New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-17
THE WAY TO PUNISH TRUSTS
LEXOw. THE INVESTIGATOR INTRO
DUCES HIS BILLS.
FIVE THOUSAND DOLLARS FINE FOR CREATING A
MONOPOLY AND YOUR LIFE TO BE MADE
WEARY IF YOU GET UP

ernors law adviser, finished the two antitrust
bills and Senator Lexow introduced them to-day
When Lexow presented the bills he asked that they
be referred in the first instance to the Attorney
General for his inspection and that they lie on the
table TO be considered with the report.
Senator Cantor thought 1t a novel proposition to
refer the bills to the Attorney-GeneraL lie had no
particular objection TO this course. because he be-
Neved that the Attorney General would favor TO-
day he did last year effective legislation
this subject OF trusts. He regarded II a. most
remarkable confession OF incompetency on the part
OF the committee that after studying the subject Oh
trusts and all the statutes in relation thereto Tor a
month 1t should ask that the bills be referred
TO the Attorney General.
Senator Lexow did insist that the bills should
go 10 the Attorney General. and they were finally
laid the table and made special order LOT
Thursday morning, together with the report OF the
committee
The first bill provides follows:
An TO amend the Stock Corporation Ia " re-
lating to annual reports and haohues OF ol,-
GERS directors and stockholders Of foreign stock
The people Of the State Of New-York, represented
In Senate and Assembly 90 enact "a a. b law. Of
1890 entitled IAN act in relation to stock CORPORA
az amended by Chapter 63 OF the Laws OF lss2 Is
hereby amended TO read as follows -. o,.
corporation shall combine with any other corpora-
ton or person for the creation OF mSnop reyc
ton OF competition IL any necessity oil ne ~ ~ IT,
stock CORPORATION formed Dl the coli3ylldat .D
OF two or more corporations or by the combination
% the business Of two or more persons nrnls OF
venting competition In the supply or prire o, any
article or commodity OF common use OF lOI .He pui
SUPPLY or price thereof shall he authorized TO do
business in this State. II coriihcate OF a1Ihory
such foreign stock corporation an action may De
brought by the Attorney General to revoke such
sSeoa Aree act is aer :y,o Smf to Ss
ly,o 500 o
Section 3+Annual Reports o. rr oIersn eI
conf rio1eved and railroad corporations doing bust
ness within This state. shall annually during me
month o 9d JaPy"T Which, sa se d The
its capital stock ~ III portion tner ef a
and liza bilitles - the amount or IL CAPITA
ed In business in this State co. the amount OF us
Indebtedness secured by mortgage OF U.iS.
cumbrance upon its property located IN mn ia,
C If such corporation was ioTsd py by tHn moor
ton Of two or more corporations OF 10y tIe oos
poration Of the business OF TWO or more persons,
names OF such persons frms or eorpotaLoEs' ~, ny
location OF their principal places OF business, ons
md the amount Of capital invested BY SUCH persons
or firms in the business incorporate. .,.. ~, ,ha
directors. trustees or managers Of such corpora
non any and asurer or Secretary and filed
in the Office of the Secretary of state II such re-
port is not made and filed on OF noaore ,bereoS
sn1 e%q as tbe directors OF domestic corpora
ZION FOR a failure 10 file annual report anu ~
addition thereto the certificate Of authority issued
NJ, ~ he rev6ked by the Supreme Court upon the
application Of the Attorney-General An ac ION
sall nor be maintained by any such COZ M
50 ~ default unOn any contract made by H. ~ TINS
stat until such report shall he made anG nien.I
Section 3-Section % Of such act j. hereby aihe"u-
ed to read as follows. . ,,--...,.,o,,
section Stock Books Of Foreign Corpora,lei.s
Ever, foreign stock corporation having an ON =
for the Transaction Of business In this otale shS.
keep therein book. to be known as q ION poon
containing the names alpnapetIcai rnoro
ali PERSONS who are stockholders OF ule CoIpol1-
ton showing Their place, OF hem respectively
he time when they respectively became owners
booi, sbai he omen daily during business hours for
the inspection OF its stockholders and juegment,
by law to investigate the affairs OF any such cor
poration. II any such foreign SOCK co.IO' aI,o
ms i'm this state a transfer agent, whether such
aEeh' s M hCi, ,er be- denosted in the Office Of
such agent and shall be open TO inspection at an
rees 10 any stockhoider judgment creditor or ON
cer Of the state authorized by law law to 7Sfsa 20
the affairs Of such corporation FoI any HS"t ~
allow such book to be inspected sucn forpoIatf o
and the officer or agent so refusing shall eacn LOT
felt the of $50 70 be recovered by the person
Section T. Article III Of such act Is herspy
amended by adding at the end Thereon a ne" 81
ton be known as Section CO. and TO read a. io'-
Section 50 Liabilities Of officers directors es, and
stockholders OF foreign porations-t5Xcept a.
otherwise provided in this chapter the officers d.
rectors and stockholders o. forelg s,o'h III ~
liz he under the provisions Of this chapter III M
manner and to the same eXtehl Is M o1-
directors and stockhoide:s oil a Iol t AL
poratior for % the making or unauthoiHed ulNl-
dends C2 the creation Of unauthcrzeu anu
sve indebtedness ~ unlawiul leans 10 80 ,%.
ers ~ making false certificates. reports or pupnGi
notices co. an illegal transfer OF NE Dso,y @
property OF such corporation when II !. lnsoIHero
or it's insolvency is threatened. and 90 the ialure
10 pay in FUN the wnoe amour, ~, .h -. ~ an
sock Of any such corporation % failure 20 NE d"
such liabilities may be enforced in the court: OF
this state in the same manner ms similar IA Diii,ies
imposed by law upon the officers directors ana
stockholders Of domestic corporal tons
Section D. This act shall take effect Immediately
The second bill j. the more important OF the '"''
l. provides as follows
An at TO prevent moao7o"s In articles or corn
mobiles OF common use and 20 prohinlt restrain
Of trade and commerce providing penalties ior Nlo-
iefons o. fh4 provisions OF this act and procedure
10 enable Inc Attorney General TO secure testimony
SECTION J. Every contract. agreement arrange
n,ent or combination whereby monopoly IN me
manufacture or sale IN this State Of any article or
rommodi,v II common use j. or may be created.
established or mairtaiued or "n-rtDN uhur %
commerce this Stafe in any such article or com
modify is may ne restricted. or " Whereby compe-
titon IN this State In The Supply or lrlce OF IN, enf
such article or commodity Is or may n' restrained
or prevented or whereby for the purpose OF Great
ing establishing or MAINTAINING monoPo' within
this STATE OF the manufacture PRODUCTION OF hais
Of any such article or commodity. tn free pursuit
any Lawful business trade or occu2atSn i, or
may be restricted or prevented. - heieDy d'ciaTcd
10 he acains- public policy, Illegal and Vod m
Sc. Every person or corporeilon or any ON
Ger or agent thereof. VINO shan make or attempt 10
make or enter into any such ortract agree ment.
ARRANGEMENT or combination. or VINO Nltiln 'hl7
state shall do any act pursuant thereto or m Tow
ard or Tor the consunmaton thereof wherever me
same nav have been made. is guilty OF a misde-
r,e9nor and on convection thereof shall. II natu-
raj person be punished by u fine not exceeding
e. G06 or BY imprisonment for rot longer than one
year or by both such fine and Imprisonment; ana
II corporation by hne Of not exceeding 300
Sec g The Attorney-Generdl may bring an ac-
tor in the same and in behalf Of tho people or
the state against any person. trustee. directorf'
manager or other officer or agent OF corporation,
or against a corporation, foreign or domesti" 10
RESTRAIN OF prevent the doing in this State OF any
act herein declared be Illegal or any act in tow
ARD or for the making or consrm nation or any
contract agreement arrangement or combination
herein prohibited wherever the same may nave
been made MIL, ~,
Sc T. The provisions OF Article OF Title OF
t-hapfer 9 Of the code Of civil Procedure. relating
10 the application for order for the examination
az witnesses before the commence meut OF an nc
ton In th. conduct OF such exaniration shall ap-
plv 40 far practicable. 70 an action or proceed