The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-21
Bills introduced Into New
Jersey Legislature Said
to Contain Them
CONCRETE REPLY TO
CAMPAIGN CHARGES
Under Democratic Direction
Measures Are Expected
to Become State
Laws Speed ly

TRENTON y. J.. Jan. 20.--~Whas
is generally considered To 9 a har-
b4nger of what President-elect Wilson
has In mind In the way of national
IL glslation to curb the trusts, was In
cotpOTated in ii series of several bills
introduced into the upper house OF
the legislature here this evening by
Senator J. Warren Davis. of Salon
county, Democratic leader.
These measures were drafted, at
direction of tine governor, by Cham
celIor Edwin Robert Walker, and for
mer Supreme Court Justice Bennett
Van oyckel. ana their purpose in
to rid thus State OF its so-called
Stigma, Mother of Trusts"
he bills were completed about q
week ago when they were turned over
10 Governor Wilson and ne kept them
in his possession until shortly before
the session was called to order this
evening, Then AIR. Davis went to the
eAeGuIlXe- Q1l1CeS-a nd-g0tt heIn--A-------
The first measure in the series Is
crt4tled An act to define trusts, and
TO provide for criminal penalties and
par shment OF corpora lions, firms and
persons, and to promote free COM
petilion in commerce and all classes
II business"
Fine and Imprisonment.
Violations CT tins law are the creA-
tom OF restrictions In trade, ac-
luHc ment OF monopoly. and the nix
ing OF prices. Suca violation is to
DO misuemeancr, and the penalty il
three years imprisonment, or a fine
Of $1,000, or both
The second bill is a supplement-
10 Inc act for the punishment of
CT .me, and specifies that d corpora
, Ion, firm, CT Individual, shall not
alaerim- nae in one community "a
ii ainst another. that is, that it shall
not sell q commodity in one section
n New Jersey for lower price
The reNt measure IL q supplement
! TO the corporation act. and provides
that when stock is issued b- a cor
pcration in payment for property pur-
chased. the purchasing corporation
must declare, in properly oroerea
bonds, what the same Is reasonably
worth in money at a fair, bona fids
valuation.
In Restraint of Trade.
The fourth bill amends the crimes
! act by making il misdemeanor for
{ any person To organizes any cor cora.
/ ton under the laws of the state with
/ intent to create restraint OF traus-
/ The fifth act amends section 81
| Of the corporation law. under which
| been organized, The amendment pro-
| yides that no corporation organtxa-
/ ton under the laws of this State
| shall hereafter purchase, hold, sell or
/ assign the shares OF the corporAt0
| stock or Of any bonds, securities. or
| evidence of Indebtedness created by
| any other corporations.
| The sixth act amends the corpora
!. ton Law in reference~to the msEgex-.
/ or consolidation OF corporations, and
| eliminates from the present law the
| right OF merger corporations to ac-
| qulre and hold the stock OF other
! corporations.
Regarding Mergers.
| Another act provides that before
| the merger Of any corporations, WRIT
| ten consent Of the State board OF
public utilities commissioners must b
obtained and filed with the secretary
| of state.
Accompanying the bills was state
! ment from Chancellor Walker. exc
| planning the measures. It was pre-
pared at direction of the Cove. nor
| who expresses his confidence that tho
/ proposed measures will put an end
TO trusts and monopolies under the
| laws of New Jersey. 1t can also b
| said that while the president-elcct
| comedies that national legislation
| may have to be different, these seven
bills in, general are the character.
7 Of legislation that he believes. stritxpiA
for the country.
| The bills are a concrete reply to
| the criticisms directed against Cover
| nor Wilson in the recent campaign
| by Colonel Roosevelt. and others who
held that he had never taken n ,dn=-
| finite step in the direction OF freeing
| New Jersey of the name Mother ~
Trusts In other years Governoe
| Wilson has had an unfriendly legisiA-
| ture, this year ii is Democratic IN
both braches, and it is certain that
| the corporation bills will be speedily
| enacted into law,
Are Not Retroactive.
The bills are not retroactive. and Win
not affect the general scheme Of 70
!; organization of existing corporations
in New Jersey, but they are designed
to limit the activities OF these coFsl
porations, II Is said by those &C.
ouainted with the~ facts that the Ina
mense yearly incomes which the Stat
has derived from corporations win
not be curtailed. But the income VIII
be at a standstill. IT probably VIII
not increase for the reason that ~
| additional enterprises will Incorporates
/ in New Jersey under the restrictions
of the new laws.
Some large corporations organizes
under the law. of New Jersey. an1I
whose activities win be curtailed hyE
the new laws. are given below. tn45
gather with the amounts for which
they are capitalized.
New Jersey Corporations
AmalEamated Copper. $1S3.3e4ss|
900; American Can Company, 1G1&l
ass,s40: American Car and FouM&&ys
Company. $50. 600. 000. Kmerie&
I cigar company. s1s.ss7.s00; AneSf60lY
Cotton OIL company. $30.0G3,4N~&$
!, American Hide and Leather coEup4S
$4,000. 600: American Ice couspan
| sa2.246, 3O0; American Light n1
Traction company, &29.334s&4N%&
American Sheet ana Tin Plate
many. SIS, 0Oa. aos AxnArieA4