New-York tribune., 1905-01-05
NEW ANTITRUST PLANS.
TWO BILLS IN THE SENATE
National Board of Corporations
Federal Supervision Of Railroads.

washington. Jan. "A national board to exer- |
else supervision and control corporations Is |
provided for in bill introduced in the Senate to-
day by Mr.. Hepburn. of Idaho Tt is proposed that
Congress create a department of the govern |
ment, in connection with the Department OF Com |
rnerce and Labor. to be known as the National |
Board OF Corporations. This board shall consist |
of five persons four to be nominated by the Prest-
dent for terms of four years each. at salaries |
of $1,000 and the fifth member shall be the secre-
tsry Of the Department of Commerce and Labor
Authority far greater than that enjoyed by the
department exercising regulation of so-called
trusts and monopelies will be given to the National
Board of Corporations II Mr. Heyburn's bill be-
comes a law.
The bill provides that the board shall have the
power 10 compel the production Of all books or
documents the attendance OF witnesses necessary
to the investigation of any question affecting the
right of a corporation TO engage in business under
the provisions of the act No corporation will be
permitted engage in business in any State other
that in which it is incorporated. unless salts
factory proof is first submitted to the national
board that such corporation is Incorporated for
legitimate purposes. that it is solvent that 1t Is not
party to any agreement to operate in restraint
of trade commerce, or which results IN giving
TO it or any person or corporation engaged In ike
trade an unfair advantage over others; that it is
not q party to any pooling plan which when car
ried into effect, would create monopoly of the
trade or business in which such corporations are
engaged that no voting pool exists by which the
full and free right vote the stock of the corpora
tiop by the actual owners such stock is abridged
or prevented: that part of the capital stock of
such corporation shall be owned controlled or
voted by any other corporation.
1t is provided that interstate transportation
corporation doing business q common carrier
shall not be controlled by any other corporation
engaged in like similar business. or by any trust
or controlling pool Of interests, through a voting
pool or other arrangement amounting 10 merger
of the operations interests Of such corporations
II the corporation is one engaged in the producuon
of coal or coal products, or in any other produce
or manufacturing OF commercial industry, 1t shall
not receive any rebate or advantage IN rates oi
TRANSFORMATION which would give 1t any discr1mi-
mating advantage as against any other person or
corporation shipping products OF similar chaT-
acter over such transportation lines under like
conditions In the case of all corporations II is
provided that they shall not become parues 10 any
trust arraneement which would create monopoly
of any commercial interest. 1t requires all cor
porations TO file annually with the National Board
of Corporations detailed statements of their AFFAIRS
with afhdavits that the provisions or the measure
creating the national board have been conplled
with
FEDERAL. CHARTER FOR RAILROADS
Senator Newlands to-day introduced IN the sen
ate a toint resolution providing for a commission
with instructions TO frame and report TO congress
a national incorporation act for the constructor
and consolidation of railroads engaged III iH'e
state commerce.. The action proposeo uy 'Ho io
o.. so With the recent suggestions OF ConIis-
sF co-eeld It's purpose. he said, IS 10 uIh1y
80 .ironIifv the railroad systems OF the county, "
r1aoe such systems under nauonal c'Ati0'' ~ -
tba taxes fixed and certain ana 10 IL axe
.in 40 that hereafter any increase OF business
~ tend either to improvement OF the roau'' III
1-.asa An wages or decrease In rates. Inc cOih-
rn,ss,on is 20 consist of fourteen members one eN
nar,enoed in railroad traffic management 10 Dc aP-
noin+ed nv the President an attorney at law 70
g. RECOMMENDATION one to be appointed by the Seo-
retary Of Commerce and Labor and the other oy the
interstate Commerce Commission; hVe Senators ana
five members OF the House
Among the provisions Of the national incorpora~
ton act to be framed by the commission arei
For the construction of interstate railroads and
the consolidation OF railroads engaged In inter
state lines fPe Re Of bonds and stock
to be issued for construction consolidation better
state Commerce Commission and not to exceed the
sNi the railroads. consolidated or purchased =. -,
fht sS5 tfe into general and Special classes and the
fixing of a reasonable rate for each railroad for
nsssenSeTs and for the revision by the Interstate
Eommerce Commission OF such classification and
For the reasonable and just exercise Of such
RTss bx " provding that such power shall be exeT
cssd IN way TO yield each raiF45a all 3 eoTporSa1n 1 on
road and property. to be ascertained by such COM
For summary proceedings in the courts the
COMPLAINT OF railroads private parties concern
ing any decision Of the Interstate Commerce Com
mission.
For the imposition OF percentage tax the
gross receipts OF all such corporations in lieu of
taxes on property and etocks and bonds, and in
lieu of alf taxes the bonds and stock In the
hands OF stockholders, the property or such rail-
roads and bonds and stock to be entirely exempt
nom State and local taxation
For a just plan of distributing such taxes by the
roads operate the percentage to be adjusted
10 WELD in the aggregate an amount equal TO the
taxes now paid by the roads and 70 be increased
gradually throughout period OF ten years until
Il reaches aggregate OF per cent on the gross
receiDts Of such corporations
The act shall also provide Tor the correction OF
existing abuses and for the prevention OF rebGtss
preferences and determinations. There is also a
proysion for the creation of pension fund in the
Tinted States Treasury for employees disqualified
nv injury or for active service. by the setting
aside OF a percentage OF the gross recs.pts. and
for arbitration OF disputes between the railroads
and employee