The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-05
HAS NEW PLAN To
REGULATE TRUSTS
Senator Hepburn Would Create
Board of Corporations
GOOD SALARIES TO BE PAID
Corporations VIII Have to Undergo
Strenuous Examination In Order
to Conduct Business In More
Than One State.

Washington, January A national
board to exercise supervision and control
over corporations is provided for in a
bill introduced in the Senate today by
Senator Hepburn.
1t is proposed that Congress create a
new department of the government to
exist in connection with the Department
of Commerce and Labor, to be known as
the National Board of Corporations. This
board shall consist of five persons, four
to be nominated by the President for
terms of four years each at salaries of
$4,000 annually, and the fifth member shall
be the Secretary of the Department of
Commerce and Labor
Authority far greater than that enjoyed
by the department now entrusted with
| the regulation of so-called trusts and mo-
nopolies will be given to the National
| Board of Corporations If Senator Hep
| burns bill becomes a law. The bill pro-
vides that the board shall have the
power to compel the production of all
| bonds or documents or 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 this act.
poration would be permitted TO engage
! in business in any state, other than that
| in which it is Incorporated, unless Salts
| factory proof is first submitted to the
national board that such corporation Is in
| corporated for legitimate purpose; that
| it is solvent; that 1t is not party to an
| agreement to operate in restraint of trade
| or commerce, or which results in giving
to it or any person or corporation en-
| gagged in like trade an unfair advantage
over others; that it is not a party to any
pooling plan, which when carried into ef-
feet, would create a monopoly of the
| trade, or business in which said corpor-
atoms or interpretations are engaged; that
no voting pool exists in which the full
and free right to rate the stock of the
corporation by the actual affairs of such
stock is abridged of preventing so that
no part of the capital stock of such cor
poration shall be owned, controlled or
voted by any other corporation.
| 1t is provided that an interstate trans
| portation corporation doing business as a
common carrier shall not be controlled
by another corporation engaged in like or
similar business or by any trust or con-
trolling pool of interests, through voting
pool or other arrangement amounting tc
a merger 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 or commercial
industry. it is provided that it shall not
receive any rebate or advantage in rates
of transportation which would give to it
any discriminating advantage against
| any person or corporation shipping pro-
ducts of a similar character over such
transportation lines under like condi-
tons.
In the case of all corporations 1t Is
provided that they shall not become
parties to any trust arrangement which
would create monopoly of any COM
mercial interest. The bill would require
Ill corporations to file annually with the
National Board of Corporations detailed
statements of their affairs. together with
affidavits that the provisions of the meas
ure have been complied with.