Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-01-28
ISL ANTITRUST / ! ACT.
FIRST OF MEASURES FAVORED
BY WILSON INTRODUCED IN
* aSTHE HOUSE.
TRADE BODY is CREATED
Interstate Commission Given the
Greatest Powers-corporations
Must Show Books Under
. Penalty.

i the series OF administration measures
designed to solve the trust problem
4 the interstate trade commission bill
was introduced in thejhouse on Thurs
day by Representative Clayton, chair
man, of the house committee on the
judiciary. t (. i.
It had been approved by President
Wilson, Attorney General McReynolds
and Joseph e. Davies, commissioner
of corporations. and probably will be-
come q law without substantial change.
Three other measures prepared by a
. judiciary cub-sommittee for submits
sion to the full committee were made
public in accordance with the prest-
dents program Of publicity. Hearings
will be held on them all. y:
The three bills to be introduced en-
brace the following subjects
Prohibition Of interlocking directo-
rates Of Industrial corporations, rail-
roads, banking or trust companies. to
be effective two years after approval.
Definition Of the terms Of the Sher-
man antitrust act specifically to In
clude within the meaning of "conspir-
acy in restraint Of trade" every con-
tract, combination In the form Of a
trust or otherwise; within the mean
ing Of the word "monoplies" certain
definite offenses, all OF which would
be prohibited, and fixing guilt on indi-
1 yiduals. 3.s V
| "A trade-relations measure designed
to prohibit "cutthroat" competition
through price determinations, dis
counts, rebates, territorial restrictions,
etc. and giving individuals injured by
reason Of anything forbidden in the
Sherman act the right to bring suits In
equity against corporations against
which DEGREES have been obtained by
the government. ssi d
The bill already introduced creates
An interstate trade commission
and gives 1t the most far-reaching pow
ers ever delegated by congress to any
administrative body, surprising even
the authority conferred at different
times on the interstate commerce COM
mission. :t. 3. IS
Common carriers which are regu-
lated by the interstate commerce com.
mission are exempted from the opera
lions of the trade commission. Every
other corporation engaged In inter-
state commerce, however, comes un-
der the jurisdiction Of the trade COM
mission, which will consist Of five COM
4missioners who will receive annual
salaries OF $4,000 each. !.
The bureau OF corporations will be
! absorbed by the trade commission.
Joseph e. Davies Of Wisconsin, pres
emit commissioner Of corporations, Will
become chairman Of the commission.
The commission will have authority
to investigate either on complaint or
on its own initiative any corporation
which is charged with or suspected OF
violating the Sherman ANTITRUST law
AT the request OF the attorney gem
eral It will also make Investigations
for the purpose Of acting in an ad-
yisory capacity in negotiations for the
voluntary dissolution OF trusts and
monopolies. s5 y n n ..az5
Authority Is conferred on the COM
mission to demand the production OF
books and documents needed for Its
inquiries under a penalty Of 1000 q
day for conviction OF failure or neg
lect to comply with the order OF the
commission. }5,g y: &ssa +:
Il The commission will also have
power to subpoena and compel attend
ance OF witnesses 1t desired to inter
rogate, and hearings may be held
anywhere in the United States, al
though the commission will maintain.
4 Headquarters in Washington.
Immunity will be granted only to
natural persons testifying under oath
In response to q subpoena OF the COM
mission. The authority OF the United
States courts may be invoked in case
OF disobedience Of the orders of the
trade commission. The membership
OF the commission is regulated SO that
one member will quit each year SO as
to provide continuity Of policy. each
member serving seven years.