The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-06

ANi Oi-AAtA OAN1Se AAst Nh Il
tidavlt that immediate and irreparabie
injury VIII result TO property or n
notice could be served or hearing, had
thereon, The bill provides that every
Injunction or restraining order must
the so:cailcd "blani;et Injunction" Is
In labor disputes inlunctions would
property or property right" for,
VIII which ir, 51 there is no 9deauate rem
functions against striking. peaceful
piclcting, primary boycotts, the pay
m Hl., OF strike dement's; or the peace
tains provision lcgalizinis such acts.
PROVISION AGAINST
HOLDING COMPANIES
The holding companies provision OF
the act would prevent ono company
from acquiring any stock In another
corporation where tho effect OF such
acquisition is to eliminate or Substan-
TALLY lessen competition between the
corporal tons. or TO create Il monopoly"
The provision eNeppts. however, cor
porations purchasing stock solely for
investment. and not attempting to less
en- competition.
The interlocking directoratcs pro-
hibition in tho bill is an effort to reach
all corporations. railroads and banks
over which tho Federal government
mas jurisdiction. 1t prohibits q direc-
tor in Il concern dealing in supplies
Tor common carriers, from being u d.
hlbits q director i'll a bank from being
director III common carrier for
Which INC bank acts as an agent or
underwriters: directors ia private or
state banks. having deposits. capital,
surplus aud undivided profits OF more
than S2,oV0,000. are ineligible as dircc-
tosr III banks in tho national System;
and make Ineligible as national bank
Girect1rs the directors OF private aud
State banks In the same city or town
me PROVISION becomes effective TWO
years after the passage of the law. ana
cNcnpts tho directors OF mutual saw
The bill revises tho proceedings In
contempt OF court cases. In contempts
other than those committed in the
TO as to obstruct the administration OF
Justice" the bill provides tho ma
n,hin,ery for a trial by jury as in Grim
the procedure is left unchanged
COMMITTEE SUBSTITUTE
FOR TIIE ItAYRURN bill.
Close regulation and control OF tho
Interstate Commerce Commission is
proposed by a substitute for the Ray
burn bill prepared by the House Inter-
tee. and considered by the House rs the
last mcasur" of the administration
antitrust program. The committee di-
vidcd the Rayburn measure into two
sections. in order that one might stand
If the constitutionality of the other
tailed In the courts. Tho bill makes it
Issue stocks. bonds. notes, or evidences
OF indebtedness without the approval
of the commission.
The bill broadens the movers OF the
commission TO require Information from
railroads and other common carriers
and prescribes an elaborate system of
reports. The commission would be aH
thorized by the bill to require pcriodi-
cal , or special REPORTS on the financial
condition or railroads. balanced state
ments of receipts and expenditures ia
relation to capital accounts and all
other financial transactions.
Beforc issuing stocks bonds, the
bill would require railroads TO file with
the commission - certificate of notit.-
cation. showing in detail the character
which they arc to bc issued. and tho
disposition to he made OF them. Such
certificates the bill makes public record
and open to inspection. The bill would
give the commission wide authority for
the examination OF the books OF rail
roads. and would provide penalties for
tho concealing OF Information from the
commission.
AUTHORITY TO SUPERVISE
ISSUES or SECURITIES
Giving tho commission authority to
supervise Issues of securities, the bill
said:
at shall be unlawful for any com
mon carrier, subject to tho act 10 rcgu-
late co,nmercc, to issue any capital
stock or certificate OF stock or any
or to assume any obligation AS lessor,
Suarantor or surety for the securities
or any person, NATURAL or ARTIFICIAL even
though permitted by the authority
creating the carrier corporation. except
for some purpose within it's corporate
powers necessary TO the proper per-
Torrance OF it's service for the public
and not tending to impair the financial
ability OF the carrier to discharge It's
duty TO the public.
ut shall likewise no unlawful to
Issue any such stocks or bonds for the
purposes hcreinbeforo mentioned or
for any other purpose. unless and until
upon application and after inVcStiga-
tion In the premises by the Interstate
Commerce Commission OF the purposcs
and use Of tho issue and the proceeds
thereof such Issue Is approved by said
commission rs necessary and appro-
pirate for the purpose stated; provided
that nothing herein shall be construed
10 imply any guaranty or obligation as
70 such Issues on the part OF the United
States"
The bin cxernpts from this provision
notes maturing not more than two
years after their issue, when they do
not aggregate more than per cent Of
the outstanding obligations OF the Is
suing roads.
The measure provides that the com
mission. In invcstigating proposed
stock Issues. shall hear the authorities
Of Tho states through which the rail
road desiring to issue securities passes.
The bill carries prohibition. cficc-
tive two years after The bin bccom ca
law. against one director acting on
more than ono railroad under tho jul
risdlction OF the commission. without
tho commissions approval. IL also
would make II unlawful for any d!rcc-
tor or officer OF n railroad TO profit bv
tho sale or disposition of stocks or
bonds.
Negro IN Slain.
Charlotte. y. G. June 5.--Dcputi.cd