The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-06-17
Bic Trusts Worry.

Some or the largest truSts I'D Cne
United States have been diligently
seeking for information as to how far
the new bureau of corporations, which
is a part of the department of COM
merce, will 60 in compelling them to
divulge their secrets. Their represen-
tatives admit that all trusts violating
the law are absolutely at the mercy of
the president, Secretary Cortelyou and
Attorney General Knox.
These trusts are showing consider
able uneasi;,ess since the appointment
of James r. Garfield as head of the
bureau, especially as Mr.. Garfield, as
member of the civil service COM
mission, showed that he could not
be controlled by any political inf1u-
ences.
There was great deal of uneasiness
in congress about the possible opera
ton of this proposed new branch of
the executive arm of the government.
Senators and representatives were
averse TO equipping a bureau with in
quisitorial powers so sweeping as
those contemplated by the projectors
of the plan. The senators took care
to put in saving clause. A line was
inserted providing that the informa-
ton gathered by the bureau should be
reported to the president, and the in
formation so obtained, "or as much
thereof as the president may direct"
shall be made public.
The bureau is taking that admoni-
tion OF secrecy literally and is contin-
ing Its communications to the presi-
dent. Of course, the latitude Of the
president in this respect is unlimited.
1t is a unique case and there is no
other institution in the government
like it. In this case the president can
lay bare the inmost workings of such
firms as be thinks ought to be exposed
and hold back information about
others.
The trusts are anxious to learn at
this time how far this inquisition is to
proceed, when it is to commence and
who is to be put on the rack. The
purpose of the bureau of corporations
seem to be to withhold: intimation in
advance of its operations in this re-
spect, so as to spring upon its vlcims
unawares. Industrial corporations are
now beginning to realize that the
bureau of corporations is an immense
dragnet backed by the law, which can
scoop them in bodily and sift them
thoroughly. Officials have been del
uged with demands for copies Of the
act, which undoubtedly have been
read by the lawyers of the big corpora
tons, and as the possibilities of the
matter are appreciated the inquiries
now coming in are as as to the scope or
immediate operations.
Under the law the commissioner Of
corporation is given "power and au-
thority" to make "diligent investiga-
ton into the organization. conduct
and management of the business of
any corporation, joint stock company
or corporate combination engaged IN
commerce among the several states
and with foreign nations" Exception
is made of railroads, as they are super
vised by the interstate commerce conf
mission.
The commissioner is invested with
wide power to prosecute each dlllgent
investigation. He is given the right
to subpoena and compel the attend
ance of witnesses, to compel testimony
and the production Of documents, and
to administer oaths. He can compel
the officials of industrial corporations
to produce contracts, books, agree
ments, prices, etc, and failing to DO
80, they can be fined $4,000, and I'M
prlsoned for two years.
The department of justice has been
equipped with added powers to prose
cute cases against the trusts. The
sum of $500 900 has been appropriated
for the employment of counsel, and
another law provides for the speedy
trial of the cases in courts.