Show r p f I now TIlEY I President Tatt took occasIon ut III the i I f I courso o of his NOW ew York to toS toi S i ra say that he believed the proposed fed fetI fedS S cral Incorporation to be constitutional i I Ho He elso Iso added i And I believe that If enforced It ItI i i I 1 would furnish a solution of our present I I difficulties but bolt ns It was not 5 I I cally declared red too COt In the Republican RepublicanS I S 1 J platform I 1 do not foci feel justified In ask askS tr S I lug Ins the tho adoption of such an act as Ll a Ji 1 1 i party parl matter I q J 1 Opponents of the f federal deral I i i lion law urge that I if the tho only aitor I t native to Federal Incorporation were f i i I to leave leac corporate wrongs I I and corporate power uncurbed It ItI if I I would not be an academic question I i but ono of urgent anti and Insistent prom I That tills is s not the case a o the they i ii l I think the they can prove b by citing such i I authorities as Got Go Harmon o of Ohio who maintained over ovel to it ago ngo In Inthe int II t II the courso or of hIs Inaugural address aldress 0 1 that tile the state government has ab abI absolute I solute control o of nil all corporations or of orI Us its own cn creation lUon and of oC the terms on oil onI oilI I I which corporations of other States I I mil may do business here t I I GO Coo Harmon saul Bald J t tI I 11 Why J then theil stand by and let the theS i I General Government assume to reu S late lato State corporations o they theyS ii S t engage e In Interstate commerce S r I we e should carefully supervise the thc ere 0 I I atlon and extension or of corporate rights S j i I s 5 that thal the annie namo of the State shall shah h 1 s i not ho bo used to decorate securities I which do not represent faith and andi I i 11 fUll ful value Other States State would 4 II L quickly find Ind them themselves elves compelled to toI tot I II tIt the seine same samei t i 1 j The bill provides for the I i I granting or of chatters to Federal cor U j Ij l whose franchises find auth I I t t eles will Ix be exempt from other than I Federal taxation whose affairs shall shallI II I bo be conducted under the supervision of oC 1 Ii I PI III 4 I tim the Commissioner of oC Corporations who L II f S will enjoy the same power r i o over r the thorn l Including that of oC appoInting I I i ti a receiver for nn any found I f Is now exercised b by the Controller or of it I s tho Currency over national banks Tho Iho t f 1 11 tl has In fact drawn t largely on the th National Bank Act In InC C 8 I j I I dj i L I I preparing the new law lao The provi i 1 t 1 I of the la law mo are calculated i S I i i to protect the rights of investors I t aid would go far toward InsurIng the tho thoS theS S f S I stability of the securities of the pro plO J h I t I IH L The New York Globe hinds finds that there jl I i Is consensus of opinion that authority j i P 11 I must t somewhere be lodged It Is 1 Ill not hot lodged in Washington It will be beI 11 I q S t Ii lodged hedged nowhere and thinks the Chic risk o oI of I I an occasional of power by a i Ii i t i Washington bureaucrat would be bc bet beti i ter than thal a continuance of the tho S fill t jj under which now nos business Is j if done arid and the raiding and blustering II 1 ll j legislation o of fort nC Jurisdictions jurisdiction S I i Other peoples through theIr national 1 i j i governments ebb able are alO to exercise na naI national I r control with II a fair degree of l equity and dom and out National f t i I 1 1 Government in th the end should be able j I i to do as well wellI I II 1 1 The Thc Now New York even evening illS Mail laiI declares t II I r that this bill offers the only discerni I II bhe worthy of consIderation for tor forS t a sl situation that S I will oili shortly need a remedy S j I I I I The Tho reply of oC the opponents of the tho r measure Is that the tho tate State of New Neto York YorkS S t i I t ll ia carefully Its i it 1 i Insurance own and its 1 II H J great at banks and trust companies that I I and aud Texas have hae vIndIcated I r I i their absolute 1 I 1 I control of the terms t 1 j t on which corpora o of other states J may do Il their borders J i I Otier state are doln mining their part and 4 Ui that t the tho t I marked renewal of active III ii I I Interest In tue tho duties o of Otates o of If ii WI which leh Go Harmon spoke 1 last year ear Is isS i S significant i P They argUe that since j constitutional regulation or of corpora 11 I L b by tho states sWI stai wino Its S II F victorIes waiting for Cor new flew ag S j J of federal power since 4 t J no platform has declared for federal in I 1 corporation since man many At cans and most 11 oppose It ItI I It would be unwise to concentrate this 1 Jt power In the hands I of the central go gov v ii 1 i S j Tile Philadelphia Record rd believes that 50 great a stride toward centralization g tion of federal power poorer and the hum IIla tj Uen till and degradation of the states as j national bill has not 4 b been n conceived wIthin this generation a or oC aen on and believes It far fal better that 1 the States tates should con control conIS IS i the corporation thc they have hao cre created tItan than that this control should he be beS S wrested from fm them of thIs essential attribute of the they would become the mere outlying of an overshadowing central iso I t or cr liko Iko that of HUs Russia la Arl Apart rt froni this d vital itai I a measure caleu hated to promote thE Interests of oC the thes s Beef Trust the thc ter Trust time tho Tobacco and other like mono polka at public expenses CS 15 s sailing under false colors when taking the name or of oran I an antitrust bill billIt 5 S It 18 8 admitted b by the tho opponents or of ortho the tho that It clearly forbids a 5 corporation created under It Its S fL to acquire or to hold 1011 the tho stock or of nn an i corporation but It specifically au aut t I I cb 5 such federal corporation to cc ac b by purchase the property o ot otier othor D fly this means a federal corporation could the actual property ot cit the tho parent and the thc subsidIary Iary now cow constituting Ll a rust but aha always s wall ath the provision prevision that this must not be done to tile the extent of oC acquirIng I a monopoly of oC nn nay Industry It places a cheek check on stock watering nail corporations availing themselves or of the tho federal charters would bo answerable to ono one authorIty on only I instead of oC to state gO gov I Time The bill Itself seems to be a good one the tho question Is whether there should be placed In tho hands or of a minor of tIme the President the thc commissioner of corporations this pow pew power er over OCl the tho commerce and of the thio country tills this suggestion again Is answered b by the provision In the tho bill that would leAve the tho step of In lag under the tho optional with the corporations themselves |