The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-23
MUCH HANGS BY ANSWER
STEVENS ANTI TRUST BILL IN COMMITTEE
A Number of Parties Appear and Ask that Sec
ton Five Of the B be Stricken Out.
Claim il Would Ruin the
Credit Trade.

Credit Trade.
is the General Assembly of North
Carolina powerlesS to do anything
against the trusts: That question is
about all the discussion of the Stevens
antitrust bin came to before the Sen
ate Judiciary Committee yesterday af-
ternoon.
The Democratic party has pledged it.
self to hostility TO trusts in the official
declaration upon which it fought and
won the late campaign.
If the Democratic majority in the
General Assembly fails to pass an anti
trust bill it does one of two things.
1t disregards pledge of the party
platform.
Or it admits its impotence so far
as the trusts are concerned.
If State legislation be powerless to
come to close grip with the trusts, then
truly it were futile to cumber the
statutes with dead laws.
If State legislation can in measure
reach the trusts, then to that degree
it should reach them
But the question should be settled by
this Legislature that it may not befog
State political issues hereafter.
The point was made in committee by
the attorneys who appeared against the
BILL it was noticeable that none appear
ed for it, that it would strike those at
whom it was not aimed. while the real
object of its thrust would get off with
out a scratch.
1t may be So
The Democratic party is not pledged
TO the Stevens antitrust bill 1t is only
pledged to hostility to trusts There are
able attorneys on the Senate judiciary
Committee. The bill is subject to
amendment or, substitute bill may be
offered. for it, Mr.. Stevens does not
claim to have embraced the possible
scope of legislation within the provis-
ions of the bill.
The opposition TO the Stevens bill
was made in committee on the ground
that:
,Iobbers and retailers under section )
cannot collect bills for any trust articles
sold ON time. b1a
The prices commodities would be
forced up by the exclusion of trust pro-
ducts from the credit trade.
1t has bean as<crta that under see.
ton every jobber who handled sugar,
coffee, nails, oil and other commodities
controlled by trusts would be under the
law an agent of the trusts unless he paid
cash for the articles; that the law could
therefore be pleaded in bar Of his
ciaims if he sold on time to the retailers.
1t was also claimed that there was n
probability thar the courts would hold
that any retailer who sold trust COM
modify to the consumer on time was eS-
topped by the statute from collecting his
claim for such article. Under this con
struction it was declared the law would
break up the jobbing business and the
credit business of the State, working
great hardship to merchants and farm
ers alike. Naturally the Assembly
wishes to do nothing of that sort. But
is it impossible to shoot at trust with
out winging Il farmer or a merchant?
a number of merchants We're pres
ent and opposed the passage of the bill
for the reasons given above. 1t was
claimed that in the fertilizer business
the only concern which is not clearly a
trust under the definition is the Vir-
ginia-Caroina Chemical Company and
that the courts might hold that even it
is a trust. If they should hold that it
is only a corporation then it can pro-
duce but 10000 of the 100000 tons of
fertilizer used annually in this State.
The credit trade could take advantage
of the 10000 tons only while the other
100000 tons would have to be pur-
chased by merchant and farmer for
cash. This ii was said would have the
effect of raising the price of the G0030
tons as well as of excluding many farm
ers from purchasing at all.
Mr. James II. pou asked III behalf
of his clients that section ) be stricken
out for these reasons. Senator Bryan
opposed the passage of the bill because
ii would prevent banks from purchas
ing trust certificates. which were often
safe and profitable investments.
Senator Glenn asked if there was
among the people demand for the pass
age of the bill. Several Senator's said
that they had received letters protest
ing against the passage of the bill, but
none asking for it. Senator Glenn then
asked what the bill started from. Sena-
tors Fields and Hicks said it started
from the Democratic platform.
Mr. j. G.. Stevenson, Wilmington, spoke
at length against the bill. There were
no trusts in North Carolina he said,
and therefore there was no way TO get
Mt them under State laws He did not
share the general impression that trusts
Cypress the people, though he opposed
trusts on general principles. Anybody
would do that who was not in trust,
, though if they could get in they would
. be trust people.
President Hinshaw, of the Winston
Chamber of Commerce, spoke briefly
against the bill on the grounds already
, given.
Mr.. Sanders also urged that section .
be stricken out
! Mr.. Stevens. who had charge of the
bill in the House, was prevented by Ill
ness in his family from appearing be-
fore committee in behalf of his bill and
, the hearing was continued to Friday
+. to give him that opportunity.