McNairy County independent. (Selmer, McNairy County, Tenn.) 1902-1969, 1914-01-30


No person engaged as an individ.
ual or as a member of partnership
or as director or other officer of a
corporation in the business of selling
railroad cars or locomotives, or rail-
road rails or structural steel, or min
Ing or selling coal, or conducting n
bank or trust company, shall act as a
director or other officer or employe of
any railroad or other public service
corporation which conducts an inter
state business.
mo person shall at the same time
be director or other officer or en-
ploye in two or more federal reserve
banks, national banks, or banking as
sociations. or other banks or trust
companies which are members of any
reserve bank; and private banker
and person who Is director In any
state bank or trust company not oper-
ating under the provisions of the re.
cent currency law shall not be eligible
to serve as director In any bank or
banking association or trust company
operating under the provisions Of the
law"
Violation of these sections is made
punishable by fine of 800 a day, or
by Imprisonment not exceeding one
year. or both.
II any two or more corporations
have common director or directors,
the fact shall be conclusive evidence
that there exists a real competition
between such corporation and such
elimination Of competition shall be
construed as restraint of interstate
trade and be treated accordingly.
The trade commission bill provides
for commission Of five members, with
the commissioner of corporations as
chairman, and transfers all the exist
ing powers of the bureau Of corpora
tons to the commission.
The. principal and most important
duty the commission besides conduct
ing investigations will be to aid the
courts when requested in the forma-
ton OF DEGREES of dissolution.
With this In view, the bill empow-
ers he court to refer any part of pend
Ing litigation to the commission, in.
Guiding the proposed decree, for infor-
nation and advice.
Much Criticism for Bills.
The trust bills as framed will be
the subject Of sharp criticism on the
part OF progressives of all parties whs
claim they do not go far enough. 1t
will be declared that the definition of
monopoly remains inadequate that the
prohibition of unfair trade practice
| does not cover this evil in our econ.
omic life that interlocking stock con.
troll Is not covered and that the pow.
| ers Of the proposed trade commission
are insufficient.
1t Is interesting to note that the
proposal to place the burden OF proof
upon combination believed to be VIC.
lating the law has been omitted. No
| attempt Is made to prevent or destroy
monopoly based on patents. The great.
| est difficulty exerienced in the effect.
| i've enforcement of the law has been
found to be in the unwillingness of
the courts to impose Jail penalty. 1t
remains optional under the proposed
measures whit the courts to fine OF
| imprison.
Trade Board May Disappoint.
| In connection with the trade com.
mission President Wilson declared in
his message that the country de.
mands such a commission only as an
indispensable instrument Of informa
ton and publicity as clearing house
sor the facts by which both the pub.
lie mind and the managers OF great
business undertakings should be
| guided"
The bill prescr!bes that the commits.
sion acts are to constitute public
record" but the body is authorized
to make public the information "in
such form and to such extent as may
be necessary" or "by direction Of the
attorney general"
1t is apparent that the public mind
cannot be guided unless 1t has the
facts, and then it will not get unless
the commission or the attorney gen
| eral deems 1t polite.
In other words, public hearings will
not be held as they are held by the
interstate commerce commission.
Settlement Of Differences.
The most important feature of the
bill Is that which legalizes the policy
Of the administration of terminating
an unlawful condition by agreement
between the combination attacked and
| the attorney general.
| This feature is comprehended under
section which requires the commits
sion, upon the request Of the attorney
| general or any corporation affected,
to investigate whether combination
Is violating the law In case the com
mission should find the violation ia
exist 1t must report to the attorney
general statement of the objection
able acts and transactions and the
| readjustments necessary for the Of
Tending combination to conform to
the law.
| These conclusions are to be lad
visory to the attorney general in ter
minating by agreement with the cor
poration affected or by suing the said
| unlawful conduct or condition"
In other words, whatever may be
the agreement made by the attorney
| general with the combination investi-
gated, it will give the reorganized
combination legal standing, so long as
1t conforms to the term of the agree
| ment
Thus it is proposed to place by law
tremendous power in the hands OF
the attorney general This power has
been assumed to attorneys general