Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-20
SEVEN SISTERS
TRUST BILLS
FOR j. 8.
Financiers Learn With Alarm of
New Legislative Program
Planned by Wilson.
BY B C. FORBES.


NEW YORK, oct. 2o.-President
Wilson is planning To have the ia
nous Seven Sisters" antitrust bills
Of New Jersey adopted by the Federal
Government fn9nciers have learned
with alarm
knowledge Of this sensational step.
! ascertsined from inside financial
sources last evening, has been re
sponsib'o for much Of the nervous
ness displayed during recent weeks
by philippines of stocks nave
crumblel cruelty.
The question was once asked Mr.
Wilson when he was Governor of
New Jersey, whether he favored such
Iegisiatio for the whole country. but
he merely laughed and said. This is
the SORT Of law / would like to see
in force in the State of New Jersey"
Since then his attitude toward
corporations has undergone no modi-
tication. 10 say the least
The announcement, made here
exclusively. that Congress is TO be
asksd o adopt the seven Sisters
vii produce alarm among fuanciers
and corporations throughout the
whole country.
Disgusting Attitude.
one If the best known men in
America, who is intimately associated
both with finance and Washington.
said TO me last evening:
president Wilson's attitude toward
the business interests of the country
is most oisquietins.
He is determined TO force through
his pet Seven Sisters Legislation p
fact of grave moment
Then legislation based on the Pujo
report is also to he taken up by the
administration.
The Department of Justice mas a
long list Of corporations on its black
list
several measures calculated to
keep business on teuterhooks IS an
ticipated
1t looks as if Ne We're To have
three years of turmoil
The seven Sisters" bills
l. Hold directors and corporation
officers individually respcnsibl for
all infractions of law.
2. Forbid absolutely the formation
Of new holding companies.
3. Prohibit the issuance of wa
tered" stock; stipulate that no stock
shall be issued for profit not yet
earned, and, shat ssi1sr4 ssoeSs IS is
sued based on the acquisition -of an
other corporation such stock shall not
De issued in amount greater than the
sum actually paid in cash or it's
equivalent.
4. DrastieaIly forbid agreements tc
fix prices.
5. Make iIega the selling of goods
at different prices in different parts
of the country to injure competitors.
6. Condemn all restraining OF trade.
STILL MORE DRASTIC IDEAS.
7. Forbid the purchase Of stock of
one company by another, unless the
former company is engaged in the
same line of business.
8. Require all deals and mergers
to be sanctioned by the governmental
authorities.
g. Aim at esterminating monopo-
lies.
10. Provide jail sentences for Of
Tenders.
II. Clothe the authorities with
power to forfeit the charter Of any
offending corporation.
Y. Give stockholders the right ts
re- open deals" lorg after the trans
actions have been carried through,
Passage of the bills caused mum
bere of New jersey corporations to
take out charters in other States,
killed New Jerseys popularity as Il
home for trusts. broke up ihe retail
coal dealers ring and in other
ways Transformed the status quo
The Seven Sisters" bills were not
retroactive. and therefore did NOS in
terfere with existing holding con
Germs