Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1908-08-28
new ERA WOULD DAWN
With the Enactment of National Law
to Govern Corporations.
ORDER, STABILITY, PROSPERITY

tons by Many States.
Columbus, O.-(Spccial. )--Ohio bus.
mess men to a great extent are much
interested in the proposed enactment
of national law to govern the cor.
porate organization of all companies
doing an interstate business. In moth
ing is the sagacity CT President Roose
welt of selling upon public questions
of great strategic Importance more
manifest than in his earnest advocacy
Of the enactment of Federal statue
to govern the incorporation of COM
binations of carital doing an inter
state business.
At present there Is of course no ma.
tional corporation law, and thus there
are 46 different codes of laws for the
Incorporation and regulation of busi
ness corporations. each state having
its own laws on this subject and all of
them greatly at variance. In some
states, as in Ohio, company can be
incorporated for the performing of but
one general purpose, while in other
states the laws are so liberal in re-
gard to the incorporation of companies
that charter will be issued for the
performing of multitude of purposes,
not one of which may be related to
the other.
So long as these companies do not
violate the Federal statutes in regard
to combinations in restraint of trade,
the giving or taking of rebates. ETC.,
they are answerabe so far as their
charter is concerned only to the state
by which II is issued They may be
doing a business which reaches every
state in the Union, but the Federal
laws are powerless unless, as said,
they violate some of the Federal anti
trust laws. and then they can only be
fined, as the general government has
no authority to oust them from their
corporate existence.
President Roosevelt has long seen
this weakness in the lack of control
by the Federal power of these corpora
tions which transact an interstate
business. Almost since he first began
to speak on public questions he has
favored a national incorporation law,
and the taking over by the general
government of the right to bring these
combinations of capital into corporate
existence In his most forceable style
he brought this important subject to
the attention of the congress in his
message of April 81, 1905 The presi-
dent in this message said that his per-
sonal belief is that ultimately we shall
have to adopt a national Incorporation
law, even If such step is found i'm
possible of carrying into effect at the
present time. The interstate com.
merce commission legislation, he said,
has worked admirably, and has bene-
fitted the public and the honestly man
aged and wisely conducted railroads
as well.
The president further states that it
is clear that the principles employed
to remedy the great evils in the busi-
ness world have worked we'll and may
now be employed to correct the evils
that further commercial growth has
brought so prominently to the surface.
He asserts that it is clear that unless
q national Incorporation law can forth
with be enacted. some body or bodies
in the executive service should be Civ
en- power to pass upon any combina-
tion or agreement I'm relation to inter
state commerce, and every such COM
bination or agreement not thus ap-
proved should be treated as in VIOLA
tion of law and be prosecuted accord
ingly. lie asserted shat the issuance
of the securities of any combination
doing an interstate business should be
under the supervisions of the national
government.
One OF the great captains Of indus
try of the country, in statement
made before the industrial commits
sion in 1899. said that in his opinion
the legislation which would most i'm
prove the condition of the country
would be In the direction OF national
or Federal incorporation. He declared
that II such corporations should be
made possible under such fair restric-
tions and provisions as should right
fully attach to them, any branch of
business could be freely entered upon
and the talk of monopoly would be
gone forever.
The present system of state corpor-
ations, almost as varied in its provi-
sions as the number of states, is vexa-
tious alike to the business community
and to the authorities of the several
states. The Federal law need not take
away from the states the right of tax
alton or police regulation, but it would
make 1t possible for business organ
izations to know the general terms on
which they could conduct their bust
ness In the country at large. The lack
of uniformity in the laws of the vari-
Gus states, as affecting business cor
porations, is one of the most vexatious
features attending the business life of
any of the great corporations of the
country today, and all of them would
heartily welcome the enactment Of
federal corporation law.
In some states It is possible to in
corporate company for practically
any purpose, and not incur thereby
any responsibility for the conduct of
its business. The most plain and bare