The Washington times., 1908-03-23
HepburnM Measure Agreed
on After Many Con-
ferences at the
White House.
Industrial Corporations
May Register and Are
Entitled to Immun-
ity of Act.

Representative william P. Hepburn
| OF Iowa, chairman Of the House Com
| mittee on Interstate and Foreign Com
| merce, today introduced in the House
| the proposed amendments 70 the sher-
/ man antitrust law which are favored
/ by the Administration.
| These amendments were partially
| agreed upon after numerous conferences
/ between PresideI: Roosevelt, Attorney
| General Boneparts, Secretary Of State
/ Elihu Root, Secretary of the Interior
James r. Garfield. Commissioner Of
/ Corporations Herbert Knox Smith, T.
I L. Stetson, repr "a sntiDg J. Pisrpont
/ Morgan; Victor LOrawitz, representing
/ the railroad interests; Seth Low. Of the
I Civic Federation, and Samuel Gompers,
! president OF the American Federation
! OF Labor.
The bill proposes greater Federal con-
/ troll OF corporations by means Of a
/ system Of registration amounting 70 a
I Federal license; legalizes railroad pool
/ ing subject TO wise by the Federal au-
/ thorities. and in certain respects l-uiJs
| the applicability OF the Sherman anti
| trust law 20 labor unions. The one dis
| agreement among the conferees was
over the question OF granting full I'm
L
I man law 20 labor organizations.
Presidents Message.
President Roosevelt expects TO send q
/ special message 20 Congress wednesday
I IN support of the principles contained
I in this proposed EmeBdment. together
With recommendations on other pend
! ing legislation.
With relations 70 the applications Of
the proposed amendments 10 corpora
/ items, labor unions. and agricultural or
gsnizauons, the bIl introduced today
I by Representative Hepburn may be
/ summarized as follows:
!. Industrial corporations. unions,
and oranges may register. and while
| registered saaI be entitled to the bene-
hJs aud iInInunities Of this act
2 They may effect registration by
filing data (a) as prescribed by Presi-
dent for corporations; (b) Tor unions
and oranges as prescribed BY law.
3. When data is so fled, Commission
| er shall register. lie may cancel reg
lssry Ior noncompliance.
1. taD President shall prescribe by
| regulations the information which is a
prerequisite Of registry. and shall di-
| rect general procedure thereon. tb)
| Registered unions and oranges shall
| have benefits without Ming agreements
| soCiation leNcept cOmEaOn cSrriers), If
| party 10 a contract or combination
| hereafter made, may file terms or same
| with Commissioner.
| Commissioner may ind the contract
| or combination unreasonable.
| II Commissioner does not within thfr-
/ " days so ind, no prosecution lies on
| account Of ssaid contract, unless 1t is
| unreasonable.
! But consolidation or merger hereaf-
/ ter made must be filed 10 entttle cor
| poration 10 registry, and then may be
I disapproved by Commissioner.
May File Contracts.
6. Common carriers may ale contracts
with Interstate Commerce Commission,
for the same purpose and with the same
effect as set forth in paragraph 5 above.
Z Section OF Sherman law. as ap-
piled &c the future, is reduced 10 single
damages.
8. AS TO past conduct, only single
| DAMAGES can be had. and no suit at
ali car be brought later than one year
after passage OF this act.
g. General amnesty GrOm Sherman
IlsW). for registered corporations, un-
| .ons, and oranges, as follows.
/ (a) No prosecution by the United
| States for past combinations or action,
/ II same was reasonable.
(b) After one year from passage O.
| this act there shall be no prosecution
! bv the United States for any COmbi-
nation or action made prior to act,
| whether reasonable or not.
| 10. All pending suits are saved and
| preserved.
Text Of the Bill.
The summarized text Of the bill is as
follows;
Section s provides that any corpora
ton or association, not subject 10 the
restrictions OF the act approved Feb
ruary 1, 1887 shall be entitled to the
| immunities and benefits of the proposed
act provided they register certain in
| formation with the Commissioner OF
| Corporations Such information fled
must include facts concerning the or
ganizatiCn Of the corporation seeking
| immunity, it's financial condition. its
contracts and corporate proceedings, as
may from tiui5 TO time be prescribed
by the President in accordance with
the act. The anOye conditions bind cor
porations having capital stock and or
| ganized for profit.
| Corporations or -ssociations without
capital stock and not organized for
profit may obtain the desired protection
I by fling with the Commissioner a state
| ment concerning its constitution and by
laws the names OF directors or manag-
ing officers. standing committees and
principal Offices. This, 1t is said, VIII
apply particularly to labor organiza-
tions and such associations.
Authorized to Register
The Commissioner of Corporations is
authorized TO register the association
when these directions have been full
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