Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1914-02-14

or as 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. OF conducting
bank OF 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.
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 or banking as
socdations. or other banks or trust
companies which are members of any
reserve bank; and a private banker
and 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 d - :tor in any bank or
banking association or trust company
operating under the provisions of the
law"
Violation of these sections is made
punishable by fine of 500 a day, or
by imprisonment not exceeding one
year, or both.
If any two or more corporations
have common director or directors,
that there exists a real competition
between such corporation and such
elimination of competition shall be
construed as 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
tons 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 will be
the subject of sharp criticism on the
part of progressives of all parties who
claim they do not go far enough 1t
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 DOW
| ers of the proposed trade commission
are insufficient.
1t is interesting to note that the
proposal to place the burden of proof
| upon 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 exerienced in the effect
| i've enforcement of the law has been
| found to be in the unwillingnesss of
the courts to impose jail penalty 1t
remains optional under the proposed
measures whit the courts to fine or
| imprison.
| Trade Board May Disappoint.
| In connection with the trade COM
mission President Wilson declared in
| his message that the country de
mands such 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 prescribes that the commits
| sion acts are to constitute public
| record" but the body is authorized
to make public the Information lin
L SuCn 10TH anu 70 SuCn extent rs may
! be necessary or by direction of the
| attorney general
1t 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
| 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
Establishments 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