The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-10
ANTITRUST BILLS
TO Be CONSIDERED
AT CONF FERENCE
Draft Will Be Submitted
to President and Full
Committee.
THREE ESSENTIAL
POINTS COVERED
Measure to Inhibit Interlocking
Directorates. Considered Most
Important-In Every Case
Wilson's Idea of Providing
Penalties for Individ-
uals Is Followed.

washington, JanuarS 81 BeHeiai
outline of the tentative draft OF anti
trust legislation. prepared by majority
members of the House Committee on
Judiciary. foIs the action by the full
committee, subject to conference with
President Wilson, became known to-
night.
While members of the committee
talked with the President several
weeks ago, the proposed bills SO far
have no. the administration stamp,
and they viii bo discussed AT con-
ference between the President and the
committeeman after the Presidents re-
turn.
The bills. drafted after conferences
between Chairman, Clayton, Represen-
tative Carlin. OF Virginia. chairman of
tho trust subcommittee and Represen-
tatives Floyd. Arkansas; Mccoy, New
Jersey, and others cover these three
main points:
l. Interlocking dlrectoratcs
2. Trade relations and prices.
3. Injunction proceedings and dam
age suits by individuals.
In every case Presdent Wilson's
idea of providing penalties for indi-
viduals as we'll as for corporations, in
case of violations. has been followed.
1t mas been decided it will bc better
to draft several bills instead of incor-
porating all antitrust proposals in an
omnibus measure supplementary to
the Sherman act An attempt to de-
fine combinations and conspiracies in
restraint Of trade, aa far AS possible,
has been made III the bills already pre-
pared
Most Important Bill.
The bill to inhibit interlockins di-
rectorates is regarded as the most i'm
portant OF the three. 1t applies to
banks and trust companies and to ev-
cry industrial corporation engaged In
Interstate trade The tenta tive draft
of this measure provides That's
After the 23d day of December. 1914
an officer or director of n Federal re-
serve bank branch bank. national
bank or banking association, or any
State bank, banking association or trust
company admitted TO membership in
the Federal reserve bank shall not be
an officer or director OF any other bank
banking association or trust company
or Of any financial corporation, institu-
tion or association engaged In the bus
mess OF banking. Nor shall he engage
in the banking business individually
or as a member OF a firm or association
engaged in such business nor shall he
he an officer or director of any other
corporation, organization or associa-
ton, the principal part of whose au-
thoriZed or actual business is to buy,
sell or hold the stocks, bonds, securi-
ties, or evidence OF indebtedness of
corporations. organizations or associ-
ations, or to finance the sale OF such
stock, bonds, securities or evidences OF
indebtedness, or TO negotiate loans to
corporations, organizations or associ
atoms: nor of any other corporations
organization or association owning
stock of or an interest in n corporation
organization or association conducting
principally such authorized or actual
business.
reserve bank may be an officer or
director. or both an officer and di-
rector OF one member bank"
Prohibited in Currency Law.
The other two classes are prohibited
in the currency law from holding the
other offices.
This part of the measure was drafted
by Representative Mccoy and under
stood to have the approval of other
judiciary members
The measures of the industrial cor
poration feature Of the interlocking
directorate bill the committeeman say.
would be of the most sweeping char
acter, cutting out the interlocking ar
rangemcnts and enabling directorships
and control to pass to a large army of
new men instead of~keeping the in
dustrial control of various lines Of
its terms. no officer or director in any
industrial corporation engaged in the
interstate trade, would be permitted to
be an officer or director in any indus
trial interstate corporation in allied
business.
Manufacturers Of railroad cars, To-
comotives, railroad rail and structural
steel, or men engaged in mining or
selling coal would be barred from be-
coming directors or other officers or
other employees of railroads engaged in
interstate commerce. The bill would
not become effective until two years
after passage to allow adjustment OF
business arrangements.
The other measures would tako ef-
feet Immediately upon passage
Drastic Regulations.
Tho bill designed to stop agreements
for regulation Of prices has drastic
provisions 1t is designed to stop the
fixing by wholesalers of prices at
which the manufactured article shall
be sold to tho public. and to prevent
"Big Business" from entering into con-
tracts to control prices of any COM
modify.
The measure on injunctions and dam
age quits would give individuals. as
we'll as the government, the right to
start injunction proceedings for any
attempt ut injury. In civil proceed
ings begun by the Federal government
under the Sherman law, In which a
Judgment OF final or nterlocutory do
cree has been entered. holding the de-
PENDANTS guilty of conduct prohibited
by the aot, 1t would permit individuals
claiming to be injured by such con-
duct to be admitted as party to the
suit. with the same relief as IL they
had brought an independent suit.
This would give the individual the
benefit of the results OF proceeding