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Show HEYBURN PROPOSES CORPORATION CONTROL WASHINGTON, Jan. 5.-A national " board to exercise supervision and control over corporations Is provided for in a bill Introduced In the Senate today by Senator. Heyburn. It is proposed that Congress create a new department of the Government, Govern-ment, to exist in connection with the Department De-partment of Commerce and Labor, to be known as the "National Board of Corporations." Corpo-rations." This board sliall consist of five persons, four to be nominated by the President, for terms of four years each, at salaries of $5000 annually, and the firth member shall be the secretary of the Department De-partment of Commerce and Labor. Authority far greater than that enjoyed by the department now entrusted with the ' regulation of so-called trusts and monopolies monopo-lies will be given to the National Board of Corporations if Senator Heyburn's bill becomes be-comes a law. The bill provides that the board shall have the power to compel the production of all books or documents, or the attendance of witnesses necessary- to the investigation of any question affecting . the right of a corporation to engage. In business under provision of this act. Under the provisions of the bill no corporation cor-poration would be permitted to engage In business in any State other than that in which it Is incorporated, unless sufficient suffi-cient proof is first submitted to the national na-tional board that such corporation is incorporated in-corporated for a legitimate purpose; that it is solvent; that it is . not a party to any agreement to operate In restraint of trade or commerce, or which results in giving to it or any person or corporation engaged in like trade an unfair advantage advan-tage over others: that It is not a party to any pooling plan which, when carried into effect, would create a monopoly of the trade or business in which such corporation cor-poration or corporations are engaged; tbt no voting pool exists by which the full and free right to vote the stock of the corporation by the actual owners of such stock is abridged or prevented; that no part of the capital stock of such corporation cor-poration shall be controlled, owned or voted by any other corporation. It Is provided that an interstate transportation trans-portation corporation doing business as a common carrier shall not be controlled by any other corporation engeged In like or similar business, or by any trust or v controlling pool of Interests or other arrangement ar-rangement or merger of operations of Interests of such corporations. If the corporation is one engaged In the produc- tlon of coal or coal products, or engaged in any other productive or manufacturing manufactur-ing or commercial industry it is provided that it shall not receive any rebate or Advantage in rates or transportation Thlch would give to it any d Inert ma-iory ma-iory advantage as sgainst any other person per-son or corporation shipping such products pro-ducts of such transportation lines under like conditions. In the case of all corporations it Is provided that they shall not become parties par-ties to any trust arrangement which would create a monopoly of any commercial com-mercial interest. The bill would require all corporations to file annually with the national board of corporations detailed statements of their affairs, together with affidavits that the. provisions of the measure creating the national board should be complied with. |