The Sentinel=record., 1914-09-24
CLAYTON BILL
READY At LAST
LAST OF THE ADMINISTRATION
TRUST MEASURES is NOW
READY FOR CONGRESS.
important Changes Have Been Made
in the Bill Since it Left the Senate
Some Time Ago.

Washington, Sept. 23.-The Clay.
ton antitrust bill, the second of the
administration trust legislative meas.
ures, at last is ready for final consid-
Grafton of congress after many
months of deliberation in both
houses. Conferees agreed upon their
final report today, completing
measure that is a combination of fea-
lures of both senate ald house bills.
Primarily the bill would, as urgently
suggested by President Wilson, pun
ish individual officers of corporations
violating the antitrust laws Of the
country. This section would provide
that any direct officer of a corpora
ton violating the antitrust laws or
who might aid or counsel such viola
ton, be deemed guilty of a misde-
meanor punishable by fine not ex-
ceeding $4,000 or by Imprisonment
not exceeding one year, or both.
Important changes made in the
measure as it left the senate relate
to interlocking directories and ex-
elusive contracts. The conferees re-
stored the house section prohibiting
interlockilg directorates Of bank d.
rectors with an amendment to pro
vide:
THAT from and after two years
following the passage of the act no
person shall at the same time be n
director or other officer or employee
of more than one bank, banking as
sociation or trust company which has
deposits, capital, surplus and u1di-
vided profits aggregating more than
1000, the provision to be appli'
cable only to banks in cities having
population of more than 100000"
The house bill fixed the capital
limitation at $2.500,0v0 and contained
no population limitation.
Ilterloeking also would be prOhib-
tied of directors in competitive cor
porations having a capitaI of more
than 100000 if elimination of the
competition would constitute vio-
lation of the trust laws. Railroad
directors would be prohibited from
serving as directors of corporations
dealing with securities or supplies IN
excess of $4,000 year except
through competitive bidding under
regulation of the Interstate Com
merce Commission.
The provision to prohibit exclusive
or tying" contracts follows the
spirit of the Walsh amendment to
maintain independence of retail
dealers. 1t would make it unlawful
to lease or make a sale or contract
for sale of goods, patented or unpat-
ented. on the condition, agreement or
understanding that the lessee or pur-
chaser shall not use or deal in the
goods of a competitor of the lesser
or seller, where the effect of such a
transaction may substantially lessen
competition or tend to create mo-
nopoly Specific penalty in this sec
ton of the senate bill was elimi-
mated.
Price discrimination between pur-
chasers would be prohibited by the
bill, and holding companies would be
prohibited when requirement of cor
porations by another would create
monopoly or substantially lessen
competition"
Labor. agricultural and fraterna'
organizations are exempted from the
sovsions of the law, and labor is
declared not to be a commodity.
A provision growing out of the
New Haven railroad difficulties
would make it a felony for any Off
Ger or director of a corporation TO
wilfully misapply its funds or wilfully
permit them to be misaDD led. This
is made punishable by fine OF not
less than $500 or Imprisonment for
not less than one year or more than
ten years. or both.
Senator Culberson submitted the
conference report to the senate late
today, giving notice that he would
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