The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1914-02-04

mo person engaged as an individ-
ual or as a member Of a partnership
or as q 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
bank or trust company, shall act as a
director Of other officer or employee Of
any railroad or other public service
corporation which conducts an inter
state business.
mo person shall at the same time
be a director or other officer or en-
ploye in two or more federal reserve
banks. national banks, OF banking as
sociations, or other banks or trust
companies which are members Of any
reserve bank; and q private banker
and q person who Is q 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.
II any two or more corporations
have common director or directors,
the fact shall be conclusive evidence
that there exists q 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
Guiding the proposed decree, for infor-
nation and advice. |
Much Criticism for Bills. :
The trust bills as framed VIII 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
does not cover this evil In our econ
omic life that ~interlocking 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 proof
upon a combination believed to be vio-
lating the law has been omitted. No
attempt is made to prevent or destroy
monopoly based on patents. The great
est difficulty e~xerienced in the effect
i've enforcement Of the law has been
found to be in the un%willingness of
the courts to impose Jail penalty. It
remains optional under the proposed
measures whit the courts to fine or
imprison. rs&
Trade Board May DIsappoInt.
In connection with the trade COM
mission President Wilson declared in
his message that the country de
mands such a commission only as an
Indispensable instrument Of informa-
ton and publicity as a clearing house
for the facts by which both the pub
lie mind and the managers Of great
business undertakings, should be
guided" ~
The bill pfescribes that the commits
sion acts are to constitute a public
record" but the body Is authorized
to make public the information "in
such form and to such extent as may
be necessary" or "by direction Of the
attorney general"
It is apparent that the public mind
cannot be guided unless it has the
facts, and then it will not get unless
the commission Or the attorney gen.
eral deems it polite.
In other words, public hearings will
not be held as they are held by the
interstate commerce commission.
Settlement of Differences.
The most important feature Of the
bill >is that which legalizes the policy
Of the administration Of terminating
an unlawful condition by agreement
between the combination attacked and
the attorney general.
This feature is comprehended under
a section which requires the commits
sion, upon the request Of the attorney
general or any corporation affected,
to Investigate whether a combination
is violating the law. In case the COM
mission should find the violation to
exist it must report to the attorney
general a statement Of the objection
able acts and transactions and the
readjustments necessary for the Of
Tending combination to conform to
the law.
These conclusions are to be lad
visory to the attorney general in ter
minating by agreement with the cor
~poration affected or by suing the said
unlawful conduct or condition"
In other words, whatever may be-
the agreement made by the attorney
no,,1 u,;tb tho combination ~investi-
gated, it will give the reorganized