The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-12-06
LO! We RE GOING To
ILLUMINATE Them
Teddy's Publicity Ideas EN-
bodied in a Bill.
LITTLEFlELD FATHERS IT
This Measure Dealing With Commercial Com
binations FayorabIy Reported by the
Subcommittee Of the House
Judiciary Committee.
(By the Associated Press.)

(By the Associated PfeSS.)
Washington, Dec. 5.-The sub-com-
mittee of the House Judiciary Commit
reported favorably to the committee to-
day on Mr.. Littlefeld's bill providing for
giving publicity to the affairs of COM
mercial combinations, with certain
amendments. Acting Chairman Jenkins,
of the Judiciary Committee, appointed
Subcommittee today consisting OF
Representatives Littlefeld (Me.), Over
street. Qnd.), Powers (Mass), De Ar
mond (Mo.), and Clayton (Ala.), to which
all antitrust bills. including the Pub
licity bill, have been referred.
A meeting of the committee is called
for tomorrow morning. The Publicity
BILL as amended, provides that every
corporation, joint stock company, or
similar organization engaged in inter-
State or foreign commerce and every such
corporation which shall be hereafter
organized, shall file with the Interstate
Commerce Commission, on or before Sep
tember 1st, each year. a return, stating
among other things, it's name, date of
organization. where and when organized.
the statutes under which organized, and
if consolidated. the names of the con-
stituent companies and the same infor-
nation concerning them. If the concerns
have been re-organized, the original cor
n q
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 and 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 descrip-
tion and cash market value of the prop
erty at the time it was received in pay
ment, shall be stated. The Indebtedness,
it's nature, and for what purpose in
Cured is to be given, also statement
of the assets at their present cash mark
ct value, giving the elements upon which
the market value is based.
1t also is required that the total earn
ings and income, operating expenses, in
terests, 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 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 Commerce
Commission, relative to its financial con-
dition or to it's capital stock. Such an
swer is not to be used as evidence
against the person making it, except in
prosecutions under the proposed act
tax of one 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 is made for
collecting the tax.
Any concern contemplated in this bill
failing to make the return as required
under this bill, and any concern failing
to pay a tax imposed is to be restrained
on the suit of the United States from
engaging in Interstate or foreign COM
merce. 1t is made the duty of the At
torney General at the request OF the
Interstate Commerce Commission to
enforce the provisions of the proposed
act, and suit may be brought in any dis
trict court of the United States at the
election of the Attorney General. where
an offending concern has a place of busi-
ness.
Provision is made that the Inter
cho1
pare and publish a statement showing
a list of corporations and disclosing their
condition. The bill does not apply to any
concern, the amount of capital stock OF
which does not exceed 100000.