CONTENTS.

Law creating the Bureau of Corporations..

Number of employees and total salary and expenses, Bureau of Corporations,

from the establishment of the Bureau, February, 1903, to June 30, 1904,

inclusive....

Library of the Bureau

Personnel of the Bureau

Purpose and scope of the organic law

Work of the Bureau...

Special investigations..

Collection and publication of useful information

Page.

7

9

10

10

11

12

12

12

I. Investigation of State and Territorial corporation laws and records......

Compilation of corporation laws-arrangement .

15

16

16

United States corporations...

26

State powers in relation to interstate commerce and United States

corporations

Comparative efficiency of various classes of statutes..

Constitutional powers of Congress over corporate business

Remedial legislation suggested

Additional State action

Delegation to States of control of interstate commerce.

Federal incorporation ..

Federal franchise or license system for interstate commerce

Summary.

Page

37

37

37

38

38

38

38

38

39

40

41

41

41

42

42

44

44

44

44

45

46

APPENDICES.

Appendix A.-Federal incorporation-Can Congress create corporations to

engage in interstate commerce and also grant them franchises to produce? .

Power to produce as an appropriate incidental.

49

51

Power to produce as an absolute essential....

52

Appendix B.-Federal franchise system for interstate commerce- -Considera-

tion of details............

Appendix C.-Federal franchise system v. Federal incorporation......

Appendix D.-Corporate franchises as necessary instrumentalities of interstate

commerce-Present insecure position of interstate commerce based on State

franchises..

59

59

61

61

62

64

LETTER OF TRANSMITTAL.

DEPARTMENT OF COMMERCE AND LABOR,

OFFICE OF THE SECRETARY,

Washington, December 19, 1904.

SIR: I have the honor to transmit herewith the first general report of the Commissioner of Corporations, covering the period from the organization of the Bureau to June 30, 1904.