The Washington times., 1913-01-21
JERSEY MEASURES
HINT At WILSON'S
TRUST ATTITUDE
Bills Said to Have Been Sane.
toned by Governor Urge
Imprisonment.

TRENTON, y. j., Jan. 21.-President-
elect Wilson has given an indlca-
ton of what national antitrust legisla-
ton he will try to have enacted in
congress In a statement issue j at
Wilson's direction by Edwin r. Walk
er, head of the chancery court, explain
inG the seven antitrust bills In
trcduced in the Legislature last night, 1t
10 declared:
These acts are designed to put an
end to trusts and monopolies under the
laws of New Jersey, and Governor Will
son confidently predicts that they will
accomplish that much desired result
They emanated from Governor Wilson.
and have been drawn for the purpose of
preventing monopolies by. corporations,
firms, and individuals
Bills Are Drastic.
The bills are decidedly drastic. and
enactment OF them will effectively clar-
ify the corporation laws and rid the
State of illegitimate "big business" The
measures make personal guilt of OIL
rectors OF corporations the remedy of
corporation evils, and they wipe out the
very root of monopoly by prohibiting
holding companies" which the state
ment blames for lack of competition
and the increased cost of living.
They are administration measures ana
emandted from Governor Wilson. They
have been drawn for the purpose of pre-
venting monopolies by corporations.
firms, and individuals. One is an act
defining trusts and providing for Grim
;nal penalties and for the punishment of
corporations, firms, and individuals vio-
lating its provisions, and is intended to
Promote free competition in all classes
of business.
Prison Penalty Provided.
1t provides that any combination be-
tween two or more corporations. firms
or persons TO create restrictions in
trade; to limit production or increase
prices; to prevent competition in manu-
featuring, transporting or selling any
commodity; to fix at any standard or
figure whereby prices to the public
shall in any manner be controlled; to
make any agreement which shall, d.
recuy or indirectly. preclude free and
unrestricted competition among them
selves sor any purchasers or customers:
TO make any secret oral agreement or
arrive at any understanding without
express agreement whereby the same
thing Is accomplished-all these shall
constitute misdemeanors, and any cor
poration or person guilty thereof shall
on conviction be punished accordingly.
IL makes the directors of corpora
lions ordering or doing any of the
prohibited acts guilty as individuals. 1
and provides that in addition to pun
ishment for misemeanor, the charter
OF the offending ooTation may be
revoked. The penalty for nisde-
meanor in this State Is Imprisonment
not exceeding three years or a fine
not exceeding $1,000, or both. at the
discretion Of The court
No Watered Stock.
Another section amends Section 40
OF the present corporation law by
providing that when stock is issued
by q corporation in payment for prop
erty purchased the purchasing cor
poration must receive. in property
or stock. what the same is reason
ably worth in money at fair bona
fide valuation; that no fictitious stock
shall be issued: that no stock shall
be issued for profits not yet earned,
but only anticipated: that when stock
is issued on the basis of stock of any
corporation purchased no stock shall
be issued therefor in an amount
greater than the sum actually pail |
for such stock in cash or its equiva-
lent, provided that the property pGr-
chased or owned by the corporation
whose stock is purchased must be |
cognate in character to the property |
used or contemplated TO be used by |
the purchasing corporation in the d. |
rect conduct of its own business.