New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-06
HOUSE PASSES ALL
ANTITRUST BILLS
Continued from page 1

iect TO the Interstate Commerce Commits
sion, shall submit annual reports, rec
ords OF lts organization, bondholders and
stockholders and financial condition TO
the commission.
The commission may also designate cor
porations having a capitalization of less
than $4,000 from which IT desires re-
ports. II may call for special reports In
addition to the regular annual statements
required by the bill. and would provide
penalty of SEQ a day for delay in filing
reports
Upon the direction Of tho President, the
Attorney General or either house OF Con-
gress, the commission would be author
lied TO investigate and report the facts
relating TO any alleged violations II the
antitrust laws. The commission would
also recommend possible readJustments of
the business of corporations so investigat-
ed in order that they might conduct their
business in accordance with the law.
Close regulation and control Of the
stocks and bonds OF railroads by the In
terstate Commerce Commission is pro-
posed by substitute for the Rayburn
bill prepared by the House Interstate and
Foreign Commerce Committee and con-
sidered by the House as the last meas
ure Of the administration antitrust pro-
grammc.
Before issuing stocks or bonds, the
bill would require railroads to file with
the commission a certificate Of notihca-
ton, showing in detail the character OF
II. ma which
they are to be issued. and the disposi-
ton to be made of them. Such certif-
Gates the bill makes public records and
open to inspection. The bill would give
the commission wide authority for the
examination Of the books Of railroads
and would provide penalties for conceal
ing information.
Giving the commission authority to
supervise issues OF securities the bill
says:
ut shall be unlawful for any common
carrier to issue any capital stock or GER
tificate of stock or any bond or other
evidence of indebtedness or to assume
any obligation for the securities of any
person, natural or artificial, even though
permitted by the authority creating the
carrier corporation, except for some pur-
pose within its corporate powers neces-
sary to the proper performance Of Its
service for the public.
ut shall likewise be unlawful to issue
any such stocks or bonds unless after
investigation by the Interstate Commerce
Commission, such issue is approved by
said commission as necessary and ap-
~. ata
The Clayton bill contains prohibitions
against price discrimination, or arbitrary
refusal to sell natural mineral products,
and against the enforcement OF condi-
tonal leases. or contracts OF sale under
which lessees or purchasers agree not to
deal in the products OF competitors OF
the seller or lessor; provision that de-
crees In suits brought by the govern
ment under the antitrust law shall be
final evidence In suits brought against
the defendant by others, involving the
antitrust law; provisions against hold
ing companies and interlockng d.
rectorates in concerns under the juris-
dicton Of tho federal government. and
provisions guaranteeing labor and farm !
ers' organizations their legal existence
under the Sherman law. limiting the Use
OF the injunction in labor disputes, and
providing for jury trials In cases OF in
direct contempt OF court.
The provisions insisted upon by organ |
ICED labor provide that nothing in the
antitrust laws shall be construed TO
forbid the existence and operation OF
labor and farmers unions, and that such
organizations and their members shall not
be construed or held to be illegal COM
binations or conspiracies under tho anti
trust laws"
The bill provides that no preliminary
Injunction shall be issued without notice
to the opposite party" and that no tenn
porary restraining order shall be issued
unless IL shall appear from specific facts
shown by AFFIDAVIT that immediate and
irreparable injury will result to property
or a property right OF the applicant be-
fore notice could be served or hearing had
thereon. The bill provides that every in
junction or restraining order must be
specific In terms, thus outiawfng the
blanket injunction"