The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1902-12-11
TO UNCOVER TRUSTS
Littlefield's Bill Providing For
Publicity " Favored.
COMMITTEE BRINGS in PEPORT
Republicans in Congress Agree to Sup
mort that Plan for Checking .
Evils of Gigantic =
Combines. -

A Washington special says: The
subcommittee to which was referred
the antitrust bills reported favorabiy
to the full committee Friday on Mr.
Littlefeld's bill providing for giving
publicity to the affairs of commercial
combinations, with certain amend
ments. Acting Chairman jenkins, OF
the judiciary committee, appointed p
subcommittee Friday consisting OF
Representatives Littledeld, Of Maine;
Overstreet, of Indiana; Powers, OF
Massachusetts,; DeArmond, OF Missou'
ri, and Clayton, of Alabama, to which
all antitrust bills, including the pub
licity bill, have been referred.
Provisions of the Bill.
The publicity bill, as amended, pro-
yides that every corporation, 5olnt
stock company or similar organization
engaged in interstate or foreign COM
meree, and every such corporation
which shall be hereafter organized.
shall file with the interstate commerce
commission, on or before September
1st each year, are turn, stating among
other things it's name, date OF organt
zation, and, If consolidated, the names
of the constituent companies, and the
same information concerning them. II
the concerns have been reorganizeds
the original corporation or corpora
tions are to be named viii informar,
ton concerning them.
It is also provided that the amount
Of authorized capital stock, shares into
which divided, par value, whether COM
mon or preferred, and distinction be-
tween each, amount issued and out:
standing, amount paid in, how much,
if any, in property, and if paid in prop
erty a description and cash market
value Of the property at the time u
was received in payment, shall be-
stated. The indebtedness, its nature
and for what purpose incurred, is TO be
given, also a statement Of the assets
at their present cash market value.
giving upon which the market value ia
based.
It also is required that the total
earnings and income, operating ex-.
penses, interest, taxes, permanent im-s
provements, net earnings, DIVIDENDS
declared, with rate and date during
the year preceding the 1st Of the pre-
ceding July; salaries Of officials and
wages of employees be disclosed.
It 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 It's
financial condition or to 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 snnum ~
| lmpOS0Q Ou ~ uuSA VI Wv S~f>r-ls
stock outstanding, which is not fuify
paid in cash or other property at its
full cash market value, and provision
Is made for collecting the tax.
Penalties imposed.
Any concern contemplated In this
bill falling to pay tax imposed is 70
be restrained on the suit Of the United
States from engaging in interstate or.
foreign commerce. It 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 an offending concern
has place of business.
Provision is made that the inter-
state commerce commission shall pre-
pare and publish a statement showing
a list of corporations and disclosing
their condition. The hill does net ap-
ply to any concern the amount OF CAPT
tai stock of which does not exceed
$500,000.