Evening journal., 1909-11-18
MORE CONTROL
OF CORPORATIONS
Some Of the Bills Congress
viii be Asked to Pass at
Coming Session
PRESIDENT MAKES
SOME SUGGESTIONS

! WASHlNGIONt NOV. lS-Ihe United
Press is in a position to-day to give a
general outline Of the legislation affecting
corporations which will be asked OF con-
gress this winter by the administration.
At the request of President Taft, and
as result of almost unremittent work
during the past three months, Attorney
General Wickersham has prepared three
bills embodying the Presidents views on
this subject and containing many sugges-
tions of his own and other officials OF
the administration for carrying them into
effect. They are:
n bill to amend the interstate commerce
law.
A bill to amend the Sherman antitrust
law.
A bill to provide federal charters for
corporations.
Yielding to the sentiment in Congress.
especially in the Senate. against the prac-
tice of cabinet officers formulating legis-
lation it is expected that friends of the
administration win be selected to father
the bills in that body. At conferences held
early in the summer the general character
Of the measures was decided upon. and
ever since, when he was supposed to be
enjoying a vacation on his Long Island
farm Attorney General Wicl1ersham has
been busily engaged in putting the ideas
into legislature shape.
The result OF his labors was submit
ted by the President TO the cabinet at its
long session yesterday.
The bill for the amendment OF the inter
state commerce law contains the follow
ing important provisions.
'"rhe creation is proposed OF seperato
interstate commerce court. 10 consist OF
five members. to sit In Washington and to
be tho only court to consider petitions in
favor or against orders Of the Interstate
Commerce Commission. no appeal lying
except on constitutional questions and
then only to the Supreme Court Of tho
United States. Any one OF the five judges
may he empowered to issue an order
staying proceedings OF the Interstats
/ Commerce Commission for sixty days but
thereafter no injunction is TO be allowed
against the order Of the commission with
out tho consent Of the entire court.
The commission is to be given the power
to enter complaints against unjust olassi-
hcations OF merchandise for Transported
tion and TO readiust them when neces-
sary.
When a new rate classification is pro-
posed the commission is TO be authorized
to suspend it provided that complaint is
made within thirty days Of the date Of
the order that the rate or classification
is unjust
Power is TO be given to the commission
20 suspend, modify or snnul any changes
in the rules or regulations issued by car
riers which impose undue burdens on
shippers.
Connecting carriers are to he required
to give through rates, and shippers are
to be given tho privilege Of designating
the route over which their shipments
shall be carried to the destination be-
yond that Of the first carrier.
! Railroads doing an Interstate business
are to be prohibited from holding stock
in any competing road.
No railroad is to be permitted to issue
any additional stock or bonds except with
the approval Of the commission. and then
only for a price not less than par for
stock and not less than reasonable
market value for bonds.
The new securities, thus approved, are
D
payment for actual property or services.
Railroads are to be permitted TO make
agreements among themselves until traf-
hc rates subject TO the approval Of the
commission.
Tho bill which Attorney-General Wick
ersham has prepared amending the Sher-
man antitrust law would limit its dehni-
tion OF crime to a conspiracy or COM
bination. or contract, entered into with
actual 'intent" to monopolize or sup
press competition in interstate trade.
Tho remaining measure provides for the
national Incorporation OF all corporations
doing an interstate business whether they
are railroads or industrial companies
\ Il is claimed for the first Of these bills
that the Interstate commerce court which
z proposes TO establish would greatly ex-
peditc business by enabling the speedy
adjudication OF disputes between Ship
per and carrier. The other provisions
speak for themselves but. II is expected
that special stress will be laid upon those
which prohibits one road from owning
stock in another and give to the Inter
state Commerce Commission supervision
over future issues Of securities. These
regulations II Is believed BY the admins
tration would prevent repetition OF
Harrlman's exploits In the railroad world
and remove the danger Of one-man-con-
troll of the railroads in the country.
Il Discussion Of these subjects will prob
ably consume a large portion Of the Pres
idents annual message TO Congress. Be
fore writing these sections OF the mes
sage. however. the President expects 20
confer not only with those members OF
his administration who viii be immedi-
ately concerned I'm the carrying out OF
the proposed legislation. but with men
prominent IN the world OF business. When
James J. I'm called yesterday the Presl-
dent discussed with him the proposed
amendments 20 tho interstate commerce
law other railroad men who have called