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Show TiJE HOAR ANTI-TRUST BILL If an anti-tnist bill is passed during the present session of Congress, which is doubtful, it will probably prob-ably be the administration measure which was in-1 troduced by Senator Hoar. The central feature of the proposed legislation is that it wipes out trusts that stifle rivals. This bill represents the best ideas presented by legislation already in some of the States. It adds to and strengthens the Sherman anti-trust act without in any way modifying or amending' that law. Senator Uoar has for many yeara'made a careful study of the Constitution, and especially in so far as it gives Congress authority to regulate interstate and foreign commerce. At me time he thought an amendment to the Constitution' was necessary before there could be effective legislation. legis-lation. He is now convinced that an amendment is not required, but that Congress has full power to enact laws regulating interstate and international traQc. ' Senator Hoar in his able speech in the Senate Sen-ate on Tuesday fully explained how he proposes. to regulate the trusts by means of his bill, corporations corpora-tions must file sworn statements annually, beginning begin-ning September 15, 1904, showing, among other things: Amount of capital stock. -. How much of same has been paid in full. Amount paid in "dividends. "divi-dends. . Statement of all stock owned by it or any other corporation, and amount of its stock held by other companies. Officers must., pledge themselves to obey laws. Trusts must give to Attorney-General at any time any statement he may think fit in regard to the conduct of its business. Penalties of $3000 and imprisonment of one year provided for persons guilty of conspiracy to drive competitors out of trade This includes selling product at less than fair market value. All books of record must be-open at all times to Federal Government. For second' violation of act corporation shall forfeit right to engage in commerce with foreign nations or among States. Authorizes an appropriation of t500,000 to prosecute offenses under the measure. Senator Hoar's bill is a stronger measure than the legislation proposed by Senator Cullom or Representatives Rep-resentatives Merrill and Smith. It is the work of an able lawyer, and has been revised under the direction di-rection of the national administration by some of the best constitutional lawyers in the East. It is iron-clad enough to curb the trust ifjtfere enforced- And if we are to have anti-trust legislation . this winter, the Hoar bill "will probably bring us the desired relief. . |