Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-03-18
PRESIDENT WILL
DEMAND TRUST
LEGISLATION
Draft of Bill Amending Sher-
man Antitrust Law Now
Ready After Many Confer
enceS on Subject.

WASHINGTON, d. c., March H.
President Roosevelt win make an
earnest effort to obtain radical amend
ment of the Sherman antitrust law
Conferences have been held at the
white house with representative men,
including the principal law officers OF
the government. They have agreed
on the draft of a bill to be submitted
to congress and the president ex-
poets to send in special message on
this subject.
The final conference was held at
the white house last night and the
work of drafting the bill was practi-
cally concluded today. The president
is impressed with the futility of hay-
ing important statutes on the books
which cannot be enforced He Will
insist that before adjournment CON
gress amend the present law TO per
NIT the existence of combinations
provided they submit TO rigid govern
ment supervision.
The proposed law will permit pool
ing by RAILROADS and it will exempt
labor unions from prosecution as mo-
nopolies. The sherman law, if the
presidents ideas are followed out,
will be relaxed in certain directions
and strengthened in others.
Views of Many Minds.
The plan represents the views of
financiers, corporation managers, rail
readers, civic federationists, and Ia
Dor leaders. The bill as it will be
submitted to congress, probably by
Mr.. Hepburn, chairman of the com
mittee on interstate commerce, VIII
be backed UP in advance by the pre-
idential message, which will make the
passage of this one law, at least, a
decisive issue between congress and
the executive.
In the conferences held at the white
house ending with the one last night,
President Roosevelt has had the ac-
tfve advice of Secretary Root, who
has given a great deal of attention tc
corporation law; Secretary Garfield,
formerly at the head of the bureau OF
corporations; Attorney General Bon
aparte Herbert Knox Smith. commits
sioner of corporations; former May
or Seth Low of New York; FrancIs
Lynde Stetson of New York, general
counsel for ]. P. Morgan and com
pany; Victor Morawetz, general solic-
itor of the Atchison, Topeka and San
ia Fe railroad; Samuel Gompers,
president of the American Federation
of Labor; Ebert H. Gary, executive
officer of the steel trust; George w.
Perkins of ]. P. Morgan and company
and representatives of minor labor
bodies.
At the opening of the conferences
it seemed Impossible TO reconcile the
conflicting interests.
Ready for Hepburn's Hands.
There was manifest constitutional
objections to the federal regulation
of business of corporations in the
work of manufacturing The labor
representatives were afraid or any
further restriction upon the right OF
organization or the interference of
the federal authorities to settle local
disputes The railroad corporations
wanted the right to form traffic asso-
/, Citations and money pools, either TOR
the maintenance of rates by agree
ment or for the actual division of in
| come All of the big corporations
insisted that the present law was in
discriminate in its effect, because II
permitted the prosecution of combina-
lions which might be in restraint of
trade, but at the same time entirely
| legitimate.
Out of the conferences, however
! there has grown substantial agree
ment, and the work of preparing q
bill on which all interests could stand
has progressed to such point that
| it is almost ready to be put into the
| hands of Colonel Hepburn.
The result of the conferences is a
decided victory for President ROOSe
| welt. The bill will be closely along
| the lines OF the messages he has sent
to congress. The special message, II
| one is sent in, will be but a repetf
ton of views expressed.
Penalty on Harmful Combine.
The government side, which will be
presented by the president, is thai
4 the antitrust law should in no case
be repealed, but that it should be al
tered so as to put a penalty only or
| the kind Of combination which does
actual harm to public and private IN
terests
AS a consideration for the refaxa
ton of the present law, which, it Ii
admitted, prohibits the existence o.
/ corporations which on the whole art
/ benefits, the government will insist
/ that it be given supervisory power ov
er all the big concerns engaged in in
i terstate commerce business. The idet
is to amend the Sherman law in sucf
a way that the general prohibition o.
! all combinations should have attached
to 1t a proviso legalizing combinations
of those whose operations are subject
ed to the supervision and regulation
of the federal authorities.
When amended the Sherman Law
would permit the railroads 10 com
bine among themselves to maintain
rates and possibly for the division o
income, but this permission will b.
accompanied by provisions for thu
compulsory publication of accounts
the subsection of books and papers t.
the inspection of government official:
and the prohibition against the pur
chase of stock in one corporation by
another without the permission of tbs
government officers. The interstate
commerce commission has repeatedly
declared ofhcially that it is practi
cally impossible TO operate the large
railroad systems without some con
certed action on the part OF different
lines interested.