The Sentinel=record., 1914-01-10
MAJORITY MEMBERS OF HOUSE COMMITTEE COMPLETE OUT
 LINE OF PROPOSED LAW.
AWAITS WILSON'S APPROVAL
Covers Three Principal Points, Inter. Iocing Drectorates, Trades Rea- tions, Injunction Proceedings and Damage Suits.

Washington. Jan. 9.--A general out. line of the tentative draft of anti trust legislation prepared by major ity members of the house committee on the judiciary for action by the full committee, subject to q confer ence with President Wilson, became known tonight. While members Of the committee talked with the pres ident some weeks ago. the proposed bills so far have not the administra- tion stamp and they will be discussed at a conference between the presi- dent and the committeeman imme- diately following the presidents re turn.
 The bills, drafted after conferen- ces between Chairman Clayton, Rep resentatives Carlin of Virginia, Floyd of Arkansas, Mccoy of New Jersey and others, cover these three main points
 -lnterloching directorates.
 2.-Trade relations and prices.
 3.-Iniunction proceedings and damage suits, by individuals.
 In every case President Wilson s idea of providing penalties for indi- viduals as well as for corporations in case of violations has been follow ed. It was decided it would be bet ter to draft several bills instead of incorporating all antitrust proposals in an omnibus measure, supplement tary to the sherman act. An attempt to define combinations and conspir- acy in restraint of trade as far as rossible has been made in the bills already prepared
 The bin to inhibit interlocking d. rectorates is regarded as the most important of the three. It applies to banks and trust companies and every industrial corporation engaged in in terstate trade. The tentative draft of this measure provides that;
 After the twenty-third day of De cember, 1914, an officer or director of federal reserve bank, branch bank. national bank or banking asso citation or any state bank banking association or trust compay admitted to membership in a federal reserve hank. shall not be an officer or direc- tor of any other bank banking asso Ciatlon or trust company, or of any financial corporation institution or associatio engaged in the business ol banking. Nor shall he engage in -he banking business individually or as a member of firm or director Of any other corporation, organization or as sociation the principal part of whose authorized or actual business IS lt bay. sell or hold the stock bonds, SC urities or evidences of indebtedness of corporations. organizations or as sociations. or to finance the sale ol such stock, bonds. securities or eVl dences of indebtedness. or to neqc tiate loans to corporations, organza tions or associations; nor of any oth CT corporation. organization or asso citation owning stock of or an inter est in a corporation, organization oi association conducting pricipally suci arthorized or actual business,
 "A director of Class A of fedora reserve bank. may be an officer or director or both an officer and di rertor of one member bank
 The other two classes are prohol' cd in the currency law from holdln' the other offices.
 This part of the measure was drait cd by Representative Mccoy ana l understood to have the approval o other judiciary members,
 The effect of the industrial corpo ration feature of the interlocklng n rectorate bill the committeeman say would he of the most sweeping chal acter, cutting ont the interlocking al engagements and enabling director ships and control to pass to lare army of new men instead of keeplh the industrial control of various inc of activity in the hands of few. UT der it's terms no officer or directo in any industrial corEoartion engage In interstate trade would be perml ted to he an officer or director m al other industrial interstate corpor' ton in allied business. ManuIactu CTS of railroad cars, locomotives ra' road rails and structural steel or me engaged in mining or selling eo' would be barred from becoming o rectors or other officers or other CT ployes of railroads engaged in inte state commerce. The bill would n