The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-20
Wilson Wants New Bills
to Supplement That
Measure.
SMALL BUSINESS
TO BE PROTECTED
Creation of Interstate Trade
Commission Regarded as Cen
trail Figure of Trust Program.
Four Proposed Bills May
Be Drafted Into One
by Committee.

Washing ton. February is.--Presideni
Wilson desires that bills dealing with
the trust problem be so phrased and
adapted to the decisions already rem
dered by the United States Supreme
Court on the Sherman antitrust law,
that the efficiency of that statute
neither shall be impaired nor COM
plicated. but properly supplemented.
Callers at the White House to-day
were told by the President that this
was the principal object of his confer
ence last night with Attorney General
McReynolds. 1t explained that the
Attorney General. whose counsel and
advice was being sought by congress-
sional committees. had given him n de-
tailed idea of the extent to which
some of the things row proposed nigh:
conflict with the Sherman law.
The President regards the bill
creating an interstate trade commits
sion as the central figure of the trust
program. He said recent study OF
the statute creating the Bureau of
Corporations. had convinced him that
this bureau had much greater powers
than generally was realized. He be-
liered, however, that the trade COM
mission should include the Br.cau of
should be given to the commission.
Protect Small business.
Mr. Wilson indicated in his talks that
serious consideration had been given
in the framing of the trust lcgisla-
ton to provisions that would protect
sinall business concerns from statutes
prohibiting trade arrangements and
com binations He suggested that il
was difficult thing TO frame an eX-
emption in terms of dollars. and for
this reason did not believe 1t was prac-
ticab1e to exempt all firms under $5,-
100000 in capitalization from the In
quisitorial process of the Interstate
trade commission as proposed, but
that some other plan would be worked
out
The House judiciary subcommittee
to-day virtually completed the holding
the Judiciary Committee for the ad-
ministration trust legislation program.
Final touches will be given to- morrow,
and 1t Will be introduced probably by
the first of next week.
The subcommittee is considering and
II, may s, agree & to redraft all four Of its
meanarss those deaiing with holding
trade relations and definitions of re-
straints of trade. into one bill, to be
introduced at the conclusion of hear
ings scheduled for the last OF the
week.
The holding. company bill. as framed
to-night. would prohibit the existence
or holding corporations. 1t eXcepts
from the Inhibition such concerns as
the great life insurance companies.
Stock and Bond Issues.
Chairman Clark and Commissioner
Clements, of the Interstate Commerce
Commission to-day discussed the pro-
posed measure to regulate stock and
bond issues before the House Commit
tee on Interstate Commerce.
Chairman Clark was doubtful OF the
eNpedtency of the proposal to exempt
Federal supervision, saying If they
were excepted there might be eXpct ed
TO follow applications for permission
10 issue refunding paper.
He thought IT might lead to inter
ference with legitimate regulation. He
urged legislation amending the Hep.
burn act of 1906. SO that the commits
sion could investigate the books and
other records of the Louisville and
Nashville and other. roads back of that
date. EIe said, the issue as to whether
the records prior to 1906 were sealed
| book was being fought out with the
Louisville and Nashville, now in a
commission's 8 asserted right.
| Mr.. Clark expressed the belief that
with the proposed control OF capital
ization people would have more con-
hdence in stocks and bonds, feeling
| that the railroads were organized as
| business enterprises for transporta-
ton and not for manipulation by Wall
street. He said the new generation, in
handling railroad properties more and
| order of business ethics. Railroad
| people to-day, he added, would scorn
| to do the things that once were con-
| Hearings before both committees of
| tho House probably Will close the last
! of next week.