The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-07
UNTERMYER FINDS
TRUST BILLS FAULTY
Division Among Democrats In
dicated After He Talks
to Committee.
BUSINESS UPSET FEARED
Some Holding Companies and
InterlOcking DirectOrates
Are Good, He Says.
BUSINESS UPSET FEARED

%AsHiNuroS. Feb. 6.-That Democrats
IN Congress are divided over the Wilson
antitrust programme was Indicated to-
day after Samuel TLtermyer appeared
before the House Judiciary Committee
and found fault with several features Of
the pending Administration bills. He went
so far as 10 intimate to the committee
there might be trouble In the business
world unless some features were changed.
For instance. the former counsel Of the
Pujo committee told the House members
that in preparing "A bill to prohibit the
existence Of holding companies distinc-
ton should be drawn between good and
bad companies of this character, Mr..
Untermyer argued that In framing the
holding company bill discretionary power
should be lodged somewhere, preferably
in the interstate trade commission, to de-
ternine what holding companies should
be permitted TO continue in business and
what companies should be eliminated.
Mr.. Cntermyers suggestion seemed to
make a strong impression on the COM
mittee. but the practical difficulties In the
way of carrying It out were acknowledged
to be great
The New York lawyer urged that the
holding company bill. which is now being
whipped into shape. should be embodied
In the trade commission BILL the commits
sion to have full power over holding COM
panies. He promised to submit brief
outlining his argument
Finds the Measures Faulty.
Mr.. Untermyer commended the purpose
Of the Administration measures but in
sisted that they were faulty In many re.
epects. He took exceptions particularly TO
what Is known as the trade relations
BILL" which prohibits price cutting and
other unfair practices. He could not see
where this bill would do any particu-
lar good and declared that most OF the
evils sought to be corrected were fully
covered by the Sherman antitrust act.
The witness said he favored the enact.
ment of only one provision of the trade
relations bills. that of prohibiting dis
ordinations in the sale OF coal
~ would have this prohibition stand bu;
apply II generally and not attack an
unfair practice In one industry alone -
Is herein provided" said Mi Cnternyer.
On this point also Mr.. I'ntermy.,
agreed 10 submit u brief simplifying his
views.
Ny. rntermycr then took 10 the uue,-
ton OF iuterlotkiug directoratos. a sub
ir"' that h. discussed IN the report made
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Nr Interp,y.r s,,d ,h. n,oh;bi,ior
against ,nt.rlock,rr dir.ctor.tes uould
nroyc barren of results II II were moi az.
conpani.d by A law aimed nj the Com
nunities of interest or "holding com
panies' that really direct the system uu,
der which directorates OF various indus
trial corporates are interlockcd with on,
another
Attacks the Dehuition mn.
He attacked the Administration, nil
that seeks 10 define the term .monopolv'
an CONSTITUTIONAL grounds Ssr,,o, : n
this measure provides that nothing con
tanned In this act shall he taken or hel,
10 limit or In any wav curt,il the mean
Ing and effect OF the provisions OF IN,
Sherman ANTITRUST law This authorize
ton, which propoeed to limit review h,
the courts OF anti-trus cases brough
upon appeal, is clearly unconstitutional
according to JTntermyer
Although the trade commission bill /
mn psndin1 hefore tho Iudi,iary Conn