The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-12-06
PUBLICITY BILL
To BE REPORTED
Measure Was Drafted by Con.
gresham LittIefieId of Maine.
IN HANDS OF SUBCOMMITTEE
PROPOSED LAW INTENDED TO
CURB THE COMBINATIONS.

%JI1 ASHINGTON. Dec. 5.-The \
Nv subcommittee Of the house 4
judiciary committee, to =
+ which was referred antitrust bills, y
reported favorably TO the full COM 2
mlttee today on Mr.. Littlefield's =
Dill providing for giving publicity =
10 the affairs of commercial COM =
blnations, with certain amend =
= ments.
Acting Chairman Jenkins of the ju-
diclary committee appointed q sub
committee today consisting of Repre-
sentatives Littlefield of Maine, Over
street of Indiana, Powers of Massachu-
sets, De Almond of Missouri and Clay
ton of Alabama, TO. which all antitrust
bills, including the publicity bill, have
been referred. A meeting of the COM
mittee is called for tomorrow.
Scope of the Bill.
The publicity bill, as amended, pro
vides that every corporation, joint
stock company or similar organization
engaged in interstate or foreign COM
merce, and every such corporation
which shall hereafter be organized
shall file with the interstate commerce
commission on or before Sept. 1 each
year return stating among other
things its name. date of organization,
where and when organized, the statutes
under which organized, and if consOli-
dated, the names of the constituent
companies and the same information
concerning them. If the concerns have
been reOrganized the original corpora
ton or corporations is to be stated with
information concerning them.
It also is provided that the amount
OF authorized capital stock. shares into
which divided. par value, whether COM
mon or preferred. and distinction be-
oh ID
standing, amount paid inflow much, if
any, paid in cash. and how much. if
any, in property. and if in property at
the time it was received in payment
shall be stated. The Indebtedness. its
nature and for what purpose incurred.
IS to be given, also a statement of the
assets at their present cash market
value, giving the elements upon which
the market value is based.
Must Give Figures.
1t is also required that the total
earnings and income, operating ex-
penSeS, interest, taxes, permanent i'm
prOvements, net earnings, dividends de-
clared, with rate and date during the
year preceding the first Of the proceed
ing July, salaries of officials and wages
of employees be disclosed.
1t is provided further that the treas
urer, or other officer of concerns affect
Cu ny llAC jill udNlllS the requisite
knowledge, shall answer on oath ali in
quiries that may be made in writing
under the direction of the interstate
commerce commission, relative to its
financial condition or to its capital
stock. Such answer is not to be used
as evidence against the person making
it, except in prosecutions under the pro-
posed act.
a tax of L per cent per annum is i'm
posed on so much of the capital stock
outstanding which is not fully paid in
cash or other property at its full cash
market value, and provision is made for
collecting the tax.
Penalty Provided.
Any concern contemplated in this bill
failing to make the return as required
under this bill, and any concern failing
to pay tax imposed is to be restrained
on the suit of the United States from
engaging in interstate or foreign com
merce- 1t is made the duty of the at
torney general, at the request of the
interstate commerce commission, to en-
force the provisions of the proposed act.
and suit may be brought in any district
court of the United States at the cleo
ton of the attorney general where an
offending concern has a place of bust
ness.
Provision is made that the interstate
commerce commission shall prepare and
publish statement showing a list of
corporations and disclosing their con-
ditlon- The bill does not apply to any
concern the amount of capital stock of
which does not exceed $500, 900.