Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-01-29
THE BANKRUPTCY ACT.
Action Of the National Board of Trade In
Regard to the Torrey Bill

Regard TO the Tcrrey Bill
MORE DISCUSSION IN REGARD TO AMENDMENTS
NEEDED TO THE INTERSTATE COMMERCE ACT
RESOLUTIONS ADoPTED-PRAcTIcAL BUSINESS
EXPERTS SHOULD BE ON THE COMMISSION.
When the national board of trade convened
for the third-day session this morning at the
Shoreham President Fraley announced that the
first business was the election Of vice presi-
dents. Theroll Of organizations represented in
the board was called by the secretary and NOM
nations were made of one delegate to repre-
sent that organization as vice president. Those
thus chosen are as follows: Albany,
Mr. Thompson; Ashland, Wis, J. II. Knight;
Boston, j. A. Lane, Z. H. Haskell; Bradford,
Pa, Mr.. Lane; Buffalo, s. s. Guthrie;
Chester, Pa, DR.. Forward; Chicago, Geo. M.
How, ]. F. Wagner; Cincinnati, J. A. Gano;
Detroit, Mr.. Raymond; Duluth, Mr.. Thompson;
Grand Rapids. byron II. Cutcheon, jamestown,
n. Y. Mr.. Collins; Kansas City. Mr.. Van Horn;
Louisville, Henry Weissinger; Milwaukee, ".
B. McLeran. II. NJ. Mendel New York city, ].
s. I. StranahaG, Ambrose Snow, L. Cottini; New
Orleans, A. X. Miller; Philadelphia, B. S. jan
ney, jr: Providence, ]. N. Brown; Rochester,
s. D. Robey; Scranton, J. A. Price; st. Louis,
E. @. Stannard. Henry Feuerbach; Toledo, d.
b. Smith; Trenton, james Buchanan; Washing
ton, A. D.. Anderson; Wichita, Kansas, G. w.
Davis; Washington, ID. W. Taylor.
THE BANKRUPTCY COMMITTEE.
The consideration Of the topics on the pro-
gram was preceded by report from the CON-
mittee on bankruptcy, which had been made
the regular order for today. This report was
presented by tue chairman, Mr. Weisslnger of
Louisville, and urged upon Congress the pas
sage of the Torrey bankrupt bill as calculated
to promote honest dealings and to secure the
other ends sought for in bankruptcy legisla-
ton. An address to Congress was presented in
connection with the report, with the recon-
incubation that it be sent to the presiding off,
GERS of both houses.
The report and the accompanying address
was adopted unanimously and without debate.
INTERSTATE COMMERCE RESOLUTIONS.
The committee to which was referred the
amendments Of the interstate commerce act
then made a report through Mr.. Bacon of Mil
waukee. The report stated that the committee
had concluded not to report back the resolu-
tions referred 10 them, but in their place to
submit the following resolutions, which they
recommended be adopted by the board.
First That corporations as well as their
agents and employees BIO made indictable.
Second. That tle reports and findings Of the
commission shall have the force and effect of
the reports of masters in chancery in federal
| courts in case Of subsequent judicial proceed
iDgs.
Third. To authorize and empower the inter-
state commerce commission to employ compe-
| tent and permanent counsel to represent them
| III any litigation they find necessary in the en-
forcement OF the interstate commerce act and
their decisions and orders under it.
TO STRENGTHEN THE LAW.
Mr.. Bacon said that the object of these
resolutions was to strengthen the interstate
| commerce law and to render the work of the
commission more effective The second
resolution was designed to obviate the necessity
| OF going over cases when they came into
court. The findings Of the commission were
| those of experts and should be SO recognized.
Mr.. Billiard Of Louisville said that while he
| was opposed to the law, he had come to the
conclusion that it was here to stay. He sug-
gested that an address to the President be pre-
pared recommending that in appointing MEM
bers OF the commission one or two business
men should be selected instead Of contining all
| the selections to members Of the legal
fraternity.
In reply Mr.. Bacon observed that he under
stood the President was Of the opinion that the
| law required that only lawyers should be given
these appointments.
THE PRESIDENT MIGHT CHANGE HIS MIND.
Mr.. Billiard retorted that while the Presi-
dent might now be of this opinion, yet if such
an address was presented be might change his
mind. He mentioned the difficulty in securing
| the services of lawyers OF the highest
standing owing to the inadequacy Of the pay.
He spoke Of the advantages Of having represen-
| tative business men on the commission.
1t was proposed by Mr.. Nelson of Chicago
port of the committee authorizing the railroads
| to pool their earnings under regulations made
by the commission. Objection was made to
| the consideration Of this matter pending action
on the report, and Mr.. Nelson. speaking of the
| report said that in view of the recent decision
| Of the United States Supreme Court in the
Counselman case, which questioned the validity
OF the interstate commerce act, he thought that
it was useless for the board to proceed as if it
was law that could be enforced. He knew
and every one knew that the law was being
daily violated.
The resolution OF the committee was adopted
| as reported. Then Mr.. Tucker presented a res
olution authorizing the officers of the board
to address the President recommending for his
consideration the wisdom OF considering for
appointment to vacancies in the interstate COM
merce commission the names Of men belong
ing to the class Of trained transporters or capa-
BILE merchants or manufacturers.
Mr.. cUrcHEoN's VIEWS.
spointed outby Representative Cutcheon
OF Michigan that the effect Of such resolution
would be to place on the board designed to
| arbitrate between two parties one of the
litigants. He thought that on this account the
proposed recommendation was not q wise one
III reply W u QucstlOu uc balO tu8t nc unQer-
stood the present law prohibited any member
of the commission from owning railroad
securities
1t was argued by other delegates that bust
ness men would arbitrate fairly even in cases
where their own interests were involved and
it was added that when business man received
such an appointment he would of course be re-
CURED to give up his connection with any
business enterprise. After further discussion
the resolution was adopted.
DEALINGS IN FUTURES.
The resolution offered yesterday relative to
dealings in futures and approving the passage
of the Butterworth bill was then brought up
for consideration.
The adoption of this resolution was opposed
by Mr.. Davis Of Wichita, Kan, who said that he
was there as the representative of the farming
interests. He made a strong argument against
dealings in the future OF crops and claimed
that it was an injury to the farmer. ANYTHING
which tended to offer in the market more Of nh
article than was produced operated as an
injury to those whose livelihood depended on
the sale of this product. At infinite cost Of
labor and the expenditure of money he raised
say 10. 600 bushels OF wheat. When he offered
| that wheat IN Chicago some young men with $3.50
to cover his margin Will buy that wheat. The
product of this young mans lungs is opposed
| to the product of his (the speaker's) toll He
went on to contrast the amounts of grain ham
died as reported in the stock markets of Chi
cago and New York and other markets as COM
pared with the actual product. In one day