The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-21
Seven Antitrust Bills
Launched in New Jer-
sey Legislature.
DESIGNED TO PUT
END TO MONOPOLY
Based on Principles Which Gov
ernor Emphasized During
Campaign, but He Asserts
That They Have Been
Drawn With Eye Direct
on Needs of State.

Trenton. y. j.. January @.-Pres-
ident- r. Iect Wilson to-day reached what
he considers the climax in his program
Of reform as Governor of New jersey
Seven bills making for the most extern
siye revision OF the corporation laws IN
the history Of the State were introduced
tonight in the STATE LEGISLATURE
These acts are designed 70 put an
end to trusts and monopoiies under the
laws Of New Jersey" declared Governor
Wilson iu prepared statement des-
cribing the measures. and | conn
IDENTIFY predict that they will accomplish
that much desired result.
Though the principle OF the piils
which seek to prevent monopoly.
undertaking in local markets. mergers.
the existenc. of holding companies, and
the issuance of watered stock. is one
which the Governor emphasized re-
peatedly during the national campaign,
he declared tonight that the proposed
legislation had been drawn with the
conditions in the state OF Ne" jersey
alone in mind
Ideas as to New Jersey.
These bills en- body my ideas OF the
wav New Jersey should deal with the
question" he said National legis
Iation might have 10 be different
the Governor has been working on the
problem of corporation reform Chan
celfor Edward J. Walker and Judge
Bennett Van Ryckel assisted him ana
tonight the bills were launched In the
Senate AS the acts are administra-
ton measures and the Democrats nave
a com forta bic majority in both Houses,
Democratic leaders were practically
unanimous in predicting that they
would be enacted with little opposition.
The feature of the bills that attracted
most attention was the provision max
ng violations of the proposed laws
rnisderneanor. punishable by imprison-
nent as well as fines. The bills go INTO
extensive detail in defining trusts, mon
opolies and mergers IL was pointed
out in the statement issued from the
Governors Office. however, that while
mergers and consultations are pro-
htbited in general, the proposed laws
DO not intend to prevent legitimate
expansion of business concerns by the
purchase of property ''cosnate in char
acter."
provision for this is made in the
second of the series of bills, which
says:
when stock is issued on the basis
of the stock of any one corporation
no stock shall be issued therefor IN
anv amount greater than the sum
its equivalent provided that the pro-
perty purchased or owned by the cor
poration whose stock is purchased must
be cognate in character and use to she
property used or contemplated TO be
used. by the purchasing corporation
in the direct conduct OF its own proper
business"
Prevents Watered Stock.
This still permits. II is stated,
corDoration to extend its business
bv the purchase of the property in
Guiding the stock of another coTpor-
alton if It's business be the same. but
prevents the issuing of watered stock
in the transaction
While the bills il is claimed. take
away none of the rights of existing
corporations. they do restrict these
companies from extending their hold
ings and make them subject to the
provisions forbidding under selling. dis
ordinations and other monopolistic
nractices Present companies VIII be
affected so far as stock assurances and
mergers are concerned
Among the larger combinations chart
cred under New Jersey laws are the
limited States Steel Corporation, the
Standard Oil Company the American
Tobacco Company, the American Sugar
Refining Company. the international
Harvester Company. the Amalgamated
Copper Company. the United States
Tea Company and the Rock Island
Railroad Company
The Governor spent the day at the
Statehouse and did not leave until
10 O'Clock tonight Rabbi stephen
Wise. of New York. lunched with
Mr. Wilson. The Governor said
Rabbi Wise had mentioned the Russian
passport question TO him. but he did
not disclose details Of the converse
ton.
Senators Newland. of Nevada. and
Chamberlain of oregon. told the
Governor that besides themselves they
represented other Western Senators
in urging for Secretary Of the Interior
Governor Norris. of Montana. Cover
nor Hawley. of Idaho: Jos X Teal.
OF oregon. or Democratic Chairman
Mailman. of Nevada Representatives
Hardwick and Bartlett. Of Georgia.
presented the names OF several Geor-
gians for the Cabinet