The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1914-04-15
Bill Made Up Which Embodies
the Features of Four Ten
tative Measures
MORE LEEWAY TO
HOLDING COMPANIES
Prohibition Against Interlocking Boards
More Drastic - Unions to Be Pros
ccuted-Personal Guilt Applies to All
Cffenses.

A'AV-C oIooIAO - OulOuS 10 De GIOS-
ccuted-Personal Guilt Applies to AMI
Cffenses.
WASHINGTON, April -. - Impor- !
tant changes in the administration 5 |
program of antitrust legislation are
proposed in a bill introduced in the |
House by Representative Clayton,
| chairman of the committee on the iu-
| dietary.
BY direction of President Wilson the
antitrust program. heretofore made upl
of four tentative bills, is embodied in
| one measure. 1t is the opinion of the
| administration : leaders that il viii be
| easier TO pass one antitrust bin than
a series of four.
| The revised program softens the re
strictive features Of the original bills
in some respects. This is notably the
ease in the provisions dealing with
! holding companies. Other features OF
| the revised program are more drastic
than those provided in the first in
stance
! This is true in the matter Of the pro-
hibitions against interlocking direct
crates. In the antitrust bills as origi-
nally presented subsidiary concerns
representing the legitimate growth Of
| corporations were prohibited Under the
revised program the holding company
prohibition does not apply to subsid-
| iarIes of this character.
Blow at New York Seen.
The provisions relating TO interlock-
ing direetoratcs are broadencd so rs to
prohibit relations of this character he
tween private banks and trust com
panies in all cities with a population
of more than 100000. lit is understood
that this provision was adopted with a
view of breaking up relations of bio
bankers, particularly in New York
Another amendment to the chapter
dealing with interlocking directorates
is that restricting the law TO banks
with resources of more than - 800. 600
instead of all banks and other financial
concerns without regard to resources.
The new feature OF the new antitrust
program that is expected to cause a lot
of trouble in a political way s to be
found in the provisions dealing with
| labor.
The bill offered has the approval OF
President Wilson. In this measure or
ganized labor will find formal notice
from the President that he is opposed
to exemptiug unions and voluntary as
sociations of farmers from prosecution
under the antitrust laws.
Quick Report Expected.
S Work on the Clayton bill Will be he
e gun before the House judiciary commit
tee Thursday. 1t is expected that a re,
port on the measure viii be made to the
! House within the next two weeks. Pres
| ident Wilson expects the bill to bC
a. ,,accaI hafpp, Z Tbnr.
will be no difficulty in putting the bill
through the House, but it action is Il
> be had in the Senate the session will b,
prolonged until early in the fall. De
>, spite this the President is determine,
- upon action.
r Section 6 of the Clayton bill gives
!, legal status to union labor as at presen
organized, but does not except it from
= prosecution for acts that are declare,
:, by the antitrust laws to be illegal. A.
Il concession to labor. Chairman Clay
r ton embodied in the bin provisions lin
- iting the power of the Federal court
= in issuing iniunctions and proyidin,
= jury trials in eases of indirect con
10 tempts.
:, Personal Guilt & Feature.
Throughout the bin offered the prir
6 ciple of personal guilt - is applied t
\ all offences that are held to be unlaw
or full. In the revised program Chairma
i Clayton has softened the provision
is prohibiting interloeking directorate
~ and holding companies.
/. locking directorates. 1T prohibits il
nf locking directorates between raj
! roads and corporations that are el
gagged in selling railway supplies.
= also prohibits interlocking directorate
- among banks and other financial inst
] tutions.
IN addition to the provision limitin
the enforcement of the prohibition on
against financial institutions with T
sources in excess of $2,500,000 there
another new section affecting priva
bankers and trust companies in q
cities with a population in excess
III 100000