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1 Trust: Proceedings of the Committee on Manufactures, House of Representatives of the United States, in Relation to Trusts 1888

handle is hein.trials/acok0001 and id is 1 raw text is: 50TH CONGRESS, HO 2S4 OF REPRESENTATIVES. REPORT 1st Session. .o. 3112. TRUSTS. JULY 30, 1888.-Referred to the House Calendar and ordexed to be printed. Mr. BACON, from the Committee on Manufactures, submitted the fol- lowing REPORT: [To accompany Mis. Doc.124. l The Committee of Manufactures respectfully report that, acting un- der the authority and direction of a resolution of this House passed on the 25th day of January, 1888, they have proceeded to investigate and inquire into the matters and things referred to in said resolution, and having examined witnesses and papers in relation thereto they have been unable to complete such inquiry and investigation, and respect- fully report the following resolution, with the recommendation that it do pass. Your committee further report that the names of various combina- tions and trusts have been from time to time furnished to your com- mittee; that the number of such combinations is very large; and that your committee, in calling witnesses and taking testimony, proceeded upon the following plan of investigation, i. e., to inquire- (1) With relation to trusts or combinations in lines of business which are connected with or use articles in which there exists a competition in our markets between the domestic product and the foreign product imported and dutiable under our tariff laws. (2) With relation to such combinations dealing in articles which are not imported into this country or are not subject to import duties. (3) With relation to such combinations dealing in articles which are subject to taxation under the internal-revenue laws of the United States. Your committee has particularly directed its inquiry into the methods of and the extent of the business done or cQntrolled by, the sugar trust and the Standard Oil trust, and respectfully submit herewith the tes- timony taken before it in relation to these two trusts. In submitting this testimony your committee desire to call the atten- tion of the House to the form of organization of these two trusts. Both of them are organized upon substantially the same plan. From the testimony it appears that there exists a certain number of corporations organized under the laws of the different States and subject to their control; that these corporations have issued their stock to various in- dividuals and that these individual stockholders have surrendered their stock to the trustees named in the agreement creating these trusts and accepted in lieu thereof certificates issued by the trustees named therein. The agreements provide that the various corporations whose stock is surrendered to the trustees shall preserve their identity

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