The Montgomery advertiser., 1905-01-05
TO CURB THE TRUSTS
STRINGENT LAW RECOMMENDED
 BY HEYBURN.
Bln Introduced by Him Provides for Creation Of Board os Corpora tI0ns and Regulates T'heIr
 Conduct

Washington, Jan. IA national board to exercise supervision and con trol over corporations is provided for in q bill introduced in tho Senate to- day by Senator Hepburn,
 It Is proposed that Congress create new department of the government to exist in connection with the De partment of Commerce and Labor to be known as the National Board of Cor porations This board shall consist of five persons, four to be nominated by the President for terms of four years each at salaries of $5,000 annually and the fifth member shall be the Secre- tary of the Department of Commerce. and Labor. Authority far greater than that enjoyed by the department now entrusted with the regulation of so-callea trusts and monopolies will be given to the National Board of Cor porations if Senator Heyburn's bill be- comes q law.
 The bill provides that the Board shall have the power to compel the production of all bonds or documents or the attendance of witnesses neees- sary to the investigation of any ques- ton affecting the right of corpora tion to engage In business under the provision of this act.
 Under the provisions of the bill no COTDDfaLlpn WOulu JUG pGTf1ltLeA Il engage in business in any State other than that in which 1t is incorporated unless satisfactory proof is first sub mitted to the National Board that such corporation is incorporated for a lc- gitimate purpose; that 1t is solvent: that 1t Is not a party to an agreement to operate in restraint of trade or commerce or which results in giving to 1t or any person or corporation en- gagged in like trade an unfair advan- tage over others; that 1t is not a party to any pooling plan which. when car ried into effect would create a rnonop- oly of the trade or business in which corporation or corporations are en- gagged; that no voting pool exists in which the full and free right to rate the stock of Nthe corporation by the actual affairs of such stock is abridged or prevented so that no part of the capital stock of such corporation shall be owned, controlled or voted by any other corporation.
 It is provided that an Interstate transportation corporation doing bus mess as q common carrier shall not be controlled by another corporation engaged in like or similar business or by any trust or controlling pool of in- terests, through a voting pool or oth- CT arrangement amounting to a merg-  CT of operations or interests of such corporations. If the corporation Is one engaged in the production of coal or coal products or engaged in any other productive, or manufacture of commercial industry. it - Is provided that 1t shall not receive any rebate or advantage in rates of transportation which would give to 1t any discriml- hating advantage as against any oth- CT person or corporation shipping pro- ducts of a similar character over such transportation lines under like condl- tions.
 In increase of all corporations 1t is provided. that they shall not become parties to any trust arrangement which would create monopoly of any commercial interest.
 The bill would require all corpora tions tn file annually with the National Board nf Corporations detailed state ments oi their affairs together witb