The Raymer enterprise., 1914-01-29
fective two years from date Of ap
proval OF the act. provides:

railroad cars or locomotives. or rail
road rails or structural steel. or min
Ing or selling coal. or conducting a
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.
NO 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 q private banker
and person who Ia a 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 a 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 $100 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 q real competition
between such corporation and such
elimination OF competition shall be
construed as a 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.
nons 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.
tion 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 who
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 10 our econ.
omic life that interlocking stock con.
troll Is not covered and that the pow.
ers OF the proposed trade commission
are insufficient.
II is Interesting TO note that the
proposal to place the burden OF proof
upon a 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. II
remains optional under the proposed
measures whit the courts to fine or
inprison.
Trade Board May DIssppoint
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.
tion and publicity as clearing house
for the facts by which both the pub
lie mind and the managers OF great
business undertakings should be
guided"
The bill prescribes that the commits
sion acts are to constitute a public
record" but the body is authorized
10 make public the information in
such form and to such extent as may
be necessary" or by direction of the
attoiHt1 btutldi
1t is apparent that the public mind
cannot be guided unless 1t has tht
facts. and then II 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 ths
interstate commerce commission.
Settlement Of Differences.
The most important feature OF thu
bill is that which legalizes the polio,
of the administration OF terminatin.
an unlawful condition by agreemea
between the combination attacked ant
the attorney general.
This feature is comprehended undel
section which requires the commits
sion, upon the request OF the .attorne,
general or any corporation affected
to investigate whether a combination
Is violating the law. In case the com
mission should find the violation Il
exist it must report to the attorne,
general a statement Of the objection
able acts and transactions and th'
readjustments necessary for the oil
Tending combination to conform Il
the law.
These conclusions are to be "ad
visory to the attorney general in ter
mlnating by agreement with the cor