd blaze a clear path for honest mer-
chants and business men to follow. It
may be Hint such n plan will be
evolved, but I submit that the discus-
sions which have been brought out In
recent days by the fear of the con-
tinued execution of the anti-trust law
have produced nothing but glittering
generalities nnd have offered no line
of distinction or rule of notion as defi-
nite and us clear ns that which the su-
preme court Itself lays down in eu-
forclug the statute.
Supplemental Legislation Needed, Not
Repeal or Amendment.
I see no objection, and Indeed I can
see decided advantages. In the enact-
ment of n law which shall describe
nnd denounce methods of competition
which nre unfair nnd are badges of the
unlnwful purposo denounced in the
nnti-trust law. The attempt and pur-
pose to suppress a competitor by un-
derselling him at n price so unprofita-
ble ns to drive him out of business or
the making of exclusive contracts with
customers under which they are re-
quired to give up association with oth-
er manufacturers nnd numerous kin-
dred methods for stifling competition
and effecting monopoly should be de-
scribed with sufficient accuracy In a
criminal statute on the one hand to
enable the government to shorten Its
task by prosecuting single misdemean-
ors instead of an entire conspiracy nnd
on the other band to serve the purpose
of pointing out more In detnll to
tile business community what must be
avoided.
Federal Incorporation Recommended.
In n speclsl message to congress on
Jan. 7. 1010, I ventured to nolnt out
the disturbance to business that would
probably attend the dissolution of these
offending trusts. I said:
"But such nn Investigation and pos-
sible prosecution of corporations whose
prosperity or destruction affects the
comfort uot only of stockholders, but
of millions of wage earners, employees
and associated tradesmen, must neces-
sirily tend to disturb the confidence
of the business community, to dry up
the now flowing sources of capital
from its places of hoarding and pro-
duce a halt In our present prosperity
that will cause suffering and strained
circumstances among the innocent
many for the faults of the guilty few.
The question which 1 wish in this
message to bring cV-arl.v to the con-
sideration and discussion of congress
Is whether. In order to avoid such a
possible business danger, something
cannot l)e done by which these busi-
ness combinations may be offered a
means, without great financinl dls
turbance. of changing the character,
organization and extent of their busi
ness 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 "trusts' tlie principal busi-
ness is the sale of goods in many states
and in foreign markets—in other words,
the Interstate nnd foreign business far
exceeds the business done in any one
state. Tills fact will Justify the fed-
eral government in granting a federal
charter to such a combination to make
and sell in interstate and foreign com-
merce the products of useful manufac-
ture under such limitations as will se-
cure a compliance with the anti trust
law. It is possible so to frame a stat-
ute that, while it offers protection to a
federal company against harmful, vex-
atious and unnecessary invasion by the
states, it shall subject It to reasona-
ble taxation and control by tho states
with respect to its purely local busi-
ness. * * *
"Corporations organized under this
net should be prohibited from acquir-
ing and holding stock in other corpo-
rations (except for special reasons,
upon approval by the proper federal
authority). Jlius avoiding the creation
under national auspices of the holding
company with subordinate corporations
in different states, which has been
such an effective agency in the crea-
tion of the great trusts and monopo-
lies.
"If the prohibition of the anti-trust
act agaiust combinations in restraint
of trade Is to bo effectively enforced
it is essential that the national govern-
ment shall provide for tho crealion of
natioual corporations to carry on a le-
gitimate business throughout the Unit-
ed States. The conflicting laws of the
different states of the Union with re-
spect to foreign corporations make it
| difficult, if not impossible, for one cor-
i poratlon to comply with their require-
ments so as to carry on business in a
{ number of different states."
: I renew the recommendation of the
! enactment of a general law providing
for the voluntary formation of cor
porations to engage In trade and com-
merce among the states and with for
eign nations. Every argument which
| was then advanced for such a law and
every explanation which was nt that
time offered to possible objections has
j been confirmed by our experience since
the enforcement of the anti trust stat
ute has resulted in the actual dissolu
I tion of active commercial orgtmiza
I tions.
j It is even more manifest now than
I it was then that the denunciation of
j conspiracies in restraint of trade
| should not and does not mean the de-
nial of organizations large enough to
be intrusted with our Interstate and
foreign trade. It has been made more
clear now than It was then that a
purely negative statute like the anti-
trust law may well be supplemented
by specific provisions for the building
up nnd regulation of legitimate na-
tional and foreign commerce.
Government Administrative Expert*
Needed to Aid Courts In Trv*t
Dissolutions.
The drafting of the decrees in the
dissolution of the present trusts, with
: a view to their reorganization Into le-
gitimate corporations, has made It es-
pecially apparent that the courts are
not provided with the administrative
machinery to make the necessary in-
quiries preparatory to reorganization
; or to pursue such Inquiries, and they
j should be empowered to Invoke the
aid of the bureau of corporations in
determining the suitable reorganiza-
tion of the disintegrated parts. The
circuit court nnd the attorney general
j were greatly aided In framing the de-
cree in the tobacco trust dissolution by
an expert from the bureau of eorpora-
[ tions.
Federal Corporation Commission Pro-
posed.
I do not set forth in detail the terms
and sections of a statute which might
i supply the constructive legislation per-
mitting and aiding the formation of
combinations of capital into federal
i corporations. Tbey should be subject
to rigid rules as to their organization
and procedure. Including effective pub-
licity, and to the closest supervision as
to the issue of stock and bonds by nn
executive bureau or commission In the
department of commerce and labor, to
which in times of doubt they might
Well submit their proposed plans for
future business. It must be distinctly
understood that incorporation under n
federal law could not exempt the com-
pany thus formed and Its Incorporators
and managers from prosecution under
the anti-irust law for subsequent Il-
legal conduct, tut tiw publicity of its
procedure and the opportunity for fre-
quent consultation jvlth the bureau or
commission In charge of the Incorpora-
tion us to the legitimate purpose of Its
transactions would offer It ns great se-
curity against su<Tu*slul prosecutions
for violations of the law as would bo
practical or wise.
Such a bureau or commission might
well be Invested also with the duty
already referred to of nidiug courts
In the dissolution and recreation ol
trusts within the law. It should be an
executive tribunal of the dignity and
power of the comptroller of the cur-
rency or the Interstate commerce com-
mission, which now exercises supervis-
ory power over Important classes of
corporations under federal regulation.
The drafting of such u federal in-
corporation law would offer ample op-
portunity to prevent many manifest
evils in corporate management today.
Including irresponsibility of control In
the bands of the few who are uot the
real owners.
Incorporation Voluntary.
I recommend that the federal char-
ters thus to be granted shall be volun-
tary, at least until experience Justifies
mandatory provisions. The benefit to
bo derived from the operation of great
businesses under the protection of such
a charter would attract all who nre
anxious to keep within the lines of the
law. Other large combinations that
fail to take advantage of the federal
Incorporation will not have a right to
complain If their failure is ascribed to
unwillingness to submit their transac-
tions to the careful official scrutiny,
competent supervision and publicity
attendant upon the enjoyment of such
a charter.
Only Supplemental Legislation Needed.
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 stntute as construed by the
Bupreme court must continue to be tho
line of distinction for legitimate busi-
ness. It must be enforced unless we
are to banish individualism from all
business nnd reduce it to one common
system of regulation or control of
prices Jlke that which now prevails
with respect to public utilities nnd
which when applied to all business
would be a long step toward state so-
cialism.
Importance of tho Anti-trust Act.
The anti-trust act Is the expression
of the effort of a freedom loving peo-
ple to preserve equality of opportunity.
It Is the result of the confident deter-
mination of such a people to maintain
their future growth by preserving un-
controlled and unrestricted tho enter-
prise of the Individual, his industry,
his ingenuity, his Intelligence und his
independent courage.
For twenty years or more this stnt-
ute has been upon the statute book.
All knew its general purpose nnd ap-
proved. Many of Its violators were
cynical over its assumed impotence.
It seemed impossible of enforcement.
Slowly the mills of the courts ground,
nnd only gradually did the majesty of
tho law assert itself. Many of Its
statesmen-authors died.before It be-
came a living force, and they and oth-
ers saw the evil grow which they bad
hoped to destroy. Now its efficacy is
seen: now Its power Is heavy: now Its
object is near achievement. Now we
hear the call for Its repeal on the plea
that it Interferes with business pros-
perity, and we nre advised In most
general terms how by some other stnt-
ute nnd In some other way the evil
we are Just stamping out can be cured
If we only abandon this work of twen-
ty years anil try another experiment
for another term of years.
It Is said that the act has not done
good. Cnn tills be said in the face of
the effect of the Northern Securities
decree? That decree was in no way
so drastic or lnhlbltlve in detail as ei-
ther the Standard Oil decree or the
tobacco decree. But did it not stop
for all time the then powerful move-
ment toward the control of all the
railroads of the 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 an
Interstate commission.
Do we desire to make such ruthless
combinations and monopolies lawful?
When all energies are directed, not to-
ward the reduction of the cost of pro-
duction for the public benefit by a
healthful competition, but toward new
ways nnd means for making perma-
nent in a few hands the absolute con-
trol of the conditions antt prices pre-
vailing in the whole field of Industry,
then individual enterprise nnd effort
will be paralyzed and the spirit of
commercial freedom will be dead
WM. II. T A FT,
The White House. Dec. 5, 1011.
SEEK CONSPIRATORS
BEHIND M'NAMARAS
Gigantic Proportions of Alleged Fact
Said to be Country-Wide.
I.os Angeles, Dec. 5.—"The United
States government and tile Califor-
nia authorities are co-operating to
uncover one of the most gigantic
con&iplracies t.ver conceived in the
history of thus country."
This was the declaration of as-
sistant District Attorney W. Joseph
Ford, second ia command to District
Ottorney John D. Fredeicks, ar.d the
jinan who was arrested in indianapo-
| l;s for alleg'd illegal extradition
of John J. M Namara.
| "It is only a question now of
I whether the federal government or
I the State authorities can reach cer-
tain persons better and bring them
, to justice more effectually,1' contin-
ued Mr. Ford.
| The latter has been in charge of
^ihe^ gathering of evidence for the
.prosecution, and while Ills chief,
District Att: rnpyi Fredericks', was
res':ing on a ranch near here Ford
occupie(1 himself with the details ot
the McNamara case. He admitted
that the prosecution had under sur-
veillance in otiller parts of the coun-
j try some prominent labor leaders
alleged to ha v.- been involved in the
Time3 explosion, 'but said that ar-
rests might ,lrat he made by the
federal government in connection
with its investigation.
Federal Powers Busy.
"The federal government has
shown 'every disposition to assist
us, anj we are helping them as
nijicli as possible," lie said.
The vigor with which the federal
government is pressing Its investl
gatlon nto the conspiracy which is
alleged to extend over the entire
country, has been increased within
the last fortnight, according to well
informed persons here, nnd In proof
of this it is' observed that United
States District ^ Attorney A. I. Mc-
Cormick now Is in Washington, and
United States District Attorney Mil-
ler of Indianapolis an^ District At-
torney Fredericks are ln colse com-
munication.
B0AHD EXCEED£J
AUTHORITY HELD
No Eight to Discriminate Betwee::
Classes of Personal Property.
That the state board of equaliza-
tion had no authority under thv
statutes to discriminate as between
clu ses of personal property |n rais-
ing the valuation but must raise or
lower the valuation of that class of
property as a whole, was the sub-
stance of an irwportant decision
which was handed down by Judge
J. J. Carney in the district court of
Canadian county at Bi iReno. Judge
Carney also held _that there is no
provision in {'he state law for ex-
tending the raise ordered by the
board on the books of the county
clerk after the raise has been made.
More than 100 taxpayers of K!
Peno joined in Itihe suit, and amon%
the counts set up was one which
held that while the state board of
equalization has authority to equa-
lize the assessment on personal
property as a whole, as between
counties, u has no authority to take
any particular class of property and
raise the valuation.
The petitioners contended further
that after a raise 'had been made th*
board has no right to order the
county clerk to make the raise in-
dlscriminitely, using his own judg-
ment as to how much each particu-
lar piece of personal property is to
be valued at, as this real'iy places
the county clerk In the position of
an assessor.
We offer you the advantage of
an up-to-date bank
The
Oklahoma State Bank
"A GOOD BANK IN A GOOD CITY"
Capital $25,000.00
J. B. Homey, President John P. Cook, Cashier
F. L. Hamilton, Vice-President
H. H. Houston, Ass't. Cashier F. E. Horney, Ass't. Cashier
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Purcell, F. Everett. The Enid Events. (Enid, Okla.), Vol. 20, No. 8, Ed. 1 Thursday, December 7, 1911, newspaper, December 7, 1911; (https://gateway.okhistory.org/ark:/67531/metadc147632/m1/3/: accessed April 17, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.