The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-08
Many Points Arise Upon
Which More Light
Is Desired.
MAY CONFER AGAIN
WITH PRESIDENT
Democrats Assure Republicans
Their Cooperation Is Desired,
and Promise No Final Dispo-
sition of Amendments Will
Be Taken in Party
Conferences.

Washington, February How far
the administration shall 20 with regu-
lation or prohibition of holding COM
panies; perfection of tho pending In
terstate trade commission measure:
drafting a measure giving the Inter-
state Commerce Commission authority
to regulate railroad securities and Eff
forts to assure harmonious action. are
tasks in store for the committees OF
Congress in charge Of the administra-
ton antitrust legislation program.
Having had the subject OF trust lcgs-
lation before them for two weeks, con
sidering bills outlined by President
Wilson In his message to Congress.
and listening 10 suggestions from citi-
2ens. House and Senate leaders have a
clearer understanding OF what is be-
fore them, but many points have arisen
upon which further light Is desired.
Further conferences with tho Presi-
dent are contemplated.
Senate leaders to-day sought to
placate Republican members OF the
Interstate Commerce Committee who
have expressed Indignation because
amendments proposed to the interstate
trade commission bill and considered
In the full committee were rejected
by Democratic members in executive
session. Senator Cummins, author OF
several proposed amendments. and
Senator Clapp. left meeting OF tho
committee yesterday when they learned
OF this action:
Senator Newlands. chairman of the
committee. and some of his colleague,
to-day told the Republican members
that their cooperation In perfectinG
the trust bills was earnestly desired
AMI assured them that no final dispo-
sition of amendments was intended to
be taken In conferences of Democratic
mombers alone.
Continue Hearings.
House judiciary and Interstate Com
| merce Committees Will continue their
hearings next week. Proposed legis-
lation against holding companies Is
one of the principal tasks being con-
sidered by the Judiciary Subcommittee.
Members of the subcommittee are much
impressed with tho contention that
while holding company is, n device
frequently adopted to violate the anti
trust law. it also is capable of use In
an entirely innocent manner Chair
man Clayton aud his conferees of the
subcommittee agree that some form
OF the holding corporations are es-
sential to competition
Representative Morgan. Oklahoma,
to-day told the House Committee on In
terstate Commerce that the administra-
tion bill to create a Federal trade
commission was objectionable because
it would give the commission 1uris-
diction over all corporations engaged
In interstate business instead OF limit
ing jurisdiction TO large corporations
commonly known as trusts. Amend
ment along this line are being CON
sidered by the Senate Interstate Com
MERGE Committee.
Mr.. Morgan favored restricting the
commissions jurisdiction to corpor;
ations having gross annual output
OF s5.ooo.ooo. Flo said that while this
would include only from 800 to 300
corporations out of a6s.ooo, 1t would
include corporations which employ one
third OF tho wage enrners In manufac-
turing industries and produce nearly
so per cent OF the country's manu-
featured products.
Invasion OF States Rights.
Washington. February Federal
regulation OF stock exchanges as pro-
posed In the Owen bill, under consid-
GRAFTON by tho Senate Banking and
Currency Committee, Is radical in
vasion OF States rights In the opinion
OF officers OF the Consolidated Stock
Exchange of New York. who to-day
appeared before the committee.
The BILL" declared Halmar II.
Boyesen, counsel for tho exchange,
seeks to do through postal and other
regulations, what Congress has no au-
the most radical invasion of States
rights with which am familiar"
Boyesen, NJ. Il. DeAGuero. president, |
and other officials OF the Consolidated. |
saw In the Owen bill. however. some
sound legislative recommendation |
which they declared should be enacted
by the various States. They sharply |
criticised other features.
DeAguero told tho committee that |
the section requiring members OF stock |
exchanges to keep record 'of the
serial numbers of all securities dealt !
in each day, would abolish the ex-
change clearing houses and throw tho |
machinery Of the financial world back |
twenty-five years. He agreed to pre- |
pare an amendment to provide for an |
accurate accounting OF transactions by |
brokers.
Abolish Short Sales.
Boyesen declared tho bill as drawn
would abolish short sales. which had |
not been condemned by tho PuJo money
trust COMMITTEES, or by the Hughes In
vestigating committee OF New York.
America still Is borrowing ma
tion," he said "The money saving ma
lions OF the world. like England,
France, and Germany, have much
money invested in American securities.
We have to get foreign capital to de-
Velop our business. To make II I'M
lawful for brokers TO borrow securi
tics to deal with foreign bankers
would impair these transactions end
put foreign bankers eight or ten days
behind the American market"
The committee Will resume It's hear
ings on Wednesday.