New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-24
Too Much Bluff and Buster in the
Antitrust Bills.

The four administration antitrust "'''S 'D'' ,,...,
-. - 1;eoroncc there is between outlining
W ..,,no.os O constitution Of peace for ouSl-
nose and framing laws which VIII really oiins "",
rosce 70 the distracted business community -
hard to translate academic generaliueS ln'o '"''
and regulations. The bills prepared by iIe'i'e"
Wilson'S helpers in Congress consequently Ian ''
short Of the rounded grace and cheerful peheNo'e"0'
Of the recent antitrust message
Taken as a whole they seem to he sop u '''i>'
onirion inside and outside the Democratic p"i''
rather than constructive effo-t to lessen '"e o'''
or MONOPOLY. They would have the effect oil leSSe"
ing the appearance Of monopoly ratne' ina" ~"
,root,ce rbev mt more teeth in the antitrust law
bnt many of those teeth are for show not Tor use
rake the draft of the bill abolishing interocNlns
directorates President Wilson urged congress l"
cut tbe interlocking ties between the ralIroauS anu
the generations and banks which nave nnaIcl"'
dealings with railroads. 1t IS well TO try 10 aoate Oe
o, Of directors in one corporation selling 10 'nen'
selves or buying from themselves in their capac"'
rs directors in another corporation. But the pro-
bibitiops of the bill go miles beyond that' Inc!
forbid q person to be a director officer or enpio!e
IF railroad company if he happens to he III
rector or partner in concern mining coal OF III"
featuring railroad supplies even II the rallroau an"
the concern are physically as far apart as Maine
and Hawaii and never have done and never are
likely to do business with each other
It is the same way with the banks great ma
ioritv of the banks in this country are small country
banks with purely local interests Yet director IN
= hank in Penn Van or Ogdensburg would be ophgeu
70 resign if he happened to be holder OF STOCK III
trolley line operating between Texarkana Arh' anu
Texarkana Tex and wanted to protect hmseH o3
qualifying as an officer or director IN the uoheS
company That is not the sort of law to do away
with the real evils of nerockng directories W ny
not saw that the prohibition against double drec-
torates shall extend only TO concerns when nave
business relations with each other? The present
much too drastic bill would if enacted, simply aug
mont by thousands the existing army of dummy
directors.
The two bills further defining restraints Of trade
only multiply phrases. without adding An ota TO the
strength Of the Sherman law The law as it has
been interpreted by the courts is more adequate and
farreaching than any of the new CLOSES upon IT,
The courts do not need the guidance of the addi-
tional definitions Their chief value is to give the
public an impression Of overtime activity in It's
interest.
The Tribune has already commended the principle
Of the fourth bill which establishes commission
TO do the work of mediation now deyolving upon the
Attorney General In 50 far as it substitutes Il
board for an individual as the agency to represent
the government in dealing with interstate business
this bill is a sensible administrative measure.
All the bills must run the gantlet of committee
consideration and amendment in the two houses
That is fortunate They need careful study and
pruning As was the with the currency project.
they may finally be beaten into a far less objec-
tionabe shape