New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-12
BILLS AGAINST TRUSTS.
MANY MEASURES IN THE HOUSE-INDUS-
TRIAL COMMISSIONS REPORT.


GBY TELEGRAPH TO THE TRIBUNE.
Washington, March 1.-THE House Commit
tee on the Judiciary is about TO begin through
a subcommittee of seven Of its members, in
vestigation of the subject Of Trusts and Com
binations in Restraint of Trade and Competi-
tion," with view to recommending legislation
thereon II il shall be deemed advisable. A
great variety Of bills and joint resolutions pro-
posing different remedies for existing evils due
to such combinations have been offered since
the present Congress assembled and no fewer
than fifteen Of them have been referred TO the
Judiciary Committee, Of which Mr.. Ray, Of
New-York is chairman. Three of them, intro
duced by Mr.. Cromwell. of Ohio; Mr. Gillett
Of Massachusetts, and Mr.. Naphen. Of the same
State, respectively, propose to amend the Con-
stitution of the United States to clothe
Congress with greater power TO deal with the
subject than 1t now possesses. Several Of them
aim to regulate more thoroughly interstate
transportation OF articles manufactured or pro-
duced by such combinations while others, ike
the ''popgun" joint resolutions offered by Mr.
Richardson, Of Tennessee, propose to prohibit
outright interstate commerce in all articles be-
longing TO sold by number Of alleged trusts
or combinations which are specified in they
derive a profit of more than 4 per cent year
respectively, from their business
AIM OF VARIOUS BILLS
One bill defines trusts and proposes to tax
them. This offered by Mr.. Henry. of Texas
and proposes drastic provisions evidently sug-
gested by the antitrust legislation of his State
Another bill proposes to prohibit trusts and
combinations from using the United States
mails One offered by Mr. Little, of Arkansas
is to prevent monopoly and trusts Snd secure
free competition in commerce between the
eral States and Territories" Mr. Terry. of Ar
kansas, who is a member of the Judiciary Com
r1itf has tO he
to prohibit trusts and combinations and Mr.
Gillett, of Massachusetts, one to regulate in
teTstate commerce in articles produced by trusts
and ordinations and Mr.. Ball, of Texas, has
TO prohibit it outright.
Besides the bills introduced and referred to
the Judiciary Committee a number Of others
have been offered and referred to the Commit
tee on Ways and Means and the Postoffice Com
mittee, proposing the repeal of duties articles
imported which may compete with similar artt-
Giles produced and controlled by trusts, and
prohibiting the use Of the mails by trusts and
combinations OF capital
1t will be seen that the Judiciary Committee
in pursuing its Investigations and proposing
remedies, will not be embarrassed in the least
by lack Of suggestions from members of the
House of Representatives. It will also have the
benefit Of the suggestions and recommendations
contained in the report Of the Industrial Com
o
10 that body by numerous persons in relation
to the causes and effects of trusts and combtna-
tons. The suggestions and recommendations
Of the Commission aim at the regulation of the
business and operations of the trusts, and not
at their suppression.
PUBLICITY RECOMMENDED
AS a result of its Investigations the Commits
sion expresses the opinion that certain evils aris-
ing from such industrial com bnat tons should be
checked by appropriate legislation" To pre-
vent deception Of investors and the public by the
organizers and managers of such combinations,
il is recommended that they be required to fur
nish full details regarding the organization, the
property or services for which stocks or securi-
ties TO be issued, the amount and kind of
the same, and all other material information
necessary for safe and intelligent investment"
The Commission also recommends that any
prospectus or announcement soliciting subscrp-
lions which fails TO make full disclosures or is
false should be deemed fraudulent, and the
promoters and their associates held legally re-
sponsible and that the nature Of the corpora
ton combination all powers granted to di-
rectors and officers thereof and all limitations
upon them upon the rights powers Of the
members, should be required to be expressed in
the certificate of Incorporation, an instrument
which must be open to the inspection of any in
weston
The directors or trustees should be required TO
report to the members of the corporation it's
financial condition in reasonable detail verified
by a competent auditor, at least once each year:
to grant access TO records Of directors meetings
application of a member; to furnish TO all
members before the yearly meetings lists OF
members, with their addresses and the amounts
of their several holdings. and 10 provide in
whatever other ways may be named in the GER
tihcate of incorporation means whereby mem
bers may be enabled to protect their interests.
ANNUAL REPORTS PROPOSED.
The Commission also recommends that the
larger corporations-"these called trusts
should be required to publish annually prop
ery audited reports in detail of their assets and
liabilities, such reports and audits to be under
oath and subject Government inspection.
The purpose of such publicity the Commission
observes, is to encourage competition when
profits become excessive, thus protecting con-
sumers against too high prices, and to guard the
interests of employees by a knowledge of the
financial condition of the business in which they
are employed"
A number OF the bills and resolutions offered
in the House of Representatives propose to deal
with the trusts by providing for the free i'm
portation of competing products.
"OTEEN, TAVTNJA Still, IN TIE TOURS