New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-21
rBy Telegraph to The Tribune.l


Trenton, y. J.. Jan. 20-President-
elect Wilson'S ideas on antitrust legis-
lation were enumerated in a series Of
seven bills introduced in the Senate to-
night. one of their chief features being
that the present trusts Incorporated in
New Jersey are allowed to remain un-
disturbed. so far as their present hold
ings are concerned. The further ex-
pansion of their activities, however, is
prohibited by the measure.
The bills prohibit the incorporation OF
future holding companies or trusts in
New Jersey, guilt i'm this respect being
made personal in that tho directors OF
such a corporation would be considered
guilty Of a misdemeanor, punishable by
three years in prison, or fine of $1,000.
or both. The crimes act is so amended
as 10 make any person promoting or
acquiring monopoly guilty of a mis-
demeanor.
The bills also prohibit any secret or
eral price agreements or any under
standing, which directly or indirectly
precludes free and unrestricted compe-
ttion. the penalty for violation OF
which is a misdemeanor, with the di-
rectors held personally responsible.
The measures allow one corporation
10 purchase the property of another.
with the proviso that the property shall
he purchased ar a bona fde valuation.
and that no securities shall be issued
for profits not yet earned. Violation OF
this act is also made a misdemeanor.
the directors of the purchasing COM
pany being held personally liable.
Chancellor Helped Prepare Bills.
The bills we're prepared by ex-Judgc
Bennett Van Syckle and Chancellor
Edwin r. Walker, at the request Of
Governor Wilson, and as at present in
terpretcd will have no immediate effect
on the revenue of 100000 derived
annually from corporations. although
it may later result in some Of the big
trusts desiring to expand, leaving this
state and Incorporating in others
where the laws are more liberal.
simultaneously with the introduction
of the Wilson bills, Senator Carlton .,
Pierce, a Republican, introduced the
Sherman antitrust law in the Senate
for application to the big corporations
incorporated in New Jersey.
Senator j. Warren Davis, the Demo-
cratic leader, introduced the Wilson
bills. which were explained by Cham
cellor Walker tonight as follows:
zone is an act defining trusts and
providing for criminal penalties and
for the punishment of corporations.
firms and persons violating its provi-
sions. and is intended to promote free
competition in all classes of business.
1T provides that any combination or
agreement between two or more cor
porations, firms or persons 10 create
restrictions in trade, TO limit produc-
ton or increase prices TO prevent COM
petition in manufacturing. transporting
OF selling any commodity to nix any
standard or figure whereby prices 10
the public shall in any manner be con-
trolled. TO make any agreement which
shal! directly or indirectly preclude
free and unrestricted competition
among themselves or any purchasers
or consumers, to make any secret oral
agreement or arrive at an understand
ing without express agreement where
by the same thing is accomplished--al
these shall constitute msdemeanors
and any corporation or person guilty
thereof shall on conviction be punished
accordingly.
Charters May Be Revoked.
at makes the directors of corpora
tions ordering or doing any of the pro-
hibited acts guilty as individuals, and
provides that in addition to punishment
for misdemeanor the charter OF the Of
fcnlng corporation may be revoked.
The penalty for a misdemeanor in this
state Is Imprisonment not exceeding
three wears or fine not exceeding
81 .0C0 or both. at the discretion of the
court.
Another act amends Section 10 Of
| the present corporation law by pro-
vidng that when stock is issued by a