Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-02-07
Corporation Bill
BEFORE CONGRESS
ADMINISTRATIONS PET MEAS
uRE INTRODUCED IN BOTH
HOUSE AND SENATE.
PROSPECTS FOR PASSAGE
GROWING MORE FAVORABLE
Cooperation Of Powerful Corporations
May 30 Obtained in Pushing Bill
Thru-see Chance to Avoid Being
Hit BY Supreme Court Ruling in Oil
and Tobacco Suits.

Hit by Supreme Court Ruling in Oil
and Tobacco Suits.
Washington, Feb. THE admin
istration bill providing for federal in
corporation Of corporations was pre-
sented in both branches Of congress
today. In the house reference OF the
bill to the judiciary committee was
made without objection. In the senate
Eewlands opposed second reading Of
the bill and gave notice that tomorrow
he would ask to have it referred to
the committee on Interstate commerce.
Within the last few days the admin
istration has changed it's mind regard
Ing the outlook for the proposed legis-
Iation. Heretofore the most that was
expected was--to get the measure
launched with view to letting the
country consider it-starting a cam
paign Of education, that is in the
hope that another congress or possibly
the present congress at its short ses-
sion would take it up and carry 1t
thru. Today, however, the administra-
tion leaders declared they saw indica-
tions that the measure would be in
cluded in the list of acts that will form
the record OF the present winter.
Big Interests May Aid.
Wall streets deep concern over the
outcome Of the trust dissolution cases
now pending in the supreme court is
one thing that inclines the administra-
ton to have higher hopes than were
entertained unit! recently with respect
to federal Incorporation. Opposition
had been looked for among some OF
the great financial interests, and. as Is
well known, this financial influence.
reaching leaders in congress. is a bar
rier to speedy legislation on any sub
ject. Az matters are now turning there
Is believed to be a chance to gain the
co-operation Of powerful corporations.
which has been desired all along.
OIen like J. ]. Hill, GeorgesW. Perk-
+; ;4ns and Frank Vanderlip have been
taflk3ne over the situation with the
president Of late. Mr.. vanderlip having
had a long conference at the White
House yesterday. The fear tnat Is u,.-
derstood to be possessing the big flan-
cial interests is that the supreme court
may decide the tobacco and Standard
oil cases in such manner as to strike
all the great industrial concerns, ard
that following the lines indicated oy
the court the president will proceed to
break up other powerful combinations,
even those that come under the head
Of "good trusts"
Features Of the Measure.
No corporation in the United States
win be permitted to purchase, acquire
or hold stock in any other corporation,
according to the bill introduced in con-
gress today to provide for the for1na-
ton Of corporations to engage in inter-
state and international trade and COM
snerce. This applies to corporations
organized under the act or under the
laws OF any state or foreign country,
Nor shall any Of these corporations
have banking powers.
This bill represents the combined
thought and work during several
months past OF Attorney General
yVickersham, President Taft and the
rest OF HIS cabinet advisers. AS a re-
suit Of frequent cabinet meeting dis
crssione Of the bill, the present draft
diners greatly from that origin
ally presented by Attorney General
wicksrsham to the presidents consid-
GRAFTON. The president believes that
the careful consideration given to the
bill BY tr1ined lawyers Of his cabinet
has produced q measure that will stani
the test for both Of congr essional dis
cussion and Of supreme court decision.
Forfeiture Of charter may result II
any corporation organized under the
ACT shall enter into any contract. COM
bfnatIon sor engage in any conspiracy
arajsot interstate or foreign trade or
commerce or shall monopoli1e or at
tempt 20 monopolize any part thereof
contrary to the provisions Of the Sher-
man act or shall otherwise violate the
Laws Of the United States. The charters
Of Ill corporations are made subject to
alteration. suspension or repeal by
congress. The attorney general Is CIV
en- power to bring forfeiture proceed
lngs and the court may appoint a re-
ceiver.
Annual Reports Necessary.
Annual reports must be filed with
the bureau OF corporations and the
comniissioner Of the bureau may call
for special reports. Ten days after the
declaration Of any dividend a financial
statement showing the amount Of net
earnings must be fled with the COM
missioner OF corporations.
Al least a majority Of the directors Of
the corporation are required at all
times to be citizens Of the United
states and bona fide residents therein
Stock may be paid for in cash or in
property, but every certificate OF stock
issued in payment for property must
contain statement that it Is SO rs
sued and before any stock is SO issued
fun statement, sworn to by a ma
1ority OF the board Of directors, must
g nlel In tho bureau Of corporations,
setx3ng forth full description Of the
property, the number OF shares to be
leouod IN payment therefore and wheth-
q sch shares are to have q par value
- M: the names and addresses bf the
: ..r,,;Sr % e tss ssonertv the AfafernAnt
q t6eir connection. IL any, with the
conspany; the terms of any agreement.
voeool q written, with respect to the
ttanNer g the proper Tty.-fuii details as