Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1909-10-16
NEW LAW FOR
CORPORATIONS
TAI VIII Urge Act TO Authorize
Federal Incorporation.
BILL is BEING PREPARED

rh~ industrial Commission Says u
WIl Provide Regulation and Pub
iiVsify--.Attorney General Thinks Cor
zsrations Would Benefit.
Washington. Oct Sit is now clear
y Indicated that one of the most inn
g0rTaat bills to be considered at the
Sssns1g session of congress will be the
Standardization bill providing for fed
sCal incorporation law 1t will prob.
ABLY be the most important legislation
attempted.
TAis bill Is now being prepared by
Attorney General Wickersham, al
eaos9a he has not worked 1t out In
sssta1i rs yet He expects to have 1t
- shape to submit to President Taft
and his cabinet Immediately upon the
r-Acnuvening of that body in November,
-s.'tsT She presidents return. The at
s4srzcy general has devoted the greater
cart cf the summer to studying out
sars problem and getting the proposed
! legislation into shape.
" IS understood that this bin will
70 -iAsed upon the recommendations
-. tre Industrial commission of 1900,
Of which former Representative Phil
l.ps Of Pennsylvania was chairman.
ETlS@ question OF a federal incorpora-
raJE Raw was thoroughly gone into by
.sas commission, and the opinions of
nth experts as the late Il. w. Huff
a. az Cornell university, and f. ].
$ Eassson, "A lawyer Of Boston, had great
@AlgAs In formulating its recommen-
saE4sus Their views are accepted as
sEzikedying practical ideas which. 1t is
1eIbrved, will be adopted in the fran
sag II the administration bill
Taxation the Foundation.
n its accommodation, the indus
rial commission had this to say after
-4tS-EssiBgs various remedies, evils and
fnIustices complained OF In the oper-
s@suw OF corporations doing interstate
EsHssusss:
TT experience should prove that
1ssss remedies are not sufficient prop
'ssrfp 10 control the great corporations
ard combinations, it may be wise for
me congress to enact a federal incor-
.'gJrA9lon law. Should such law be en-
acted II would then be possible to in
,xaase the franchise tax on state cor
-soraGaons engaged in interstate com
rsaeres so as to compel them to reor'
SanS2e under a federal law. When or
ssSansEed under federal law it would
~. POSSIBLE. as has been pointed out,
40 Ay1aly TO corporations any degree OF
,gsbhcity or restriction that might be
autnnrt1ed"
That recommendation IS the founda
-tan upon which the proposed legisla
gFsz 9s 10 be built. The bill is expected
- -sxabrace President Taft's ideas re
gaIr7ang the supervision of stock Is
1r7eE by the federal government. The
suggestion by the commission that
sac1 franchise tax can be placed
egEow corporations doing interstate
-ssassAness as to compel them to take
ava federal franchises will be incor
pslGased in the bill so that all corpora
Goes thus engaged will be glad t
pms. in under federal supervision.
yse attorney general, in speaking
II nhe adyisability of such a fedora
transportation law, said in his opinion
operations would gladly avail them
-ssegrrs of the chance to do business un
zsr federal supervision. They woul'
.-areSay one master to forty-six mas
y1zss is the way he put it. There vii
80 provision in the bin for the pub
OF corporate affairs so long dc
~ Aed.