Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1914-02-03


Banks. national banks. or banking as
sociations, or other banks or trust
companies which are members OF any
reserve bank; and a private banker
and a person who is director in any
state bank or trust company not oper-
ating upier the provisions OF the re-
cent currency law shall not be eligible
tc serve as director in any bank or
banking association or trust company
operating under the provisions of the
law"
Violation of these sections is made
punishable by fine OF 800 day. or
by Imprisonment not exceeding one
year, or both.
Z any two or more corporations
have common director or directors.
the fact shall be conclusive evidence
that there exists a real competition
between such corporation and such
elimination OF competition shall be
construed as a restraint of interstate
trade and be treated accordingly.
The trade commission bill provides
for commission of five members. with
the commissioner of corporations as
chairman, and transfers all the exist
ing powers of the bureau of corpora
lions to the commission.
The principal and most important
duty the commission besides conduct
ing investigations will be to aid the
courts when requested in the forpia-
ton or DEGREES of dissolution.
With this in view, the bill empcw.
ers he court TO refer any part of pend
Ing litigation to the commission, in
GLIDING the proposed decree, for iufor.
nation and advice
Much Criticism for Bills.
The trust bills as framed will be
the subject of sharp criticism on the
part OF progressives of all parties who
claim they do not go far enough 1t
will be declared that the definition of
monopoly remains Inadequate that the
prohibition of unfair trade practice
does not cover this evil in our econ
omic life that interlocking stock con-
troll is not covered and that the pow
ers of the proposed trade commission
are insufficient
1t is interesting to note that the
proposal 10 place the burden of proof
upon combination believed to be VIC
Iating the law has been omitted No
attempt is made TO prevent or destroy
monopoly based on patents. The great
est difficulty exerienced in the effect
i've enforcement of the law has been
found to be in the unwillingness OF
the courts TO impose Jail penalty 1t
remains optional under the proposed
measures whit the courts to fine or
imprison
Trade Board May Disappoint.
In connection with the trade com
mission President Wilson declared ia
his message that the country de
mands such commission only as an
Indispensable instrument of inforIaa-
ton and publicity as clearing house
for the facts by which both the pub
lie mind and the managers of great
business undertakings should be
guided"
The bill prescribes that The commits
sion acts are to constitute public
record" but the body is authorized
to make public the information lin
such form and to such extent as may
be necessary" or by direction of the
attorney general"
IL is apparent that the public mind
cannot be guided unless it has the
facts, and then it will not get unless
the commission or the attorney gen
eral deems it polite.
In other words. public hearings will
not be held as they are held by the
Interstate commerce commission.
Settlement of Differences.
The most important feature of the
bill is that which legalizes the policy
of the administration of terminating
an unlawful condition by agreement
between the combination attacked and
the attorney general
This feature is comprehended under
a section which requires the commits
sion, upon the request of the attorney
general or any corporation affected,
to investigate whether combination
is violating the law. In case the com
exist it must report to the attorney
general a statement of the objection
able acts and transactions and the
establishments necessary for the Of
Tending combination to conform to
the law
These conclusions are TO be "ad-
visory to the attorney general in ter
minating by agreement with the cor
poration affected or by suing the said
unlawful conduct or condition.
In other words, whatever may be
the agreement made by the attorney
general with the combination investi-
gated. it will give the reorganized
combination legal standing, so long as
it conforms to the term of the agree
ment
Thus it is proposed to place by law
a tremendous power In the hands of
the attorney general. This power las
been assumed to attorneys general,
and particularly so by Mr. Mercy
nolds;
Will Give Courts Advice.
In statement accompanying The
bin made by Congressman Clayton,
chairman of the house judiciary com
n,ittee. it is said that the principal
and most important duty of the com
mission. besides conducting inyestiga-
tons. will be to aid the courts, when
requested. in the formation Of decrees
of dissolution