Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-06-11
Dunn. Fairchild, Gilett, Moore. Parker.
Payne and Waliin-S.
Tho Rayburn Bill.

SNS SSfa Ndlllil-S.
Tho Rayburn Bill.
Close regulation and control of the
STOCKS n bonds Of railroads by the
interstate Commerce commission is
roposed by a substitute for the Ray
purn hlll prepared by the House inter-
state and foreign commerce committee
ana considered by the House as the
last measure of the administration
antitrust program. The committee
divided the Rayburn measure into two
secDons in order that n might stand
If the constitutionality of the other
falleu in the courts The bill makes II
for any common carrier to
issue stocks, bonds. notes or other evil
dences of Indebtedness without h APP
proval of the commission.
The bin broadens the powers of the
commission to require information from
railroads and other common carriers
and preScribeS an elaborate system OF
reports. The commission would be au-
thorized by the bill to require periodical
or special repor$S on the financial con-
dition of railroads. balanced statements
or receipts n expenditures in rela-
tons to capital accounts, n all other
financial transactions.
The Clayton Bill.
The Clayton bill. a part of the ad-
mlnlStration anti-trust program, car
ries provisions designed TO strengthen
and support the Sherman law ant
other acts against ~monopolies and re
straints of trade. AS framed by ad'
miniStration leaders and considered by
the House the bill contained:
Prohibitions against price discrim-
i%nation, or arbitrary refusal to sell nat
ural products, and against the en-
forcement OF conditional leases. OF
contracts of sale under which lessees
or purchasers agree not to deal in the
products of competitors of the seller
or lessor; Il provision that DEGREES In
suits brought by the government under
the antitrust law shall be final evil
dence in suits brought against the de-
PENDANT by others. involving h anti
trust law; provisions against holding
companies and i~nterlocking director
ates in concerns under the jurisdiction
of the federal government. and pro-
visions guaranteeing labor n farm
ers' organizations their legal existence
under the Sherman law, limiting the
use of the injunction in labor disputes,
and providing for jury trials in cases
Of indirect contempt of court.
In addition the bill clears up vari-
u jurisdictional questions and ques-
tons of procedure which AVE arisen In
the administration of the antitrust
laws.
Trade Commission Bill.
The Covington trade commission
bill, the first measure on the admin
istratian antitrust program, as con-
sidered in h House, would create a
commission with broad inquiSitorial
powers over corporations engaged in
interstate m The bill would
turn over to a commission of three
members the power now held by the
bureau of corporations in the depart
ment Of commerce and confer on the
commission additional powers.
The bill provides for the appoint
ment of three commissioners, no moro
than two of n political party, by the
president. The commissioners would
serve six years at $4,000 and employ
a secretary at SIS, 600. The commission
ers would be barred from engaging in
n other vocation while serving.
After a%bolishing the bureau of cor
porations and the positions of commits
Sioner n assistant commissioner of
corporations the bill would turn over
the organization and powers of he
bureau to the new commission 1t then
provides that all corporations, with q
capital of not less than SIS, 000. 900, ex-
cept those now subject to the interstate
ommerc commission, shall submit
annual reports, records of it's organi-
cation. bondholders and stockholders
and financial condition to the commits
sion. The commission may also desig-
nate corporations having capitalization
of less than 5000, 900 from whom it de-
sires reports. 1t ma call for special
reports in addition to the regular an
nual statements required by the bill,
and would provide a penalty of $100 a
day for delay in filing reports.
Upon the direction of the president,
the attorney general or either house OF
congress-. the commission would be
authorized to investigate and report the
facts relating to any alleged violations
of the antitrust laws. The commission
woul also recommend possible read
justment of the business of corpora
tons so investigated in order that they
nigh conduct their business in ac-
cordance with the law. When the COM
mission finds information as to any
unfair competition or practice in com
merce, not necessarily constituting a
violation of the law" it is called upon
to report to the president and aid him
in making recommendations to con-
gress for remedial legislation.