The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-01-29
TRYING TO END THEM IN New
JERSEY BY The Law
after WATERED STOCK

after WATERED STOCK
Seven Bills Providing for Most E1-
tensive Revision Of Corporation
Laws in States History Introduced
in Legislature aud Their Passage
is Confidently Expected, Both
Houses Being Democratic.
President-elect Woodrow Wilson
Monday reached WHAT he considers
the climax in his program Of reform
as Governor Of New Jersey. Seven
bills making for the most extensive
revision Of the corporation laws In
the history Of the State were intro
duced Monday night in the State
Legislature.
These Acts are designed to put
an end to trusts and monopolies un'
der the laws of New jersey" declar-
ed Governor Wilson N a prepared
statement describing the measures,
land I confidently predict that they
will accomplish that much-desired
result
Though the principle Of the bills.
which seek to prevent monopoly, un-
derselling in local markets, mergers.
the existence Of holding companies,
and the issuance Of watered stock,
is one~which the Governor emphasiz.
ed repeatedly during the national
campaign, he declared Monday nigh,
that the proposed legislation had
been drawn with the conditions IL
the State Of New Jersey alone II
mind.
"These bills embody my ideas 0.
the way New Jersey should dea.
with the question:" ne said. 'Na
tional legislation might have to bs
different"
Ever since the end Of the cam
paign the Governor has been working
on the problem OF corporation re-
form. Chancellor Edward I. Walker
and Judge Bennet Van Rycknel as
sisted him, and Monday night the
bills were launched in the Senate
AS the Acts are administration meas
ures and the Democrats have com
Portable majority in botn houses
Democratic leaders were practically
unanimous in predicting that the,
would be enacted with little opposi
ton.
The feature Of the bills that at
tracted most attention was the pro
vision making violations of the pro
posed law a misdemeanor, punish
able by Imprisonment as we'll a!
fines. The bills 60 into extensive de
tails in defying trusts, monopolie'
and mergers. It was pointed out IL
the statement issued rom the Gov
ernor's Office, however, that while
mergers and consultations are pro
hibited in general, the proposed law:
do not intend to prevent legitimate
expansion Of a business concern b!
the purchase Of property "cognatt
in character.
Provision for this Is made In tht
second Of the series Of bills, which
says:
when stock is issued on the bas
is Of the stock Of any other corpora
ton, no stock shall be issued, there
for In an amount greater than tht
sum actually paid for such stock II
cash or it's equivalent, provided tina
the property purchased or owned b!
the corporation whose stock Is pur
chased must be cognate in characte'
and use to the property used or con
templated to be used, by the purchas
ing corporation in the direct conduc
Of its own proper business
This still permits, 1t Is stated, 1
corporation to extend its business b.
the purchase Of the property, in
| Guiding the stock, Of another corpor
alton If its business be the SAME. ou
prevents the Issuing Of wateret
,ock in the transaction. 1t h.;
nothing to do with holding compan
ies, which are otherwise treated, i
is contended.
While the bills, 1t Is claimed. take
away none Of the rights Of existing
,1pora:lcns, they do restrict .hest
toToal les from extending thejl
ho!Gires and make them subject tt
tae pr visions forbiddiag rn1erscll
ing, determinations and other mo-
nopolistic practices. Present com
panies will be affecred 80 far al
stock issuances and mergers are con
cerned.
Among the larger combinations
chartered under New Jersey laws are
the United States Steel Corporation
the Standard Oil Company, the
American Tobacco Company. the
American Sugar Refining Company
the International Harvester Com.
pany, the Amalgamated Copper Com
pany, the United States Leather Com
pany, and the Rock Island Railroad
Company.
Six Men Shot or Cut.
A fierce pistol and knife duel took