The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1902-12-11
ANTITRUST BILL
IITTLEFIELD MEASURE FAVORA-
BLY, CONSIDERED.
House subcommittee on Judiciary
Reports to the Full Committee.
Bill Provides for Publicity in
Regard to Affairs of All Large
Corporations.

Washington, Dec. line SubcOm-
mittee of the house judiciary commit
TOE to which were referred anti trust
bills, has reported favorably to the full
committee on Mr.. Littlefeld's bill pro-
viding for giving publicity to the
affairs of commercial combinations,
with certain amendments.
Acting Chairman Jenkins, of the
judiciary committee, has appointed a
subcommittee, consisting of Represent
atives Littleield, Maine; Overstreet,
Indiana; :Powers, Massachusetts; De
Almond, Missouri, and Clayton, Ala
hama, to which all antitrust bills, in
Guiding the publicity bill, have been
referved. The publicity bill as amend
ed, provides that every corporation,
Joint stock company or similar organi-
zation engaged in interstate or foreign
commerce, and every such corporation
which shall hereafter be organized,
shall file with the interstate commerce
commission on or before September of
each year retrun stating, among other
things, its name, date of organization,
when and where organized, the statutes
under which organized. and if CONSOLE
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 to be stated, with
information concerning them.
1t also is provided that the amount
of authorized capital stock, shares into
which divided, par value, whether COM
mon or preferred, the distinction be-
tween each, amount issued and out
standing, amount paid in, how much,
if any, paid in cash, and how much, if
any, in property, the time it was re-
ceived 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.
Earnings and Expenses.
1t also is required that the total earn
ings and income, operating expenses,
interest, taxes, permanent improve
ments, net earnings, dividends declar-
ed, with the rate and date, during the
year preceding the first of the preced-
ing July, salaries of officials, and wages
of employees be disclosed.
1t is provided further that the treas
urer or other officer of concerns affected
by the bill, having the requisite knowl-
edge, shall answer on oath all inquiries
that may be made in writing, under
the direction of the interstate COM
merce commission, relative to it's tinan-
cial condition or its 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 per cent. per annum IS
imposed on as much of the capital stock
outstanding as is not fully paid in cash
or other property, at its full cash mar
ket value, and provision is made for
llecting the tax.
Any concern contemplated in this
bill failing to make the return, as re-
quired under this bill, and any con-
Germ failing to pay 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, at the request
of the interstate commerce commission,
to enforce the provisions of the propos-
ed 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.
Provision is made that the interstate
commerce commission shall prepare
and publish a statement showing list
of corporations and disclosing their
condition. The bill does not apply 10
any concern the amount of capital stock
OF which does not exceed $500, 900.