The Savannah morning news., 1902-12-06
REMEDY FOR TRUSTS
LEGISLATION THAT 1T Is PROPOSED
TO ENACT.
PUBLICITY BILL IS REPORTED.
HOW 1T is PROPOSED TO CORRECT
EVILS OF TRUSTS,

Bill Reported FavOrabIy by a Sub
Committee of the House Judiciary
COmmittee-It Is LittIeheId's Meas
ure, Though Others Are Under Con-
sideratiOn-It Provides That In
formation Regarding Corporations
With Capital stock Exceeding
$5OO,OOO Shall BE Filed.
Washington, Dec. 5.-The Sub-Com-
mittee of the House Judiciary Com
mite. to which was referred antitrust
bills. reported favorably to the full
committee to-day on Mr.. Littleheld's
bill providing for giving publicity to
the affairs of commercial combinations,
with certain amendments. Acting
Chairman Jenkins of the judiciary
Committee. appointed a sub commit
tee to-day, consisting of Representa-
tives Littlefeld of Maine, Overstreet
of Indiana. Powers of Massachusetts.
DeArmond of Missouri and Clayton of
Alabama, to which all antitrust bills.
including the publicity bill, have been
referred. A meeting of the committee
is called for tomorrow morning.
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 be hereafter organized,
shall file with the Interstate Commerce
Commission, on or before Sept. / each
year, a return, stating. among other
things, it's name. date of organization,
where and when organized. the stat
utes under which organized, and IL
consolidated, the names of constitu-
ent companies and the same Informal
ton concerning them. II the concerns
have been reorganized the original
corporation or corporations are to be
named, with information concerning
them.
show Liabilities and Assets.
It is also provided that the amount
of authorized capital stock, shares
into which divided, par value, whether
common or preferred, and distinction
between each, amount issued and out
standing, amount paid in, how much,
If any, paid in cash. and how much,
If, any In property, and IL paid In
property a description and cash market
value of the property at the time 1t was
received in payment, shall be stated.
The indebtedness, its nature and for
what purpose incurred, Is TO be given,
| also statement of the assets at their
| present cash market value, giving the
| elements upon which the market value
| is based.
1t is also required that the total earn
| ings and income. operating expenses in
terest, taxes. permanent Improvements.
net earnings, dividends declared, with
rate and date during the year preced-
ing the first of the preceding July;
salaries of officials and wages of en-
ployes be disclosed.
1t is provided further that the treas
urer or other officer of concerns ar
fected by the BILL having the requisite
knowledge, shall answer on oath all
inquiries that may be made In writing.
under the direction of the Interstate
Ommerce Commission, relative TO It's
financial condition or to it's capital
stock Such answer is not to be used
as evidence against the person making
it, except in prosecution under the pro-
posed act.
Tax VIII he Imposed
A tax of per cent per annum is Inn
posed on so much Of the capital stock
outstanding which is not fully paid in
cash or other property at it's full cash
market values, and provision is made
| for collecting the tax.
Any concern, contemplated in this
| bill, failing to make the return as re-
| CURED under this bill, and any con-
Germ falling to pay a tax imposed is
to be restrained on the suit Of the
| United States from engaging in inter-
state or foreign commerce. 1t is made
the duty of the Attorney General at
the request of the Interstate Com
merce Commission to enforce the pro-
visions 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 Of
ness.
Provision Is made that the Interstate
Commerce Commission shall prepare
and publish statement, showing a
list of corporations and disclosing their
condition. The bill does not apply to
any concern the amount of capital