The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-01-03
REMEDY FOR TRUSTS
MEASURES THAT SENATOR HoAR
WILL PROPOSE.
COMMITTEE ON JUDICIARY
WILL FIRST CONSIDER THE SEN
ATOR'S BILL.

tcrstate Commerce Act or the
sherman ANTITRUST Lnw-It APP
prOprintes $500, 900 for the Prose-
cution of ORenses - Conditions
With which Corporations Are
Called Upon TO COmpIy-Must File
Complete Reports of Operations
Washington, Jan. 2.-Senator Hoar
has completed and to-day made public
the antitrust bill, which he asked leave
before the Senate adjourned for the
holidays to introduce. The bill goes
to the Committee on judiciary. of
which Senator Hoar is chairman. 1t
is entitled, "A bill for the regulation
of trusts and corporations engaged in
internal or interstate commerce"
The first section continues in force
the present interstate commerce act
and the so-called Sherman antitrust
law.
Section two approprlates 100000 to en-
able the Attorney General to prosecute
offenses under this and existing acts
and authorizes him to employ necessary
assistance.
Section three provides that after June,
&c. 1904, no corporation, joint stock COM
pany or other association, whose stock
holders are not personally liable for
their debts, created by any state or
territory, shall engage in commerce
with foreign nations or among the sew
eral states, or continue to carry on such
commerce, unless it shall comply with
the following conditions:
Must File Statements.
First. 1t shall file statement in the
office of the Interstate Commerce Com
mission, signed and sworn to by its
president it's treasurer. its general
manager and a majority of it's direc-
tors, or by the persons exercising the
powers usually exercised by such Of
| ticers and directors of such corpora
tons, joint stock companies. and 9TH
| er associations, on or before the fif-
teenth day of September in the year
1904, and shall on or before the fif-
| tenth day of September in each year
| thereafter file a like statement for the
| year ending with the S0th day of June
in said years. respectively. showing:
Second. The amount of its capital
| stock.
Third. The market value of the same.
Fourth How much of the same has
been paid in in full in cash: or If the
same has not been paid~in full in cash,
| what has been received by the said
| corporal ion Joint stock company or
| other association in lieu thereof. and
| the value of whatever shall have been
so received by it.
Fifth-The names of all the officers
| and directors of such corporation, joint
stock company, or other association,
| and all agents instructed with the gen
eral management of Its AFFAIRS
Dividends Must show.
Sixth-The amount It has paid in
dividends during said period, the rate
of percentage of such dividends and
times of paying the same,
Seventh--A statement of all the stock
owned by it of any other corporation,
joint stock company or other aSsocia-
ton, specifying the corporation, joint
stock company, or other association,
and the number and value of shares
in each; the amount of its own stock
held by other corporations, joint stock
companies or other associations and
the value thereof; and the amount of
stock in other corporations, joint stock
companies, or other associations held
in trust for it, or in which IL has any
interest directly or indirectly, abso-
lutte or conditional, legal or equitable,
stock companies, or other associations.
Eighth-An undertaking signed by
said officers, general managers ana
directors, that they will comply with
the provisions of this and all
other laws of the United States in the
agreement of the affairs of said cor
porations, joint companies or other as
sociations; and that they accept the
provisions and liabilities of this act,
and the obligations by it imposed. so
long as they shall continue to hold or
exercise said Office or authority.
The Attorney General of the United
States may at any time require of any
corporation, joint stock company or
other association so engaged, any
statement he may think fit in regard to
the conduct Of it's business. And he
may especially require any such cor
pOration, joint stock company or 9TH
er association to give list of all con-
tracts or transactions entered into
within the twelve months preceding
such requisition, in which 1t has sold
any article or product, or carried any
article or product at a rate less than
the ordinary market price, II such ar
ticle or product had been sold or car
ried by any other person than the
party to such transaction. And he may
further require the reasons for such
distinctions and the circumstances at
tending the same.
Fine Fixed Mt $4,000.
Section four provides: THAT
every person, corporation, joint
stock company or other associa-
ton engaged in commerce with foreign
nations or among the several states.
who shall enter into any contract,
combination or conspiracy, or who shall
give any direction or authority to do
any act, for the purpose of driving out
of business any other person engaged
therein, or who for such purpose shall
in the course of such commerce, sell
any article or product at less than it's
fair market value, or at less price than
ii IS accustomed to demand or receive
thereafter in any other place under
like conditions: or who shall sell any
article upon a condition, contract, or
undertaking that 1t shan not be sold
again by the purchaser or restrain such
sale by the purchaser, shall be deemed
guilty Of a misdemeanor and, on con-
viction thereof shall be punished by
fine not exceeding $1,000, or by i'm
prisonment not exceeding one year. or
both said punishments. in the discre-
ton Of the court"
Section forbids any corporation
whose stock is controlled by another
corporation from engaging in interstate
commerce II the controlling corporation
violates this act.
Gactfo,1 & r,rovfdae that the hooka ~