The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-03
Senator Hoar's Bill.

The text Of the bill which Senator Hoar
has been preparing to meet the demand for
a strong remedial measure to remove the
evils of trusts, may be characterized as
amendatory of the interstate commerce
act and the Sherman antitrust act as
neither of these laws are repealed by it.
The bill, which will be reported to the
senate judiciary committee when congress
reassembles, ought to meet the views of
all who desire strong system of regulat-
ing corporate power and compelling pub
lefty. Senator Hoar is too good a con-
stitutional lawyer to produce a measure
which will not stand the test Of supreme
court scrutiny, and, while his bill may
be called drastic, it ought to have no ter
rors for corporations and joint stock
companies who do business within the
limits of financial and commercial rec
titude.
The conspicuous feature of the bill is
the portion providing for large publicity
of corporate transactions and detailed
periodical statements as to capital stock,
market value, receipts, dividends paid,
stock held in other corporations, etc. The
attorney general is given ample power
and keys with which to unlock the inner
recesses of the corporation business and
especially scrutinize rebates to favorite
firms, and require a reason to be given
Cor such discrimination.
Heavy penalties are imposed on those
who attempt to enter into conspiracy
to kill off competitors by the usual we'll
known devices; the liability Of officers and
agents is distinctly affirmed and two vio-
lations Of the provisions of the act are
punishable by judicial deprivation Of the
privileges of foreign or domestic COM
MERGE A provision of the bill protects
the public from Injurious interruption Of
any business, upon which the public de-
pends by the judicial proceedings Of the
attorney general, who may secure from
q court a modified or conditional decree tt
take effect at some future time.
The Hoar bill appropriates 100000 tc
enable the attorney general to enforce
it's terms and those of the interstate com
merce act and the Sherman antitrust
act. This amount has already been ap
4 rropriated by the amendment adopted by
the house to the legislative, executive ant
judicial bill.
or course there will be other bills OF
this subject than this of Senator Hoar. s,
far as the publicity feature of this meas
,lre is concerned, the honest, square
dealing corporation need not fear It, Il
these days, the big corporations are pu
on the market by strong financial syndi
Gates and the syndicates have to GO t
the banks to get the money to float then
and the bankers are Increasingly desirou
of handling only those enterprises i
which the investing public has the great
est confidence, and the investing publ
having the greatest confidence in the col
poration which is able to show a c1ea
record and is not afraid of publicity, it
more than probable that ready acceptane
Of publicity requirements will become tt
test of corporate soundness by all jud
cious investors in securities.
OF course Mr.. Hoar and every 9TH
maker Of trust-regulating measure W
have to meet the cutlery. Of constitute
violation and the charge that the fe,
ieral government has no construsble rig
to invade the premises Of a state-cha
tered corporation and scrutinize it's boo
and papers. It is more than likely, hoy
ever, that this objection will fall befo