New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-12
CLAYTON BILL UP
TO SENATE MONDAY
Commerce Commission
May Supervise Stock
Issues of Carriers.
From Tho Tribune Bureau. ]

Washington, July 1.-THE Demo-
cratic members of the Senate Judiciary
Committee, who have been working on
the Clayton bill, experimenting the
antitrust laws, completed the bill
tonight. II will be laid before the full
committee on Monday and reported TO
the Senate Monday or Tuesday. The
committeeman voted before adjourning
not TO make public their amendments
to the bill until after they had been
submitted to the full committee on
Monday and approved.
While the Interstate Commerce Com
mittee of the Senate, which put in an
entire day working on the Rayburn
stock and bond issue bill, failed to
complete its labors tonight, and
probably will not be ready to report
to the Senate before Tuesday, il made
an important amendment 10 the meas
ure. The Rayburn bill, as it passed
the House, provided that the Interstate
Commerce Commission should pass
upon all issues of securities by any
common carrier engaged in interstate
commerce, and should also pass upon
the purposes and uses TO which the
issue of these securities and the money
derived therefrom was to be put.
The Senate committee has de-
termined that the Interstate Commerce
Commission shall supervise the issue
of securities, but that the common
carriers shall decide upon the advis-
ability of the extensions or other i'm
provements for which they seek TO
raise money through the issue Of Sc
curities.
Leading railroad officials of the
country appeared before the commit
tee during it's hearings on the Ray
burn bill and insisted that if the pro-
visions of the House bill were allowed
10 stand. the Interstate Commerce
Commission would be the virtual man
ager and would usurp the Office OF
president and general manager OF
every railroad in the country. They
protested vigorously against granting
the Commission such wide discretion.
airy powers, declaring that a railroad
would not be able TO build a double
track or acquire new rolling stock
without first getting permission TO do
so from the commission.
Although the Judiciary Committee
Democrats voted not to make public
| the amendments they had made in the
| Clayton bill, il was learned that they
had stricken out of the bill Section 3,
which would make it unlawful for the
| owner, operator or transporter Of the
products Of any mine, oil or gas we'll,
reduction works, refinery or power
I plant arbitrarily to refuse TO sell his
products 10 any bona fide applicant for
purchase. Members Of the committee
/ insisted that this section was too far
reaching and that its constitutionality
was in doubt.
Section 2 of the bill the committee
decided to retain with certain modihca-
/ tions. This section is designed TO pro-
I kibit determinations in the matter of
prices charged different purchasers. 1t
is understood that the provisos in this
section permitting discrimination in
price between purchasers on account
Of differences in grade, quality or
quantity sold, and permitting the selec-
tion of customers, were stricken out
and the language remodelled.
In the case Of Section 4, which pro-
hibits any person from selling goods
on condition that the purchaser shall
not use or deal in the goods Of com
petitor Of the seller, the committee in
serted the words patented or unpat-
ented after goods and commodities.
The provisions Of the Clayton bill
regarding labor organizations and
farmers organizations gave the com
mittee more trouble than all the rest
Of the bill. 1t wished to retain the
I principles laid down in the House
measure, but found it necessary mate
rally 20 amend the language. The
committee definitely decided TO strike
out that provision in Section IL Of the
bill which might legalize "picketing"
/ by labor unions during strike.
The committee instructed Senator
Reed. o. Missouri, to rewrite Section II
OF the bill. which relates TO the per
Sonal guilt" OF officers and directors of
corporations violating the antitrust
laws.