Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-12-06
A FAVORABLE REPORT
On LittIefield's Publicity Bill Regarding
the Trusts.

Washington, Dec. 5.-The sub-com-
mittee OF the House Judiciary commit
tee, to whom was referred the anti
trust bills reported favorably to the
full committee, today, on Mr.. Little
fields bill providing for giving public
ity to the affairs of commercial COM
binations, with certain amendments.
Acting Chairman Jenkins. of the judic-
larry committee. appointed a sub-com-
mittee, today, consisting of Represen-
tatives I.ittlefield of Maine, Overstreet
Of Indiana, Powers of Massachusetts,
DeArmond of Missouri, and Clayton Of
Alabama, to which all antitrust bills.
including the publicity bill. has been
referred. A meeting of the committee
is set for tomorrow morning.
The publicity bill as amended pro-
vides that every corporation. Joint
stock company. or similar organization
engaged i'm 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. l of each
year, return stating among other
things its name, date of organization.
Wntn ana where OtSdHlZtu, tHt
under which it was organized. and if
consolidated the names of the ccnstit-
uent companies. and the same infor
nation concerning them, if the con-
Germs have been reorganized. the title
of the original corporation or corpora
tons is TO be stated with information
concerning them.
1t also is provided that the amount
of authorized capital stock. the num-
Der of shares into which divided par
value. whether common or preferred,
and distinction between such amount
issued and outstanding; amount paid
in: how much, if any, paid in cash, and
how much, if any, in property; and
If paid in property, Il description and
cash market value of the property at
the time it was received in payment.
shall be stated.
The Indebtedness, it's ma ture and for
what purpose incurred it to be given.
also a statement of the assets at their
present market value giving the ele-
ments upon which the market value is
based.
1t is also required that total earn
ings and income, operating expenses,
interest. tax permanent improvements,
net earnings. dividends declared, with
rate and rate during the year preceding
the first of the preceding July, and the
salary of officials and wages of en-
ployecs be disclosed.
1t is also provided further that the
treasurer or some other officer of the
officer of the concerns affected by the
hill showing the requisite knowledge
shall answer on oath all inquiries that
may be made in writing under the di-
rcction of the interstate commerce
commission relative to it's financial or
it's capital stock. Such answer is not
to be used as evidence against the per-
son making it, except in prosecutions
under the proposed act.
tax of ! 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
concern contemplated in this bill fail
is made for collecting the tax. Any
ing to make the return as required I'M
der this bill. and any concern failing
to pay a tax imposed. is to be restrain
ed on the suit of the United States from
engaging in interstate or foreign COM
merce.
1t is made the duty of the attorney
general, at the request of the interstate
commerce commission. to endorse the
provision 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 place of business. Pro-
vision is made that the interstate COM
merce commission snail prepare and
publish a statement showing list of
corporations and disclosing their con-
dition. The bill does not apply to any
concern the amount of capital stock of
which does not exceed S50G0.