Norwich bulletin., 1914-01-19
Will Not Alter
 Sherman Law
NOT A SYLLABLE IN IT TO BE CHANGED
ADDITIONS TO BE MADE
Policy of President Wilson as It Will v0rs Public Hearings on Question.

Washington, Jan. 1S--President Will son today put the finishing touches on the message dealing with antitrust reform which he will read to joint session of congress Tuesday.
 The president, in pointing the way to legislation on specific phases of the trust question, intends to emphasize the necessity for a friendly spirit in congress in approaching the task. He wishes the business men of the coun- try to be assured of the administra- tion's intention to welcome suggestion and common counsel and to afford those affected by the proposed legts- lation ample tOene to adjust them selves to the new laws or conditions. In line with this attitude the presi- dent favors public hearings on the administration bills when they are prepared. He opposedl hearings on the tariff and currency measures, as he believed congress and the country had made up it's mind on the details and that hearings meant unnecessary de- lay.
 Free Criticism Desired.
 Free criticism and expressions on the trust programme by all interests con cerned is desired by MT. Wilson and he thinks the hearings, instead of de- laying, will facilitate the passage of the bills.
 Summed up. the administration pro- gramme on trust reform for the pres ent session of congress covers the fol- lowing points:
 l Supplemental legislation to the Sherman antitrust law.
 President Wilson, members of his cabinet and many of the leaders in congress are agreed that the Sherman law itself should not be altered a single syllable. To do so they hold, might mean iInpairing the usefulness of the act and cast doubt upon the mean ing of the decisions hitherto rend- cred on it by the courts. With out amending the Sherman law, certain additions are intended in no way con- trovening the force of the argument, yet clarifying it by enumerating in laws those practices which have come to be known as wrong, such as the making of secret written or era1 agree ments or understanding looking to discriminations incredit, the fixing Of prices underselling and other means of stifiing competition.
 The prohibition of interlocking di- rectorates. It is intended not only to prevent the multiple control of cor porations, but the exercise through dummy directors of an identy of in terest by corporation or corpora tions in concerns doing cognate business.
 The creation of an interstate trade commission. merged with the bureau of corporations, to furnish information to the business world and at the same time act as a board of conciliation in helping corporations to adjust them selves to the mandates of the law.
 f The prohibition of holding com panies. Corporations or individuals would not be able, under proposed leg iSlation, to be interested through the holding of shares or otherwise in the business and actual or potential com petitors or concerns doing a cognate business and the grouping of non-com- petitive corporations would be permit ted only afteS the interstate trade com mission through it's powers of inquisi- ton would have determined that no restraint of trade or monopoly could ensue.
 Supervision of Stock and Bond Issues.
 The supervision by the Interstate Commerce commission of the issuance by railroads of stocks and bonds and the uses to which funds so obtained are put. Legislation granting addition al powers along this line to the Inter state Commerce commission is being drafted by Representative Adamson, chairSlan of the house committee on commerce, with the assistance, it is understood, of Chairman Prouty.
 It is understood that the railroads themselves would welcome such super
 
 including the president himsclf-he- lieve the reform method of protect ing the public through the Interstate Commerce commission from over-caD- italization and stock watering and from the diversion of funds designat- ed for actual improvements to ques- uonable financial operations.
 Punishment of individuals.
 Individuals to benefit by govern ment suits. At present a person or corporation injured through an all legged unlawful combination, is requir- ed to prove the illegality of the com bination. Legislation is intended per hitting the parties aggrieved to use as basis for their damage suits what ever adjudications the government may have secured in civil or criminal proceedings.
 Provision for the punishment of individual offenders. In all the legis- lation planned by the administration it is proposed to include penalties not only for the persons at the head of the corporations practicing unlawful acts, but for those individuals respon- sible for the direction of unlawful restraints on trade.
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