The Washington times., 1905-01-27
Appears Before House
Committee in Sup
port of Bill.
TO GATHER INFORMATION
Would Enable Commissioner
of Corporations to Col
lect Facts.

The House Committee on the Ju-
dietary this morning heard Commls-
sioner of Corporations Garfield on the
subject Of House bill 1S0S7. requiring all
corporations engaged in interstate COM
merce to make returns to the public
The trouble with the lew, as sug-
gested by several members of the COM
mittee, is the privilege it gives the
Commissioner of Corporations to grant
immunity from criminal prosecutions
to officers of corporations who give evil
dence against themselves. The commit
tee appeared TO consider this a serious
objection.
To Procure Information.
Mr.. Garfield said the purpose OF the
Z inquiry now being made by his bureau
was directed to the purpose of secnr-
ing accurate information as to the
methods by which interstate and for
eign commerce is being conducted. The
Commissioner of Corporations approved
the bill highly and expressed the hope
the bill would be reported favorably-
Mr. Garfield read a letter from j. v
Hamilton division counsel of the Baltl-
more and Ohio Railroad. objecting te
the enactment of the bill on the GROUND
that it would impair the operation OF
the present organic act establishing the
Interstate Commerce Commission
The act provides that every corpora
ton engaged in interstate and foreign
commerce shall file annually report,
giving the statutes under which IL Is
organized. its several consultations, lis
feorganfz; uons, and the like general
Information.
Information Required.
The report shall give also the amount
of bonds issued and outstanding;
amount of authorized capital stock,
shares into which it is divided. paI
value, whether common or preferred
and distinction between each: amount
issued and outstanding; amount paid in
how much, ii any, paid in IN cash, anc
haw much. If any, in property: If an,
part in property, describing in detal
the kind, character, and location, witt
its cash market value at the time 4
was received in payment. giving th'
esements upon which said market value
is based. and especially whether IL
whole or in part upon the capitalize tior
OF earnings, earning capacity, or econ
ornies, witn the date and the cash pric,
paid therefor at its last sale, the name
and address of each officer, managing
agent and director, a true and correc
copy of any and all rules, regulations
and bylaws adopted for the manage
ment and control OF Its business an,
the direction OF its officers, managlni
agents. and directors
Nothing contained IN the Dill Snal D
construed as relieving any corporation
from making such returns as are nov
required by the '-act TO regulate com
merce.' approved February 4, 1897. an
its amendments. The provisions of thi
act, as TO signing and making oath I
returns and making answers on oath [
written inquiries. snail be applicable I
returns and such answers made unde
said act and amendments thereof
Railroads Exempted.
Mr. Garfield suggested that the bil
may not be made to apply TO railroat
corporations. This was approved b,
Mr.. Littlefeld and will probably b
incorporated in the bill as finally re
ported.
The bill makes the failure to pro
duee the books and papers required b
the commissioner an offense agains
the United States, punishable by fin
of not less than $500 nor more tina