The Ely miner., 1914-01-30

0eSA Va - - AhCulUCI Va - PdA IAC1 Suip
or as director or other officer of
corporation In the business of selling
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 an a
director or other officer or employe Of
any railroad or other public service
corporation which conducts an inter
state business
mo person shall at the same time
be director or other officer or en-
ploye In two or more federal reserve
banks. national ba.nks. or banking as
sociations, or other banks or trust
companies which are members Of any
reserve bank; and a private banker
and person who Is 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 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 500 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 a 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
tions 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.
cluding 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 in our econ
| omic life that interlocking stock con-
troll is not covered and that the pow
ers of the proposed trade commission
are insufficient
1t is interesting to note that the
proposal to place the burden of proof
upon a combination believed to be vio-
lating the law has been omitted. No
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. 1t
remains optional under the proposed
measures whit the courts to fine or
imprison.
| Trade Board May Disappoint.
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
ton 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
to make public the information lin
such form and to such extent as may
be necessary" or "by direction of the
attorney general"
1t is apparent that the public mind
cannot be guided unless it has the
facts, and then 1t will not get unless
the commission or the attorney gen
eral deems it polite.
In other words. public hearings will
not be held as they are held by the
interstate commerce commission.
Settlement of Differences.
The most important feature Of the
bill is that which legalizes the policy
Of the administration Of terminating
an unlawful condition by agreement
between the combination attacked ant
the attorney general. 4
This feature is comprehended under
a section which requires the commits
sion, upon the request of the attorney
general or any corporation affected
to investigate whether combination
is violating the law. In case the com
mission should find the violation t.
exist it must report to the attorne!
general a statement of the objection
able acts and transactions and thu
readjustments necessary for the OF
Tending combination to conform t.
the law.
These conclusions are to be lad
visory to the attorney general in ter
minating by agreement with the cor
poration affected or by suing the sai'
unlawful conduct or condition"
In other words, whatever may b.
the agreement made by the attorne.
general with the combination investi
gated, it will give the reorganize'
combination legal standing, so long a
it conforms to the term of the agree
ment
Thus it is proposed to place by Law
tremendous power in the hands o
the attorney general. This power ha
been assumed % attorneys genera
and particularly so by Mr.. Mercy
nolds;
viii Give Courts Advice.