The Sentinel=record., 1913-01-21
SEVEN BILLS INTRODUCED FOR EXTENSIVE REVISION OF
 CORPORATION JAWS.
TRUSTS AND MONOPLOIES HIT
Bills Go Into Extensive Detail in De- fining Trusts, MonopoIes and Mergers and Have Jail Sen
 tences for Penalties.

Trenton, N ] Jan 20. President Elect Wilson today reached what he considers the climax in his program of reform, as governor of New Jer- sey. Seven bills making for the most extensive revision oI the corporation laws in the history of the state were introduced tonigat in the state legls- latufe.
 These acts are designed to put an end to trusts and monopolies under the laws of New Jersey declared Gov. Wilson in prepared statemenL describing the measures" and 1 con. fiaently predict that they will ac- complish that much desired result
 1nough the principles Of the DIlls wlich seek to prevent monopoly under selling in local markets, mer. gers, the existence of holding com panles, and the issuance of watered stock, is one which the governor em- phasized repeatedly during the la- tlonal campaign. He declared to- night that the proposed legislation mad been drawa with the conditions a New Jersey alone in mind.
 
 the way New Jersey should deal with the question" he said Nation leg. islation might have to be different.
 Ever since the close of the cam paign the governor has been working lon the problem of corporation re- form Chancellor Edward I. Walker and Judge Bennett Van Syckel as sisted him, and tonight the bills were launched in the senate. As the aers are administration measures and t1e Democrats have comfortable ma 1ority in both houses. Democratic leaders were practically unanimous in predicting that they would be en acted with little opposition
 The feature of the bills that at. trscted most attention was the pro. vision making violations of the nro. lDnsed law a misdemeanor prrish- able by Imprisonment as we'll as fines The bills go into extensive de. tail in defining trusts. monopolies and mergers. It was pointed out in the statement issued from the governors office. however, that while mergers sad consultations are prohibited in general, the proposed laws don't in- tend to prevent legitimate expansion of business concern by the pur. chase of property "cognate in char ncter.'
 Provision for this is made in the second of the series of bills
 "When stock is issued on the basis of the stock of any other cogpora- ton, no stock shall be issued there. for in an amount greater than the sum actually paid for such stock '- cash or it's equivalent. provided that the property purchased or owned by the corporation whose stock is pur- chased. must be cognate in charac- ter and use to the property used or contemplated to be used, by the purchasing corporation in the direct conduct of it's own proper business
 This still permits. it is stated, a cer- 0oration to extend It's business by the purchase of the property, includ- lng the stock of another corporation If it's business be the same. bns pie- vents the issuing of waresed tnck in the transaction. it has nothing to do with holding companies. wlich arc otherwise treated. it is contcrdcd.
 While the bills, if 's claimed, take away none of the rights of existing corporations and other monopolistlc practices. Present companies Will be affected so far as future stock is- suances and mergers are concerned.
 Among the larger combinations chartered under New Je-sny laws are the United States Steel corpora. ton. the Standard Oil company. the American Tobacco company, the Ann erican Sugar Refining company, the international Harcestey company. the Amalgamated Cooper company, the United States Leather company and the Rock Islard railroad com conipany
 The governor spent the day ss ije state house and did not leave until 10 o'clock tonight Rabbi Stephen Wise of New York, lunched with Mir Wilson. The governor said Rabbi Wise had mentioned the Russian passport question to him. hut he did not disclose details of tae conversa- ton.
 Senators Newlands of Nevada anG Chamberlain of oregon toid the gov. erfior that besides themselves they represented other wasrern senator's in urging for secretary of tho inter- for. Governor Norris, of Montana. Governor Hawley, of Idaho, Josepa R. Teall, of Oregon, or Democratic Chairman Pallman. of Nevaia. Rep resentative Hardwiclx and Bartfutt of Georgia presented the names of several Georgians for the cabines.