The Birmingham age-herald., 1914-01-23
FOUR OF PROPOSED
ANTITRUST BILLS
ARE MADE PUBLIC

AnL IADL L " DLlO
Continued From Page One.)
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homogeneous and that he expected prompt
action.
Give Business Opportunity
The President reiterated his desire that
business men should be given a full op-
portunity In public hearings to express
| their views and criticise
While the President recommended in
| his message supervision by the interstate
commerce committee in the issuance of
railroad securities, he took occasion to-
| day to emphasize that this did not mean
necessarily that past issues would be in
| quired into, or affected by the present
! legislation. Nor did the President con-
| slider that the regulation of railway se-
curities has anything to do with regu-
| lating stock exchanges. Legislation on
this subject. he explained, was not rec
| commended IN the democratic platform,
and he did not feel that he should recon-
| mend anything not included in the plat
| form.
The commission proposed by the bill
introduced today would absorb the bureau
of corporations, would consist of five
members salaried at $4,000, and would
have powers of inquisition over all COR
porations, save common carriers, which
are regulated by the interstate commerce
commission. It's most important func-
tion is designed to assist business and
the government in preventing violations
of the Sherman act in aiding the At
torney General to terminate alleged un-
lawful conditions by agreements. In this
capacity the commission would serve, In
accordance with the suggestion of the
| President in his message, as the business
agent of the constitution of peace
Make Investigation
In clothing the commission with author
| ity to be of service in forestallng condi-
| tions that might necessitate prosecution,
| the bill prescribes that it shall, upon the
| request of the Attorney General or any
| corporation that may be affected. or upon
| its own Initiative, make investigations
for the purpose of ascertaining whether
there is anything which violates the Sher-
man act. In case violation is found to
exist, the bill provides that the commits
| sion shall report to the Attorney Gem
| eral lin order that said corporation may
| thereafter comply with the terms of said
act
In the section of the measure provid-
ing for publicity of conditions surround
| Ing business corporations, despite the fact
| that there has been agitation against i'm
munity to individuals who might testify
! in inquiries conducted by the commits
| sion, immunity is granted to individuals,
| except for perjury. There is no immunity
| to corporations
| In detail the bill sets forth that the
commission shall require all corporations
| engaged in interstate and foreign tusi-
ness, except common carriers, from time
| to time to furnish 10 the commission
| records of their organization, business
| and financial condition, conduct, manage
| ment and relation to other companies
| at such time, to such degree ans ex-
F., tent and in such form may be pre-
scribed by the commission"
| ~ Have Access to Records
Striking at secret sessions of director
ates and other bodies the bill directs that
| the commission shall have complete ac-
| cess TO all records of any OF the execu-
| tive or other committees of corporations.
| Failure or neglect of corporations TO COM
ply with this requirement Is male pun
| ishable as a misdemeanor. with fine
| upon conviction.
| The district courts of the United States,
rpon the commissions application alleg-
| ing a failure of witnesses to respond to
| subpoenas or to comply with any COM
| mission order for furnishing of infor-
nation will have jurisdiction to issue a
| writ of mandamus to enforce lie COM
missions order and to punish disobe-
dience.
To aid the equity courts. the bill pro-
vides as follows:
| "In suits of equity brought by under
| the direction of the Attorney General, ss
provided in the act Of July 2, 1890 Che
| Sherman law, the court in which 1t Is
pending may at any stage Of the htiga-
| ton, at its discretion, refer to the COM
mission any aspect of the litigation CT
proposed decree, whereupon the commits
sion shall investigate the question or
questions referred to with all the powers
of investigation herinbefore bestowed on
| the commission and shall report It's find
| ing to the court, with a copy Of evidence
| upon which said findings or recommends
tions are based.
Records to BE Public
said evidence, findipgs and recommen-
dations shall be public records"
The new commission would be required
annually to make a report to be trans
mitted to Congress.
or the five members of the body not
[oaore than three could be of the same
Political party. All would serve seven
years, except at the beginning, when tire
chairman would serve seven years and
the other four commissioners three. four,
five and six years, respectively. All COM
missioners except the first chairman
would be appointed by the President
subject to confirmation by the Senate
Chairmen subsequently would be electec
by the commission from among Lne five
1.-The trade commission bill, said SEN
ator Newlands, after the conference
preserves the essential features OF tho
bill which I have been urging for .om.,-
time, but in my judgment is distinct
Improvement upon the bill as it wls con-
sidered and perfected by the Interstate
commerce committee of the Senate dur
ing the last Congress. AS whole, 1
should say the trade commission bill
ought to be satisfactory to members OF
all parties. for it is dlstinctively prGgres-
sive. and we have endeavored to frame
it in harmony with the Presidents
views" ,
The Sherman act definitions bill would
include within the meaning of the terms
every contract" combination in re-
straint of trade or commerce." "cnmbina-
tion in the form of a trust or otherwise
and the word "monopolize,'' as used in
the act any trade combination or agree
ment which purposes:
ITO create or carry out restrictions in
trade or to acquire monopoly in any
Interstate trade. business or commerce.
ITO limit or reduce the production or