The news & observer., 1901-02-21
UNANIMOUS REPORT ON II
Prepared From the Texas Laws For
Regulating Trusts.
HAS WORKED ADMIRABLY IN THAT STATE
The Bill D.fines Trust and Provides Heavy
Penalties For Violation of It, to be Sued
For BY the Attorney General For
Use Of the State.

The subcommittee Of the Senate Ju-
the past thirty days had under consid-
GRAFTON the antitrust bill introduced
by Senator Ward has at last reported
back to the full committee, and the
committee yesterday unanimously de-
cided to make a favorably report on it.
The bill reported is In many respects
Senator Ward, but it meets his ap-
prevail His first bill was a copy Of the
Texas law of 1895. Later also he intro
duced the Texas law of 1899. The sub
committee. combined these two bills,
with some slight changes and the result
is the bill that win be introduced todays
After repeating the antitrust law
passed by the last Legislature, the bill
thus defines trust:
"A trust is combination of capital.
skill or acts by two or more persons,
firms, corporations, or association of
persons, or either two or more of them,
for either, only or all of the following
purposes:
Il. To create or carry on restriction
in trade or commerce. or aid to comerce
or to create or carry on restriction in
the full and free pursuit of any busi-
ness authorized or permitted by the
laws. of this State.
III. To increase or reduce the price
OF merchandise, produce or commodity.
iii. To prevent competition in man
ufacturing, making, transportation, sale
or purchase or merchandise, produce or
commodity, or to prevent competition
in aid to commerce or trade.
"IV To fix "a standard of figures
whereby its price to the public shall
be in any manner controlled or estab-
lished. an article or commodity or mer-
chandise. produce. or commerce, intend
ed for the sale, use or consumption in
this State.
"V. To make or enter into. or execute
or carry out any contract. obligation or
agreement of any kind or description
by which they shall bind or have bound
themselves not to sell, dispose of or
transport any article or articles Of trade,
use, merchandise, commerce or con-
sumption below a common standard
figure, or by which they shall agree in
any manner to keep the price of such
article, commodity, or transportation at
q fixed or graded figure or by which
they shall in any manner establish or
settle the price of any article or COM
modify of transportation between them,
or themselves and others to preclude
free and unrestricted competi-
ton among themselves or others in the
sale OF transportation Of any such ar
ticle or commodity, or by which they
shall agree to, pool, combine, or unite
any interests they may have in connec-
tion with the sale or transportation OF
any such articlef or commodity that its
price might be in any manner affected.
The bill then goes on to provide that
any corporation holding a charter under
the laws Of this State which shall vio-
late any provision of this act shall
there forfeit it's charter and franchise,
and its corporate existence shall cease
ana determine: and for such violation
il is made the duty of the Attorney
General upon his own motion ana
without leave or order of any court or
Judge" to institute suit in any county
in the State where such corporation does
business for the forfeiture of it's char
ter and the dissolution of its corporate
existence. For such violation the sum
of $500 shall be forfeited to be recov-
cred by the Attorney General in the Su-
pcrior court of any county in this State,
to the use of the State.
In such actions the court may send
for books and papers and examine on
oath the officers of any corporation.
Section of the bill provides that III
shall be the duty of the Secretary OF
State, at the request of the Attorney
General to address TO the president
secretary or treasurer of any lncorpor-
ated company named by the Attorney
General, doing business in this state,
letter of inquiry as to whether the Sdio
corporation has all o. any part Oh le
business or interests in or Win any
trust, company or association or per
sons or incorporators as named III thls
act and TO require an answer TO be mace
and subscribed under oath Of such pres
ident, secretary, or treasurer, or any
director of said company
4 form for answer is to be inclosed In
this letter and ION refusing to make
and subscribe such oath in answer 10 |
such injury, or failure TO do so within
thirty days from the mailing thereof
such failure shall be- prima facie proof
that such incorporated company IS
transacting business in the State of
North Carolina and is violating the pro- /,
visions of this act Any person who
shall wilfully and corruptibly swear to
any false statement, in such affidavit
shall be guilty of perjury. 1t is provid- |
ed. however. that all parties making
the affidavit provided for in this sec
tion shall be exempt from prosecution
for any violation of law that may be
disclosed by this affidavit
ANY person. firm or corporation vio-
lating any of the provisions of this act
shall he guilty Of a misdemeanor, and
fined or Imprisoned or both indiscretion
of the court. and each day shall consti-
tute separate offence.