The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-11
LAWYER CALLS
ON ROOSEVELT
Eugene E. PruSSing of Chicago
Offers His Views on Pend
ing Questions.
PRESIDENT READS BRIEF
ONE IDEA OF ATTORNEYS GEN.
ERAL ENDORSED.
PRESIDENT READS BRIEF

Washington, Nov 1O.-Eugene E.
Prussing, a well-known Chicago law
yer. for three years president of the
the president yesterday to present his
views on corporate reforms.
The president read and discussed
with interest the brief statement
which Mr.. Prussing submitted. 1t fol-
lows;
Currency reform. antitrust law
amendments and railroad regulation
naturally will claim the first places
in congressional action. General cor
poration reform in its various phases
may fairly be classed second in impor-
lance. Long and varied experience N
corporation matters leads me to Ofer
these suggestions:
Opposition to Federal Court.
THE first question, that of jurisdic-
tion of the federal government. will in
each instance be the challenge. of the
opposition. Successful effort, therefore.
must be along the line of the least re-
sistance, that is to say, in harmony
with the principles of state rights and
local government, as well as the SEN
timents based upon these, even if eX-
IRENE.
National control of interstate COM
merce corporations, as distinguished
from national incorporation of all or
most corporations, will be readily
granted by most men of both parties.
Compulsory publicity of accounts,
the subsection of books, papers and
plans. to inspection, etc, of govern
ment officials vii easily be accom-
plished.
Plan Of Attorneys General.
THE new step advised by the asso-
citation of attorneys general, slightly
modified, will be in the right direction.
and will be approved by state rights
men and federalists alike. The asso-
citation recommends that the right 10
hold stock in any other corporation
should be denied to all interstate COM
merce corporations. 1t seems to me
| that the purpose of this, namely, to
compel the real owners of a corpora
| ton to do business in their own name,
can be achieved by requiring the cor
poration owning stock in another, ard
the corpora ton in which il owns
stock, to list such owners and stock
FOldings respectively in every case in
| the department of commerce. Thus
honest holding companies will be per-
mitted, and yet protected against pos
| siDle assault of local taxation or other
unjustly discriminating laws, just as
national banks are now, while the pub
lie in turn will have knowledge Of
whom it is dealing with. ard can pro-
/ tect itself.
All National Banks.
| 1.-The change of state banks and trust
companies to national banks, which
can be accomplished by a single
amendment of the national banking
act, will also be popular, and can be
along states rights.
THE proposed change is this: Give
national banks two additional powers
and their consequences.
II. To accept and execute trusts,
| by complying with the general state
laws on that subject wherever they eX-
list and in the District of Columbia.
$50. To accept trust, savings and time
| deposits and to keep, separate ac-
counts of the total of these, making
proper rules for notices of Withdrawals.
and allow as small percentage of re
serves as to these deposits, and also
the making of solid bend and mortgage
and other savings bank investments OF
| the funds so reCeiy ed.
Thus every national bank becomes
the full competitor of trust companies.
4
become national banks.
Enlist States Rights Men.
Go at the general corporation prob
| lem in similar manner. Enlist the
state rights men ON your side. Keep
| the subject of INCORPORATION and Ordi-
nary cOntrOl-a state concern; make
| the local laws harmonic, if possible,
by appointing a commission to investi-
gate the entire subject. Get the best
talent: Root, Choate, Dillon. Morawetz,
and others of that type. will be glad
to serve for patriotic reasons, and a re-
suit will be achieved in the form of
code based on principles and expert
| ences suited to our t!ual government
and varied conditions-just as it was in
Germany in 1s70-75 in the enactment
of laws by Prussia and the other states
of the empire which have served the
purpose and stood the test of time.
II am sending my paper with a re-
quest for comments to the members Of
the American Bar association and to
the great majority Of names in the di-
reCtory of directors, thus reaching
thoughtful persons Immediately in
touch with the situation. The replies
Continued on Page 2.