The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-09-24
CLAYTON TRUST BILL
READY FOR CONGRESS
After Months Of Consideration in
Both Houses. Conferees Agree on
Final Report.
IMPORTANT CHANGES MAD
of Features OF Both
Senate and House Measures--Pro-
vides Punishment OF Individual
Officers Violating Laws.

WASHINGTON. September 23-The
Clayton antitrust bill, second of the ad-
ninistration trust legislative measure
at last is ready for final consideration n
OF Congress. after many months of
deliberation in both houses. Con-
ferces agreed upon their final report
to-day, completing measu that is
combination of features of both Sen
ate and House bills
Primarily, the bill would as urgent
ly suggested by President Wilson, pun
sh individual officers of corporations
violating the trust laws OF the coun-
try. This section would provide that
any director. officer or agent of a cor
poration violating the antitrust laws.
or who might aid or counsel such viola
ton. should be deemed guilty of {; mis-
demeanor, punishable by a fine not eX-
ceeding $4,000 or by imprisonment not
exceeding one year. or both
Important changes made in the meas
ure as 1t left the Senate relate to inter
locking directorates. and exclusive con-
tracts. The couferecS restored the
House section prohibiting interlocking
directoratcs of bank directors with an
amendment TO provide:
That from and after two years fol-
lowing the passage OF the act, no per-
son shall at the same time he n direc-
~ ioi ViIcl clllDlONt OF more
than one banking association or trust
company in cities OF more than 200, 0OO
which has deposits, capital. surplus and
undivided profits aggrcgating more
than So. 600. 900"
The House bill fixed the capital limi-
tation 1t s2,500.o00 and contained no
population Limitation.
.IyTERLOCKING ALSO
TO HE PROHIBITED.
IntprlOcIIjnp olSn W h.. ;tnd
OF directors in competitive corporations
having a capital of more than 81 900. 600.
If elimination of the competition would
constitute Il violation of the trust laws
Railroad directors would be prohibited
from serving as directors of corpora
tions dealing in securities or supplies
in excess of $4,000 a year. except
through competitive bidding under reg
ulation OF Interstate Commerce Com
mission.
The provision TO prohibit exclusive or
tying" contracts follows the spirit of
the Walsh amendment TO maintain in
dependence of retail dealers. 1t would
make 1t unlawful to lease or make a
sale or contract for sale. Of goods on
the condition, agreement or understands
ing that the lessee or purchaser shall
not use or deal in the goods of II COM
pctitor Of the lessor or seller. where
the effect of such transaction may
substantially lessen compc tition or tend
TO create monopoly. No specific penalty
is fixed.
Price discrimination between pur-
chascrs would lie prohibited by the hill.
Holding companies would he prohibit
cd, when requirement OF corporations
by another would create monopoly or
substantially lessen competition"
Labor. agriculture and fratcrnal or
ganiZation are exempted from the pro-
visions OF the law. and labor Is declared
not to be commodity. provision
growing out of the New Haven Rail
road difficulties would make Il II felony
for any officer or director OF a corpora
tion 10 wilfuily misapply its funds or
10 wilfully permit them to be misap-
piled. This is made punishable by Il
fine OF not less than $500 or by impris-
onment for not less than one year or
more than ten years. or both
Provisions modifying and libcraliZing
tho injunction laws were retained prac-
tically as agreed upon in the Senate
Trial by jury is provided in eases Of
indirect contempt.
vSonator Culberson submitted the con-
ference report to the Senate late to-
day