The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1910-02-08
WALL STREET GIVEN
RUDE AW AKENING

Washington. Feb The funeral
Incorporation bill. introduced in con
gross today, IS not to be pressed Tor
passage at this session. If the Dill
Snould pass, President Taft has stated
DIS Willingness to stand as It's spon
sor and TO take the responsibility Tor
having recommended IT. Further than
this. the President told several callers
today that he would not make the In
corporation bill an administration
mensure He declared he felt he had
no right TO do SO. and that it did not
rank with the proposed amendments
TO the interstate commerce law. the
postal savings banks and the measure
designed for the conservation OF nat
ural resources. Those latter were
promised in the platform upon which
tho President was elected. and he feels
that the party is responsible for their
passage at this session OF congress.
President Taft believes that there
are many things in the Incorporation
hill that Will commend themselves to
the legislatures He will not attempt
to influence senators or representa-
tivcs In its favor. however.
A Rude Awakening.
Wall Street interests. inclined at
first to look upon the Idea OF a fed
eral charter with the utmost favor,
were rather rudely awakened when Il
was learned that the President would
insist that In any bill passed on this
subject there would be included the
provision that nothing in the act
should be construed as eXempting
corporations from the operation OF the
antitrust act A great many corpora
tions. it is said. were looking forward
10 federal charter as an indication
that past sins we're forgiven. provided
there were no more trausgresslons In
, the future
Frank d. Vanderllp and George w
Perkins of New York, who saw the
President last week, told him that
the corporate lntereSts were anything
but pleased with tho character Of the
proposed measure. and that few. II
any, corporations would take advnn-
tage OF the act
Contains Many Advantages.
The President, II Is understood. re-
ported that the act was a voluntary
one, and that the corporations that
did not care to come under federal
control could not do so He thought
in time. however. once the provisions
OF the act were complied with 1t would
appeal to corporations and that they
would come to see the many advan-
tages that the act contains.
AS to eXempting companies with
federal charters from the operation OF
the antitrust law, the President said
| that was impossible The constitu-
n@k lo
rious question. however. as 1t would
deprive the states OF jurisdiction over
corporations holding federal charters
Already Attorney General Wicker
sham is being piled with inquiries re-
garding various features of the bill
He has explained that the organiza-
tons whose operations are covered
by II are amenable to national author
| fly, for the reason that they thus have
but one master as against 46 they
might have did the repeal Of their
charters or punishment for offenses
rest With the states,
Denies State Rights.
There are a number OF reasons
evInced why more satisfaction may be
secured by giving the federal courts
jurisdiction Litigation in the federal
courts is more economical and more
rapid and federal jury Is less liable
TO prejudice
One of the main objections to the
bill Is the denial OF the right Of state
jurisdiction over the corporations. but
the officials believe that after the law
has had a working chance 1t may be
possible TO modify It's provisions II
make them less Objectionable from the
states rights point of view. The pro-
posed law does not contemplate su-
pervision of railroads. as they exercise
the right of eminent domain.
This is a matter that Mr Wicker
sham says may be taken up later.