Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1902-12-16
Jenkins and Littlefeld Struggling
For Control.
ARGUMENTS BEING HEARD TODAY
jenkins Says Constitutional Amend.
ment is Necessary But LittIefeld
Says Present Law is Good if En-
forced-PubIicity Idea Dominant.
(By H. j. Mahin.)

Washington d. c., Dec. 9-In pro-
posed trust legislation two ideas are
struggling for control. Representative
jenkins, chairman of the judiciary
committee, believes that a constitu-
tional amendment is necessary to con-
troll the trusts. Mr.. Littlefield, men,
Der of the committee, thinks that the
present laws are sufficient if enforced
and he is trying to dominate the COM
mittee and constitute himself the faith
er of the trust bill The Littlefeld
bill is the one favored by a majority
of the committee. The principal feat
ures of the Littlefield bill is that of
publicity. The committee met today
to hear the arguments from the friends
of both ideas but it is generally under
stood that no bill advocating consti-
tutional amendment will be reported,
this session.
The Littlefield Bill.
The Littlefield publicity bill as
amended and reported by the sub
committee to the full committee pro-
yides that every corporation, joint
stock company, or similar organiza-
ton engaged in interstate or foreign
commerce, and every such corporation
which shall be hereafter organized,
shall file with the interstate commerce
commission on or before September 1
each year return, stating, among
other things, it's name, date of organ
ization, where and when organized, the
statutes under which organized, and if
consolidated the names of the constit-
uent companies, and the same infor-
nation concerning them.
| 4 So, al, Inl lpf y,
of authorized capital, stock, shares in
to which divided, par value, whether
common or preferred, and distinction
between each amount issued and out
standing, amount paid inflow much,
| if any, paid in cash, and how much, if
any, in property, a description and
cash market value of the property at
| the time it was received in payment
shall be stated The Indebtedness, its
nature, and for what purposes incur
red are to be given, also statement
of the assets at their present cash
market value, giving the elements up
on which the market value is based.
1t also is required that the total
earnings and income, operating eX-
penses, interest, taxes, permanent i'm
provements, net earnings, dividends
declared, with rate and date during
the year preceding the first of the pre-
| ceding July, salaries of officials and
| wages of employees be disclosed.
Inquiries Made Under Oath.
1t is provided further that the treas
urer or other officer of concerns affect
ed by the bill having the requisite
knowledge shall answer on oath all in
! quiries that may be made in writing,
under the direction of the interstate
commerce commission, relative to its
financial condition or to it's capital
stock. Such answer is not to be used
as evidence against the person making
it, except in prosecutions under the
proposed act.
A tax of one per cent per annum is
!, imposed 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.
Any concern contemplated in this
bill failing to make the return as re-
CURED under the bill, and any concern
failing to pay a tax imposed, is to be
restrained on the suit of the United
States, from engaging in interstate or
foreign commerce. 1t is made the
duty of the attorney general Of the
United States, at the request of the
interstate commerce commission, to
, enforce the provisions of the proposed
act, and suit may be brought in any
district court of the United States, at
the election of the attorney general
where an offending concern has a
place of business.
Provision is made that the inter
state commerce commission shall pre-
) pare and publish statement showing
J list of corporations and disclosing
their condition. The bill does not ap
ply to any concern the amount of capt
; tai stock of which does not exceed
100000.