The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-15
HOLDING COMPANIES
TO GET MORE LEEWAY
Prohibition Against Inter-
locking Boards More
Drastic.
UNIONS TO BE PROSECUTED
President Opposed to Exempting
Labor and Farmers So
cieties Entirely.

WASHINGTON. April II. - Important
changes In the Administrations pro-
gramme Of anti trust legislation are pro-
posed in a bill introduced In the House
..,o-day by Representative Clayton. chair
man Of the Committee on the judiciary.
By direction Of President Wilson tho
antitrust programme, heretofore made up
OF four tentative bills is embodied in one
measure. 1t is the opinion of the Admin
is,ra,ion's leaders that 1t will be easier TO
pass one antitrust bill than a series Of
four.
The revised programme softens the
restrictive features OF the original bills IN
.ome respects. This Is notably the case In
the provisions dealing with holding COM
panies Other features of the revised
programme are more drastic than those
provided In the hrst instance.
This is true in the matter OF the pro-
hbitions against interiocking directorates.
In the anti trust bills as originally pre-
he legitimate growth of corporations
were prohibited. Under the revised pro-
gramme the holding company prohibition
does not apply to subsidiaries Of this
character.
BLOW ~ New York Seen.
The provisions relating to interlocking
! drectorates are broadened so as to pro-
hbit relations of this character between
private banks and trust companies In all
titles with population OF more than
100000. II is understood that this pro-
vision was adopted with a view OF
breaking up relations of big bankerS
particularly In New York.
Another amendment to the chapter deal
Ing with lnterlocling directorates Is that
restricting the law to banks with re-
sources Of more than s2,500.000 instead
OF TO all banks and other financial con-
Germs without regard to resources.
The new feature Of the new antitrust
programme that Is expected to cause a lot
Of trouble In a political way Is TO be
found IN the provisions dealing with labor.
The bill offered to-day has the approval
w
\ sanlzed labor will find formal notice from
\ the President that he Is opposed to ex-
tempting unions and voluntary associa-
! ions of farmers from prosecution under
the t-trust laws.
Work on the Clayton bill will be begun
before the House Judiciary Committee
Thursday, 1t is expected that n report
on the measure will be made to the House
within the next two weeks President
Wilson expects the bill to be passed before
Congress adjourns. There will be no diff
Guilty in putting the bill through the
., hopse, but IL action is to be had in the
Senate the session will be prolonged until
early In the fall, Despite this the Presl-
dent is determined upon action.
section Of the Clayton bill gives .
legal status TO union labor as nj present
organized. hut does not except II from
prosecution for acts that are declared BY
'h- antitrust laws to he Illegal. As
concession to labor Chairman Clayton
embodied IN the bill provisions limiting
me power Of the Federal courts in issuing
I inJunctIons and providing jury trials in
leases of indirect contempts
1 'FSVbat q bt0ture.
Throughout the bill offered to-day the
rNn"'ple OF personal guilt Is applied to
N' offences that are held to be unlawful
~ 'he revised programme Chairman
gay ton has softened the provisions pro-
N'ing interloc klng directorates and
ling companies.
Important changes were made in the
prov Sions relating to interocking direc =.
'orate' The tentative bill dealing with
Ws subject prohibited interlocking direc-
:. '''''"- among banks regardless OF CAPT =
Wzauon The Clayton bill excerpts all
""hh' with resources Of less than ~. 500
wv" from the application Of the proposed
Law.
me only material change in the provi-
S'h' relating to price cutting is the adop-
Ton OF section Furnishing by fine and
'"pf'sonment those who resort to such
un'1lr' trade practices. +fN
Hf direction of the President Chair
man clayton and his associates decided
10 abandon the tentative bin that sough,
10 define the terms monopoly" ana ''mo-
inpoization"
v - admitted by Administration leader,
, '0a' organized labor probably will not bs
s'NSHed with the new anti-trus bill. Mr.
"'npers demanded IA straight out exemp.
''H clause in behalf of organized labor
the hope of the leaders that tn.
compromise evolved will prove PARTIAL,
satisfactory TO the labor interests con
c'r.ad
1ae Clayton bill gives n legal statu,
Continued on Fourth PaDe,