Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-01-19

that hearings meant unnecessary de-
lay.
Free criticism and expression on the
trust program by all interests con-
cerned is desired by Mr.. Wilson and
he thinks the hearings instead of de-
laying will facilitate the passage OF
the bills. Summed up the administra-
tion program on trast reform for the
present session Of Congress covers the
following points
1-Supplemental legislation to the
Sherman antitrust law. President
Wilson, members of his cabinet and
many of the leaders in Congress are
agreed that the Sherman law itself
should not be altered single syllable.
To do so. they hold, might mean i'm
pairing the usefulness of the act and
cast doubt upon the meaning OF the
decisions hitherto rendered on 1t oy
the courts. Without amending the
Sherman law, certain additions are IN
tended in no way controvening the
force of the act, yet clarifying 1t by
enumerating in separate laws those
practices which have come to be
known as wrong, such as the making
of secret, written or oral agreements
or understanding looking to diserim-
nations in credit, the fixing of prices,
underselling and other means of st1-
fling competition.
2-The prohibition of interlockinc
directorates. 1t is intended not only
to prevent the multiple control of cor
porations, but the exercise through
Dummy directors of an identity OF
interest by a corporation or corpora
lions in concerns doing a cognate bus
mess. Legislation as well as powers
of publicity to be invested in govern
ment bureaus is expected to correct
these abuses.
3-The creation of an Interstate
Trade Commission. merged with the
bureau of corporation to furnish in
formation to the business world ane
at the same time act as board of
Cancellation in helping corporations to
adjust themselves to the mandates of
the law. 1t would assist the courts in
carrying out DEGREES of dissolution ant
would exercise no quasi judicial func-
lions. 1t would, however, have e.
courts power of inquisition. The.
Presidents idea is to safeguard thu
commission so that it would have no
arbitrary powers OF regulation. The
National Civic Federation" it is I'M
derstood, has already endorsed the
idea.
EThe prohibition of holding companies
Corporations or individuals would not
be unable under proposed legislation to
be interested through the holding of
shares or otherwise in the business of
actual or potential competitors or con-
Germs doing cegnate business and the
grouping of non-competitive corporations
would be permeated only after the Inter
state Trade Commission through it's pow
ers of inquisition would have determined
that no restraint of trade or monopoly
could ensue.
5-The supervision by the Interstate
Commerce Commission of the issuance by
railroads of stocks and bonds and the
uses to which funds so obtained are put.
Legislation granting additional powers
along this line to the Interstate Com
merce Commission is being drafted by
Representative Adamson, chairman of
the House committee on commerce, with
the assistance, it is understood, of Com
missioner Prouty. This subject is expect
/
while the supervision of railroad stock
issues is already practiced by state COM
missions, there are varying opinions
among some of the administration adj
visers as tc the success of the method.
1t is understood that the railroads them
selves would welcome sucn supervision
| and the proponents of the idea-including
the President himself-beleve the reform
means a method of protecting the public
through the Interstate Commerce Com
mission for DISQUALIFICATION and stock
watering, and from the diversion of
to questionable financial operations
6--Individuals to benefit by government
suits. At present person or corpora
tion injured through an alleged unlawful
combination is required to prove the lille
gality of the combination. Legislation
is intended permitting the parties ag-
| grieved to use as basis for their dam
age suits whatever adjudications the
government may have secured in civil or
criminal proceedings.
7-Provison for the punishment of in
dividual offenders. In all the legislation
planned by the administration it is pro-
! posed to include penalties not only for
/ the persons at the head of corporations
| practicing unlawful acts but for those
individuals responsible for the direction
of unlawful restraints on trade.