The Barre daily times. (Barre, Vt.) 1897-1959, 1914-05-01
NEW TRUST
| BILL READY
Drastic Measure Is Finished
by the Senate Com
mittee
TRADE COMMISSION
is PROVIDED
Corporations Bureau Re-
ports on Lumber and
Advancing Prices

Washington, May 1.-The final draft
OF a drastic bill for the regulation OF
interstate corporations has been ap-
proved by subcommittee of the Senate
interstate commerce committee. 1t will
be laid before the full committee to-day
and may be reported to the Senate next
week. This new measure for antitrust
Legislation programme would provide for
the creation of an interstate trade com
mission of five members with powers
similar to the interstate commerce COM
mission; it would prohibit interlocking
directorates and holding companies; give
the trade commission supervision over
capitalization, and make unlawful the
purchase or sale of commodities by a
common carrier to or from any other
corporation, the directors of which are
the directors of carrier The question
of whether the Sherman antitrust act
shall be enforced against labor and farm
ers' organizations is not dealt with in
the bill. The members of the commit
tee say the bill is radically different
from that being framed in the House.
| According to members of the subcom
mittee the bill proposes in the trade
commission an engine which is designed
to be most powerful in government af-
fairs. 1t would have many of the at.
| tributes of court, without the right
to punish but with wide power of in
yestigation, examination and recommen-
dation. Prosecutions for violations of
the terms of the bill would be instituted
by the department of justice in the prop
er courts. A new feature of the bill
is the prohibition of relationship through
common directors of carriers and COM
panies doing business with them. This
has been extended so as to prevent banks
acting as fiscal agents for carriers when
they have an identity of directors. 1t
is said to be aimed to prevent a re-
eurrence of the problems presented by
the recent railroad investigation. The
committees draft proposes a stringent
guard over capitalization and would pro-
vide that stock issues shall be based on
actual property values, the commission
to have the power to determine the val
ues. The commission. however, would
not supervise bond issues. Authority
also would be given the new body to
determine when two corporations in I'M
terstate business are in competition.
This, senator's say may lead TO future
avoidance OF many suits under the Sher-
man law.
Lumbermen Combine to Raise Prices.
Lumber manufacturers associations
through combination and agreement have
increased the price of lumber and en-
deavored through lobbying to influence
legislation, according to a partial re-
port on the lumber industry made pub
lie by the commissioner of corporations.
The report opposes any effort to exempt
lumber associations from the operations
of the Sherman antitrust law. This re-
port is part four of the findings in
complete investigation of the lumber in
dustry and deals only with combinations
TO restrict trade or raise lumber prices,
after reciting that price combinations
among lumber manufacturers have
usually been affected through associa-
ton" and declaring that in virtually
every region of lumber production, as
sociations exist, it sums up the findings
as follows:
While some of the avowed purposes of |
the associations are to bring about and
foster practices that are beneficial both |
to producer and consumer, the chief pur-
pose, apparently, has been to increase |
profits by advancing prices.
The wholesale prices of lumber have |
been higher because of the associated |
activities of lumbermen.
The National Lumber Manufacturers
association has been active in its effort |
to shape legislation. In 1909 it main
tanned an aggressive lobby in Washing /
ton to defeat reduction of the tariff
on lumber.