New-York tribune., 1902-12-06
PUBLICITY FOR. TRUSTS.
MR.. LITTLEFIELD'S BILL REPORTED TO
HOUSE JUDICIARY COMMITTEE.
UNDER ITS PROVISION CORPORATIONS
MUST FILE STATEMENTS OF THEIR
AFFAIRS WITH THE INTERSTATE
COMMERCE COMMISSION.


Washington, Dec. 5.-The subcommittee of
the House Judiciary Committee, to which anti
trust bills were referred, reported favorably to
the full committee to-day Mr.. Littlefeld's
bill providing for giving publicity to the affairs
Of commercial combinations with certain
amendments. Mr.. Jenkins. acting chairman of
the Judiciary Committee, appointed sub-com-
mittee to-day, consisting of Representatives
Ltttlefeld, of Maine; Overstreet. Of Indiana;
Powers, of Massachusetts,; De Almond, of Mis-
souri,, and Clayton Of Alabama, to which all
antitrust bills including the publicity BILL nave
been referred. A meeting of the committee Is
called for tomorrow morning.
The publicity bill, amended provides that
every corporation, joint stock company or SINH
lar organization engaged In interstate or for
eign commerce. and every such corporation
which shall be hereafter organized, shall file
with the Interstate Commerce Commission on
or before September 1 in each year return,
giving, among other things. it's name, date OF
organization, when and where organized, the
statutes under which organized, and. II con-
solidated the names Of the constituent COM
panes and the information concerning
them. If the concerns have been reorganized,
the original corporation corporations Is to be
stated, with information.
1t is also provided that the amount of author
par value whether common preferred, and
the distinction between each, amount issued and
outstanding, amount paid in-how much. if any,
paid in cash and how much If any, in prop
erty, and If paid in property a description and
cash market value of the property at the time
it was received in payment, shall be given. The
Indebtedness, its nature and for what purpose
incurred are to be given also statement of the
assets at their present market values. giving the
elements which the market value is based.
1t is also required that total earnings and in
come. operating expenses interest, taxes, per-
manent improvements, net earnings, dividends
declared, with rate and date during the year
preceding the first of the preceding July, salary
of officials and wages of employees be disclosed.
1t is provided, further, that the treasurer or
other officer of concerns affected by the bill hav-
ing the requisite knowledge shall answer on
oath all inquiries which may be made in writ
ing, under the direction of the Interstate Com
merce Commission. relative to its financial con-
dition or its capital stock Such answer is not
to be used evidence against the person max
ing 1t, except in prosecutions under the pro-
posed act.
A tax of per cent a year is imposed on so
much Of the capital stock outstanding as is not
fully paid in cash other property at it's full
cash market value, and provision is made for
Any concern contemplated in the bill failing
to make the return as required, and any con-
Germ raining 10 pay the tax imposed, Is 10 De
restrained on the suit of the United States from
engaging in interstate OF foreign commerce. 1t
is made the duty of the Attorney General, at the
request of the Interstate Commerce Commits
sion, 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 offending concern
has a place of business.
Provision is made that the Interstate Com
merce Commission shall prepare and publish a
statement showing a list of corporations and
disclosing their condition The bill does not
apply to any concern whose capital stock does
not exceed StOO000.