The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-18
Document Has Already
Been Approved by Dem
ocratic Leaders.
TUESDAY is DATE
FOR PRESENTATION
Prohibition of Holding Com
panies Is Another Important
Feature of Program-Presi-
dent Wants Business to Have
Ample Time to Adjust
Itself to Conditions.

Washington. January 17.-President
Wilson to-day announced that he would
read his message on antitrust reform to
Joint session of both houses of Con-
gress OH Tuesday. The President al
ready has shown the document to Dem
ocratic leaders in Congress. members
or the two congressional committees in
charge OF the legislation. and to mem
oers or the Cabinet. All have ex-
pressed approval
The President has left to Congress
the task of framing the detailed rem
edies. Besides the provision for ali
interstate trade commission, the pro-
hibition of interlocking directorates.
and reduction of the "debatable area
OF the sherman law. three hitherto UNI
announced features OF the Presidents
plan are known.
Three New Fenturcn
1. Trohibltion Of holding companies
Corpoi atoms would be sorhidGcn is
own or hold shares or be Interested In
the business of actual competitors; the
acquisition OF stock or interests in nom
competitive concerns would be possible
only with the consent of the Interstate
Commerce Commission or the proposed
interstate trade commission.
2. Empowering the Interstate Com
mcrce Commission to regulate and SUI
pervise the issuance of railroad bonds
so the public would exercise through
tho commission q certain control over
the future use to which money obtained
from the issue of stocks or bonds
would be put.
3. Whever at the instance of the
government, either in civil or criminal
proceedings, the courts have rendered
Judgment on the unlawfulness of any
combination, individuals or concerns
aggrieved through the combination
! Lac IN y, -
dication and not be required in their
suits to prove again the illegaIity of
the combination.
The President has dealt with those
general principles on which he believes
public sentiment is agreed that correc-
ton is necessary. He has emphasized
that spirit of friendliness should
characterize the work OF reform To
this end this thought Is behind the an
nounced program of public hearings on
the proposed bills. The President hal
made 1t plain that the business world
should be given full opportunity 10
express its Views.
Time for Adjustment.
The President Is anxious, too. that
ample time be given In the legislation
Tor all business to adjust itself to new
conditions even to a period of from
one to two years.
The President considers the prohibit
ton of holding companies as a yitnl
part OF the program. He believes that
beginning with the decision by the
United states Supreme Court in the
Northern Securities case holding com
panies nave come under the ban of
public disnDproval. While Governor,
or New Jersey he obtained legislation
prohibiting holding companies In that
state and permitting only such mer-
gers OF noncompetitive concerns ns
were sanctioned by the Public Utilities
Commission.
An analogous function. it is under-
stood' now would be given to the new
Interstate trad commission through
IT'S powers of inquisition and investiga-
tion OF what constitutes competitive
and noncompetitive conditions. Tt is
recognized by administration advocates
or this feature that there are many
cases In which wide-sweeping prohi-
hilton Of holding companies might pre
vent the organization Of useful ends
The supervision OF the issuance of
railroad securities is to be received in
the belief that railroad capitalization
and the Issuance of stocks and se-
curities is closely involved with in.
creases or decreases In rates, and that
through the Interstate Commerce Com
mission. the public would be safe
guarded. Close scrutiny Of bills aimed
TO cover this point is intended that
the government may not be placed in
the position of sponsor for stock Is
sues.
IT has become apparent that the
President is determined that the Sher-
man antitrust law remain unaltered
and that new laws shall strengthen
it in certain particulars.
No Administration Measure,
II became known to-day that Repre-
sentative Stanley's bill amending tho
sherman law was not discussed with
the President before its introduction,
and was offered merely for the use OF
the judiciary committee 1t Is not re-
garded as an administration measure.
innnEn In a.