The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1914-01-30

or as a director or other officer of a
corporation In the business Of selling
railroad cars or locomotives. or rail-
road rails or structural steel, or min
ing or selling coal. or conducting a
Dank or trust company, shall act as a
director or other officer or employe of
any railroad or other public service
corporation which conducts an inter.
state business.
NO person shall at the same time
De q director or other officer or en-.
pioye In two or more federal reserve
banks. national banks, or banking as
soclations. or other banks or trust
companies which are members Of any
reserve bank; and a private banker
a person who is a director In any
state bank or trust company not oper.
ating under the provisions of the re-
cent currency law shall not be eligible
TO serve as a director in any bank or
banking association or trust company
operating under the provisions Of the
law"
violation of these sections Is made
punishable by a fine of 500 a day, or
by Imprisonment not exceeding one
year, or both.
III any two or more corporations
have common director or directors,
the fact shall be conclusive evidence
that there exists a real competition
between such corporation and such
elimination Of competition shall be
construed as a restraint of interstate
trade and be treated accordingly.
The trade commission bill provides
for commission of five members, with
the commissioner of corporations as
chairman. and transfers all the exist
Ing powers Of the bureau Of corpora
tions to the commission.
The principal and most important
duty the commission besides conduct.
ing investigations will be to aid the
courts when requested in the forma-
ton OF DEGREES of dissolution.
With this in view. the bill empow.
ers he court to refer any part of pend
Ing litigation to the commission, In
GLIDING the proposed decree, for infor.
nation and advice.
Much Criticism for Bills.
The trust bills as framed will be
the subject Of sharp criticism on the
part OF progressives of all parties who
claim they do not go far enough. It
Will be declared that the definition OF
monopoly remains inadequate that the
prohibition Of unfair trade practice
| docs nnf nnUar thfc Avi1 In ~ noAp
omic life that i%nterlocking stock con
troll is not covered and that the pow
ers of the proposed trade commission
are insufficient.
1t is interesting to note that the
proposal to place the burden of proo1
upon a combination believed to be vic
lating the law has been omitted. NJ
attempt Is made to prevent or destroy
monopoly based on patents. The great
est difficulty exerienced in the effect
i've enforcement of the law has beel
found to be In the unwillingness o
the courts to impose Jail penalty. |
remains optional under the propose'
measures whit the courts to fine o
imprison.
Trade Board May ~Disappoint.
In connection with the trade CON
mission President Wilson declared II
his message that the country de
mands such a commission only as a
indispensable instrument of informf
ton and publicity as a clearing hous
for the facts by which both the pull
lie mind and the managers of grea
business undertakings should b
guided"
The bill prescribes that the commits
sion acts are to constitute a publ
record but the body is authorize
: to make public the information st
such form and to such extent as ma
r be necessary" or by direction of tn
r attorney general"
r 1t is apparent that the public min
cannot be guided unless 1t has tn
facts, and then 1t will not get unles
the commission or the attorney gel
I eral deems 1t polite.
In other words, public hearings wi
: not be held as they are held by tn
interstate commerce commission.
Settlement Of Differences.
q The most important feature Of tt
a bill is that which legalizes the polio
of the administration Of terminatir
an unlawful condition by agreemel
between the combination attacked ar
the attorney general.
. This feature is comprehended und'
g a section which requires the commi
. sion, upon the request Of the attornt
. general or any corporation affecte
& to investigate whether a combinatie
u is violating the law. In case the col
u mission should find the violation
IL exist it must report to the attorn'
general a statement of the objectio
able acts and transactions and Il
1t establishments necessary for h
st Tending combination to conform
te the law.
re These conclusions are to be "a
,e visory to the attorney general in t.
Of minating by agreement with the CT