Williston graphic. (Williston, Williams County, N.D.) 1895-1919, 1910-01-13
McCUMBER BILL
HITS THE TRUSTS
WOULD HAVE FEDERAL SUPERVISION oe
STOCK ISSUES WOULD STOP
WATERED STOCK.

Washington, Jan. s. Corporations
generally are not calculated to take
kindly to the McCumber federal In
corporation bill now pending before
the senate committee on interstate
commerce. The bill has caused con-
| siderable attention and il enacted into
law is regarded as a sure cure for the
evils of high finance" and the opera
tions Of such men as Walsh and
Morse.
For instance there is a provision I'm
the bill that mo corporation organis-
ed hereunder shall issue any stock ex-
cept when authorized to do SO by the
secretary of commerce and labor ana
then only in an amount which to-
gether with all existing issues Of
stock shall not exceed tho amount ol
the value of assets Of such corpora
tions; providing, however, that upon
application theref re said secretary
may authorize the issuance of addf
| tional stock for the purpose of en-
larging or extending the business Of
such corporation or for improvements
of betterments and when stock sha
be issued for such purposes all MOI
eys arising from the sale theret
shall be used for the purposes Il
which such stock was authorized"
Imagine the corporations falling
around the neck of the senior sena-
tor of North Dakota with their con-
gratulations at the wording of that
paragraph.
And again: "That whenever it shall
appear that the cash value of the as
sets of any corporation created here
under is less than the amount of the
stock outstanding, the said secretary
of commerce and labor shall require
such corporation to call in all out
standing stock and issue new stock
in lieu thereof in sum not in ex-
cess of its assets and each holder Of
such stock shall be required to sur
render his stock and receive in lieu
thereof such new issue of stock in an
amount proportionate to his holding
!; Under the provisions Of the McCum-
ber bill the secretary Of the depart
ment of commerce and labor is en-
.abled to reduce the stock of corpora
tions to correspond with the cash
value of the corporations assets.
II. It is claimed that stock jobbing and
watered stock would come to a sud-
den end If the McCumber bin should
be enacted into! law. The light doubt
less will prove hard one bu, with
the Taft administration pledged to
various reforms it ts not improbable
that the country will also be afforded
some relief in the shape Of the Nc
Cumber bill. .1:,-s# Z.
Would Raise :Rurai Carriers Pay. 4.
"Why should a city letter carrier re-
ceive more pay than rural carrier" 10
q question Senator McCumber would
like to have congress answer. There
is no answer possible" says Neon
Der, "and / propose to do what ! can
to have the salaries Of the rural car.
riers placed upon. a more equitable
basis" :sssref y.G5, ra
Pursuant TO the above declaration
Mr.. McCumber has introduced bill
in the senate Whereby every rural car
I, ,er serving daily routes Of twenty
four miles or more shall receive $1,000
per year payable monthly, those serv.
i less mileage 20 draw salarr in
proportion i, their s,r1ices. ;. lEr-
taer provision 'hat no salary be hxed
less than 5000 per year is also pro-
vided for.
In discussing MS Lii, the sage OF
Wahpeton sail .hs: lrlal carriers il
anything ". 80 i'e.ng dfscriminatcd
against in the matter of salaries and
that this was apparent when one lakes
into consideration the present salary
Of rural carriers, $504 to 5000 and the
fact that every rural letter carrier IL
compelled to furnish and maintain q
wagon and two horses.