Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-01-10
General Outline Of Proposed
Action by Next Congress.
A Bill to Inhibit Inter locking
Directories Most Important.
Drastic Provisions to Stop Agree.
ments on Regulating Prices.

Washington, Jan. "a general out
line of antitrust legislation prepared
by majority members of the House
committee on the judiciary for action
by the full committee, subject to a
conference with President Wilson, be-
came known tonight. The bills draft
ed cover these three main points:
Interlocking directorates.
Trade relations and prices.
Injunction proceedings and damage
suits by individuals.
In every case President Wilson's idea
of providing penalties for individuals
as we'll as for corporations in case of
violations has been followed.
The bill to prohibit inter-locking di-
rectorates is regarded by the commit
tee members as the most important of
the three. The tentative draft provides:
After the 23rd day of Dec. 1914, an
officer or director of a Federal Reserve
Bank, a branch bank, national bank
or banking association or any state
bank, banking association or trust
company admitted to membership in a
Federal Reserve Bank, shall not be an
officer or director of any other bank
banking association or trust company
or of any financial corporation, insti-
tuition or association engaged in the
business of banking. Nor shall he en-
gage in the banking business individu-
ally or as a member of firm or asso-
cation engaged in such business, nor
shall he be any officer or director of
any other corporation, organization or
association, the principal part of whose
al.thnFiZg1 hnC fc To
sell or hold the stock, bonds, securities
or evidences of Indebtedness of corpor-
atoms, organizations or associations
OF to finance the sale of such stock,
bonds securities or evidences of in
debtedness, or to negotiate loans to
corpora tions, organizations or associa-
tions, nor of any other corporation. or
ganization or association conducting
principally such authorized or actual
business
"A director of Glass a of Federal
Reserve Bank may be an officer or
director or both an officer and direc-
tor OF one member bank"
The other two classes are prohibited in
the currency law from holding the other
offices.
The effect of the industrial corporation
feature of the interlocking director bills
would be of the most sweeping character.
cutting out the interlocking arrangements
mad enabling the directorshlps and con-
troll to pass to a large army of new
men instead of keeping the industrial
control of various lines of activity in the
hands of a few. The bill would not be-
come effective until two years after pas
sage, in order to allow adjustment of
business arrangements.
The other measures would take effect
Immediately upon passage.
The bill designed to stop agreements
for regulation of prices has drastic pro-
visions. 1t is designed to stop effectual-
~ the fixing by wholesalers of the prices
at which the manufactured articles shall
be sold to the public and to prevent big
business from entering into contracts to
control prices of any commodity. 1t has
been drawn with view to stopping Sc
cret agreements and "gentlemen's under
standings" SO far as that can be done.
The measure on injunctions and dam
age suits would give individuals as we'll
as the government the right to start in
junction proceedings. In any civil pro-
ceedfng begun under the Sherman law
by the federal government in which
judgment or final of introductory decree
for been entered. holding the defendants
guilty of acts prohibited by the act, It
would permit individuals claiming to be
injured by such conduct to be admitted
as party to the suit with the same
relief as if they had brought an indie
pendent suit This would give the indi-
vidual the benefit of the results of a
proceeding by the government