The Birmingham age-herald., 1914-01-18
Leaders of Both Houses Ex-
press Themselves Favor
able to Document
DETAIL OF REMEDIES
LEFT TO LAWMAKERS
Three New Features Added to Presi-
dents Plan-Emphasizes Spirit
of Friendliness in Dealing
With Work of Reform

Washington. January fg.-Presidcnt
Wilson today announced that he wonId
read his message on antitrust reform
TO joint session of both houses of
Congress Tuesday.
The President already had shown the
document to democratic leaders in Con-
gress, and members of the two congress
sional committees in charge of the legisla-
tion and to members of the cabinet. All
have expressed approval.
The President already has shown the
task of framing the detailed remedies
Besides the provision for an interstate
trade commission, the prohibition of in
terlocking directorates, and reduction of
the 'debatable area" of the Sherman law
three hitherto un-announeed features of
the Presidents plan are:
Il. Prohibition OF holding companies
Corporations would be forbidden to own
or hold shares or DC interested in the busi-
ness of actual competitors; the acquisi-
ton of stock or interests in non-competi-
tive concerns would be possible only with
the consent Of the interstate commerce
commission, or the proposed interstate
trade commission.
To Regulate Securities
20. Empowering the interstate com
merce commission to regulate and super
wise the issuance of railroad securities SO
the public would exercise through tne
commission a certain control over the fu-
ture use TO which the money obtained
from the issue of stocks or bonds woula
be put.
.'3. Wherever at the instance of the gov.
ernment, either in civil or criminal pro-
ceeuings, the courts have rendered iudg-
ment on the unlawfulness of ally cornbi-
nation individuals or concerns aggrieved
through the combination, would have the
benefit OF such adjudica tion and not be
required in their suits to prove again the
illegality of the combination
& The President has dealt with those gen.
9eral principles on which he believes pub
jlc sentiment Is agreed that correction Is
.Apeeessary. He has emphe nzel that
spfratlufN friendliness SHOULD characterize
the method. .as annro3sehipss the work OF
reform. Td this end. the. President nm.
self, 1t was learned today Is behind the
announced programme of pubic nearlnss
on the proposed bills.
The President has made 1t plain that
the cuisines world should be given 1ui
opportunity to express its views.
The President is anxious, too, that I'M
pie time be given in the legislation fof
all business to adjust itself to new condl-
tions even to a period of from one to two
years.
Vital Part of Programme
The President considers the prohibi-
tion of holding companies as "a vital
part of the programme. lie peneVes
that. beginning with the decision oy
the United States supreme court IN the
northern securities cases. holding COM
nublic disapproval. While governor of
New Jersey he obtained legislation pro-
hibiting holding companies in that
state and permitting only such mergers
of competitive concerns as We're
sanctioned by the public utilities COM
mission.
An analogous function, 1t is under
stood, now would be given to the new
Interstate trade commission through
Its powers of inquisition and inves-
tigation of what constitutes compet-
Tive and non competitive conditions 1t
is recognized by administration advo-
Gates of this feature that there are
many cases in which a wide sweeping
prohibition of holding companies might
prevent the organization of useful en-
terprises.
The supervision of the issuance of
railroad securities is to be recommend
ed by the administration in the be-
HeS that railroad capitalization and the
Issuance of stocks and securities is
closely involved with increases or de
creases in rates and that. through the
Interstate commerce commission the
,ublic would be safeguarded. Close
scrutiny of bills aimed to cover this
point is intended that the govern
ment may not be placed in the po-
eition of sponsor for stock issues.
1t has become apparent that the
President is determined that the Sher-
-. lfnf-a
and that new laws shall strengthen it
In certain particulars. Reducing the
"debatable area Of the Sherman law
now is understood in administration
circles as meaning the specific prohi-
bition of written. oral or secret trade
agreements by which output is, linz
ited. territory divided for monopotistic
control or other discrimination in price
fixing are practiced
1t became known today that Repre-
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