The Birmingham age-herald., 1907-11-11
Chicago Lawyer Submits Ptf- tinentSuggestiOns To Pres-
 ident Roosevelt
CURRENCY REFORM AND
 RAILROAD LAWS FIRST
Antitrust Law Amendments Will Also Be Taken Up-Sugges- tions Will Probably Be
 Acted Upon.

Washington, November 10-Eugene L. Prussing, the well known Chicago law yer, for three years president of the citi- zens' association there, called on the President yesterday 10 present his views on corporate reforms. The President read and discussed with interest the brief statement which MT. Prussing submitted. IL follows
 Currency reform, antitrust law amendments and the railroad regulation naturally will claim the first places in Congress- attention, general corporation reform in its various phases may fairly be elassed second in importance. Long and varied experience in corporation mat tefs leads me to offer these suggestions:
 National control of interstate eom- merce corporations. as distinguished from national incorporation of all or most cor porations. will be readily granted by most men of both parties.
 Compulsory publicity of accounts. the snbjection of books, papers and plans to inspection, etc. of government officials, will easily be accomplished.
 Right to Hold Stock.
 The new step advised by the associa- ton of attorneys general. slightly modi- lied, will be in the right direction. and will be approved by states rights men and federalsts alike. The association recom- mends that the right to hold stock Ii. any other corporation should be denied To all interstate commerce corporations It seems to mo that the purpose of this. namely, to compel the real owners of a l corporation to do business in their own name. can be achieved by requiring the corporation so owning stock in another 1 and the corporation in which 1t owps stock to list such owners and stockhold lngs respectively in every case in the | department of commerce Thus honcs. holding companies will be permitted. anu yet protected against possible assault of local taxation or other unjustly dscrini- mating laws, just as national banks now are. while the public in turn will have Knowledge of whom 1t Is dealing with and i can protect itself
 The change of state banks and trust companies to national banks. which can be accomplished by single amendment of the national banking act will also he popular and can come along states rights lines
 Changes in Banking.
 The proposed change Is this: tive national banks two additional powers and their consequences one to accept and execute trusts by complying with the general state laws on that subject, wherever they exist and in the District of Columbia. 70. To accept trust savings and lime deposits and to keep separate accounts, or the total of these, making prone, rules for notices of withdra walls and allow as small a percentage of reserve or these deposits and also the making or solid bonds and mortgage and other. savings bank investments of the funds so received
 'Go at the general corporation prob lem in similar manner. Enlist the states rights men on your side-keep the subject of incorporation and ordinary control local-make the local laws har- ! monize, if possible by appointiny com mission to investigate the entire sub | Ject. Get the best talent; Root Choate 1 Dfllen, Morawetz, Grosscup and others of that type will be glad to serve for pa triotic reasons, and a result will be | achieved in the form of a code based on principles and experiences suited to our government. and divisions; just as 1t was in Germany in 1S70-75 in the enactment of laws by Prussia and the other states of the empire which have served the pur- pose and stood the test of time interest in Subject
 'I 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 directory of directors, thus reaching the thought full persons immediately in touch with the thing itself The replies already re- ceived indicate intelligent generous and critical interest, and no doubt good fruit In the shape of suggestions will result
 At the end of the interview the Presi- dent said
 And now. my dear sir, l want to pay you compliment. l did not eK- pect you to give me a single thing instead of that you have given me sev- eral practical suggestions in concrete form, some of which are entirely new. "I shall study them with pleasure. I may say you will soon see them reflected somewhere"