The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-03-21
the ANTITRUST LAWS.
PRESIDENT Assr:NTs TO sUGGEs.
TION THAT MEASURE BE
CONSONLIDATED.
Puts stamp Of Ills Favor OH All
-Four Measures. Which Will He
Presented I'm Lower Body. senate
May Propose Sweeping Substitute.

the house judiciary subcommittee on
trusts. put the stamp of administra-
ton approval on the substance OF the
TOUR bills TO amend the antitrust laws
which the committee submitted in a
practically final form. There will be
another conference at the White
House within week and members of
the committee asserted tonight that
unless protracted discussion should be
raised I'm the full committee when the
measures are presented. all four bills
TO strengthen the Sherman law, COW
ering interlocking directorates, hold
ing companies. trade relations and
definitions OF restraints of trade,
would be- reported to the house within
a fortnight.
President Wilson indicated his be-
lief that IL would be better to con-
soiidate all the bills into one i'm order
To expedite legislation. The senate
Interstate commerce committee Is un-
derstood To favor consolidation, and
that IL will be effected by the house
Judiciary committee practically is cer-
tain.
The president made a number of
suggestions to the subcommittee
which composed Representative Clay
ton of Alabama. Carlln Of Virginia
and Floyd OF Arkansas. He insisted
that personal guilt OF individuals In
control OF corporations should be
prescribed In every bill In order to
break up the evils that have grown
up under the present antitrust laws.
The committee will revise the bills
with this In view and talk with the
president again before submitting the
measures TO the full committee and
To the house.
The draft Of the holding corpora
ton bill had been completed just be-
foro the conference. The measure
would make unlawful those holding
companies that combine the stock of
corporations so as to lessen competi-
ton. but would not affect companies
which hold the stock OF corporations
that form essential parts OF their busi-
meas. Holding companies that are
entirely for investment and not for
business directly are not rohibited.
This would permit companies like the
big insurance concerns TO hold the
stock OF corporations which are not
competitors.
The committee believes that In this
bill has solved the problem of
discriminating between the holding
company operating by combining a
number OF competitors into one COM
pany and the corporations that have
boen compelled to combine num-
her Of concerns that are not competi-
tors. but whose combination is nec-
esssry I'm order To make a unit or
whole. as In the case OF an oil com
pany which combines { pipe line com
pany. q producing oil company, a re-
hnins oil company. all making one
legitimate oil business.
The committeeman pointed out TO
the president that the bill would save
Co Industrial business the investor who
buys the stocks and bonds Of various
corporations. but Is not engaged in
the business OF operating any Of them.
The bill applies to railroad holding
corporations. but not TO subsidiaries,
IL drawing the line at substantial COM
petitors. II includes cotton mills IL
made up OF combined competitors; il
would prohibit holding corporations
of moving picture concerns, which
sought exemption, and would strike
at various large holding establish
ments which made pleas before the
committee.
The socalled theatre trust also
would be affected. Theatre corpora
tions which hold two theatres IN one
city. unless II could be proven that
they were absolutely non-competing.
would be prohibited, but the bill
would not destroy a chain OF theatres
In different cities i'm which there was
no element OF competition.
None OF the four bills an now fra.n-
eel provide for exemption of labor
unions from antitrust prosecutions
Senator Hughes OF New Jersey is ex-
pected to present an amendment for
that purpose IL the bills as they final
~ reach the senate have no such ex-
emption. Labor organizations, par
ticulariy tho American Federation of
Labor. have urged the Bacon Bartlett
bill. which would exempt from any
prosecution under the Sherman law