Evening star., 1914-01-23

consist Of four other members. salaried
at $4,000. It win have powers OF inquiry
into the affairs Of all corporations except
common carriers, which are regulated py
the interstate commerce commission. !ts
most important function will be to assist
in preventing violations Of the sherman
anti-trust act. and to aid the Attorney
General In terminating unlawful agree
r1fents.
The bill provides for publicity In the
conditions surrounding business corpora
tions. and immunity Is granted TO IN
dividuais testifying before the commits.
sion.' except. Of course, In the case OF OF
perjury, It prevents secret sessions OF
directors, by providing. that all records,
minutes. accounts. books and papers snaA
be open to the commission. OF the hve
members Of the commission not more
than three can be OF the same pohucs.
Sherman Act Definitions Bill.
The Sherman act definitions bill would
include within the meaning OF the
terms "every contract" combination in
restraint Of trade or commerce" conn
hination in the form Of trust or other
wise'' and the word "monopohze" as
used In the act any trade combination
or agreement which purposes:
ITO create or carry out restriction in
interstate trade, business or commerce.
ITO limit or reduce the production or
increase the price Of merchandise or OF
any commodity.
ITO prevent competition in manufac-
turing making, transporting, selling or
purchasing Of merchandise, produce, or
any commodity.
ITO make or enter into any arrange
Inent, or arrive at any understanding py
which they. directly or indirectly. under
competition among themselves or among
purchasers or consumers in the sale.
production or transportation Of any COM
modify
AN such contracts would be declared
unlawful. punishable by fine not ex-
ceeding $1,000, or Imprisonment not ex-
ueeding one year. or by both. in discretion
Of the court. Whenever corporation Is
found guilty. under the terms of this
measure the offense would be deemed to
be ..also that of the individual directors.
officers and agents of such corporation,
who would be punished equally with the
corporation.
Against Interlocking Directorates.
the interlocking directorates bill pro-
viies that after two years from the sign
sng or the bill no interlocking of direct
ors, partners or officers shall exist be-
tween railroads or public service cor
porations doing an interstate business,
and corporations in the bus ness of MAX
ing or selling locomotives. railroad cars,
rails. steel. coal or companies conducting
banks or trust companies. 1t also pre-
vents persons being an employe of two
or more banks. banking associations or
trust companies operating under the cur
rency law. 1t also prohibits private
bankers or directors of state banks and
trust companies not operating under the
currency law from being directors in any
banks which do operate under the act.
As one of the purposes of the general
scheme is to bring abou a state of
healthy. competition and to prevent in
equitable restriction of competition, this
hill states that if after two years any
corporations included in the scope of the
bill shall be found to have common di-
rectors. this fact win be taken to be evil
dence that no competition exists between
them.
The trade relations bill hits at at
tempts to monopolize commerce by dis
eliminating in price so as to injure a
competitor. However. the bill distinctly
states that this provision has nothing to
Go with differences in grade or quality OF
quantity: or with differences in transpor-
tatiorl costs. 1t also provides that it
would be deemed an attempt at monopoly
Tor any person to make sale or fix a
price or discount or rebate on the con-
dition that the purchaser should deal
Wlln q COlllpSLltOE-
Conferences on the Bills.
Attorney General McReynolds said last
night that he expected to hold several
conferences later with the Senate and
House committees relating to all the
antitrust legislation.
= The trade commission bill. said Sem
ator Newlands after the conference,
4 preserves the essential features of the
bin whichEI have been urging for some
time. but contains amendments and ad-
ditions of great value. and is, in my
Judgment, a distinct improvement upon
the bill as it was considered and per-
fected by the interstate commerce COM
Inittee of the Senate during the last Con-
gress. AS a whole, 1 should say that
the trade commission bill ought to be
satisfactory to members of all parties.
for it Is distinctly progressive and We
have endeavored to frame it in harmony
with the Presidents views"