Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-18
! SISTERS
TRUST BILLS
FOR j. 8.
Financiers Learn With Alarm of
New Legislative Program
Planned by Wilson.
By B q. FORBES.

NEW YORK, Oct. 1S.-President
Wilson is pls aiming to have the ia
nous Seven Sisters" anti-trus bills
Of New Jersey adopted by the Federal
Government hnanciers have learned
with alarm.
knowledge OF this sensational step,
I ascertained from inside financial
sources last evening, has been re-
sponsible for much of the nervous
ness displayed during recent weeks
by capital-pricss of stocks have
crumbled cruelty
The question was once asked Mr.
Wilson, when he was Governor of
New Jersey, whether he favored such
legislation 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-
fication, TO say the least.
The announcement made here
exclusively that Congress is to be
asked te-aGopt-- the Seven Sisters
will produce alarm among fnAnciers
and corporations throughout the
whole country.
Disgusting Attitude.
One Of 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 disquieting.
He is determined to force through
his pet Seven Sisters legislation-a
fact of grave moment
Then legislation based on the Pujo
report is also to be taken up by the
administration.
The Department Of Justice has
long list of corporations on it's black
list.
Several measures calculated to
keep business on tenterhooks is an
ticipated.
1T looks as if we were to have
three years Of turmoil"
The Seven Sisters" bills
I. Hold directors and corporation
officers individually responsible for
all infraetions 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 that when stock is is
sued based on the acquisition Of an
other corporation such stock shall not
be issued in amount greater than tho
sum actually paid in cash or its
equivalent.
4. DrasticaIIy forbid agreements to
fix prices.
8. Mako illegal 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.
l. FOTDlo IIlo pN' Sfia~o W ShOSH "
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.
Q. Aim at extsrminatins nonepo-
lies.
10. Provide jail sentences for Of
tenders.
II. Clothe the authorities with
power to forfeit the charter of any
offending corporation.
II. Give stockholders the right ts
reopen deals" long after the trans.
actions have been carried through.
Passage Of the bills caused num-
bers Of New Jersey corporations to
take out charters in other States;
killed New Jerseys popularity as a
home for trusts; broke up the retail
coal dealers ring" and in othef
ways transformed the status quo.
The Seven Sisters" bills we're not
retroactive, and therefore did not in
terfere with existing holding con-
Germs.