The Birmingham age-herald., 1910-02-08
Corporations VIII Not Have to Worry Over Proposed Law
 During This Session
WALL STREET RECEIVES
 J'R OVIR CHARTER LAW
Financiers Believed That Federal Chars ters Would He Easy for Them Until They Learned of the Pro
 visions in the Bill.

Washington, February The fed- eral incorporation bill which was in- troduced in Congress today is not to be pressed for passage at this ses- sion. If the bill should be passed Pres ident Taft has stated his willingness to stand as it's sponsor and 10 take the responsibility for having recommend ed it.
 Further than this, the President told several callers today that he would not make the incorporation bill an ad- ministration measure. He declares ae felt he had no right to do 50 and that it did not rank with the proposed amendments to the interstate com bill and the measures designed for tho conservation of natural resources.
 These latter measures were prom ised in the party platform upon which the President was elected and he feels that the party is responsible for their passage at this session.
 President Taft believes there ara many things in the incorporation bill which will commend themselves to the legislators the more they study tho measure. He will not attempt 10 in- auence senators or representatives in it's favor, however. he declared. Tho Dill now goes to the judiciary commit sideration.
 Wall Street .Iarred.
 Wall street interests inclined at first to look upon the idea of federal char ter with the utmost favor were re- ported rather rudely' awakened when it was learned that the President would insist that in any bill passed on this subject there should be included the provision that nothing in the act should be construed as exempting cor porations from the operation of the antitrust act. A great many corpora tions it is said were looking forward to a federal charter as an indication that past sins were forgiven, provided there were no more transgressions in the future.
 Frank D. Vanderlip and George ". Perkins of New York who saw the President last week, told him that the corporate interests were anything but pleased with the character of the pro- posed measure and said many corpora tions would take no part in the act
 The President said the corporations which did not care to come under federal control need not do so. He thought in time, however, that the simplicity of do- ing business throughout the country once the provisions of the act were complied with. would appeal to tho corporations. and added that they would come to see the many advantages that the act con- tans
 Exemption of Companies.
 As to exempting companies with fed eral charters from the operation of the antitrust law the President said that was impossible: that the question as to the constitntionallty of the proposed act is a serious one. however, as 1t would deprive the states of any jurisdiction whatsovere over corporations holding federal charters.
 Already Attorney General Wickersham is being piled with inquiries regarding various features of the bill. He has ex- plained that the organizations whose op srations are covered by it amen- able to national authority for the reason they thus have Nt one master as against 46 they might have did the repeal of their charters or punishment for offenses com mitted rest with the states.
 There are a number of reasons ad- vanted why more satisfaction may be secured by giving the federal courts juris- di stion Litigation there Is usually more economical, more rapid progress is had than in the local courts, and q federal jury is less apt to be liable to bias and prejudice.
 Objections to Bill.
 One of the many objections to the bill has arisen from the depial of the right of state jurisdiction over these incor- porations, but the officials believe that after the law has had a working chance 1t rlay be possible to modify it's pro visions so as to make them less objec- tionable from the states rights point of legal view.
 The proposed law does not contemplate supervision of railroad corporations as they exercise the right of eminent do- main This is a matter that Mr Wick ersham says may be taken up in the furure.
 Livelier interest in the opinion of the officials is being manifested in the other departments of the bill stimulated by the publications of the various provisions of the measure. Whether or not this will develop sufficiently to carry it through Congress is a question the sponsors of the bill are unable at this time to answer.