Arizona republican., 1903-01-08
Senator Hoar's Antitrust Bill.

special significance to the antitrust
 bill which he has introduced in the senate. A favorable report on the measure was matter of course. as 1t
 was referred to the committee on ju- dietary, of which the distinguished sachusetts senator Is chairman. "Publicity" is the keynote of the bill. It provides specifically that the inter
 state commerce law and the sherman antitrust law shall continue in force
 "and shall in no wise be held to be limited, restrained or repealed by this act"
 After June 90, 1904. it is provided. mo
 corporation. joint stock company or other association whose stockholders are not personally liable for their debts. created by any state or territory, shall engage in commerce with foreign na- tions or among the several states, or
 continue to carry on such commerce.
 unless it shall comply with the follow ing conditions"
 The conditions enumerated comprise u public the affairs of the corporation.
 In the first place, 1t shall file annually
 a statement with the office of the inter state commerce commission. signed and
 sworn to by its president its treasurer. its general manager and a majority of | its directors. which statement shall
 make Q full exhibit. That is, the amount of the capital stock shall be stated, and the market value of the same. It shall be stated how much of
 the stock has been paid for in cash, or
 if cash has not been paid, what has
 been received by the corporation in
 lieu of cash. The names of the officers
 directors and agents must appear in the statement. The particulars as to dividends during the period covered
 must be given. The statement must
 also set forth the stock owned by the
 corporation in other corporations. The annuel statement Is also to in- clude "an undertaking ssigned by said officers that they will com ply with the provisions of this and all
 other laws of the United States in the
 management of the affairs of said cor poration and that they accept the provisions and liabilities of this act and the obligations by 1t i'm
 posed so long as they shall continue to
 hold or exercise said offices or author ity."
 very drastic provision Is carried by
 the clause that "the attorney general
 of the United States may at any time
 require of any corporation any statement he may think fit in regard to the conduct of its business"
 The penalties are sufficiently severe
 to meet the purposes of the law. Every
 person. corporation. or joint stock com pany who shall enter into any con-
 tract, combination or conspiracy .. {. for the purpose of driving out of business any other person engaged
 in the course of such commerce sell
 any article or product at less than it's
 fair market value" shall be punished
 by a fine of 5000 or by Imprisonment
 not to exceed one year, or by both.
 All books and accounts of corpora tions engaged in interstate business
 are to be subject to the inspection of
 the attorney general or his agents. Any corporation that twice violates the provisions of this law shall be pro- hibited from doing business thereafter. This prohibition. however. is to apply
 only after injunction to that end has
 issued from a competent court
 Violation of the injunction is to be
 punished by a fine of 5000, or one years imprisonment, or both.
 It provides finally and sweepingly,
 that any officer of corporation doing interstate business who shall violate
 any of the provisions of this act, or
 who shall consent to their violation,
 shall be personally liable for all the debts of the corporation.
 It Is obvious that if Senator Hoar's l bill should be enacted into law. the
 constitutionality of many of the pro- visions would be vigorously disputed. To lodge such inquisitorial powers with the attorney general as the senator
 proposes would raise storm of protest | from the thousands of people who are interested in corporations. However, l the venerable senator from Massachu-
 setts Is himself one of the most pro- found constitutional lawyers in the | country. and it may be taken for granted that he did not attach his name to the bill until he had become satis-
 fled that 1t would stand the test of the courts.
 According to the press dispatches, it
 Is not fair to the senator to label his
 measure "the administration bill" He
 frankly says that the measure embodies
 his own ideas. Whether President
 Roosevelt approves it in all its de-
 tails remains, of course, for the future to disclose.
 A n@f Nf