Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-23
President Makes It Clear That
No Inquiry Into Previous
Stock or Bond Issues Is
Contemplated,
NEW COMMISSION TO
HAVE FIVE MEMBERS
Term of Office Is Fixed at Sew
en- Years, Except First Ap-
pointeeS, and Salary Is to
Be Ten Thousand Dollars,

tsy MORNING JOURNAL sptctAl LEASED wiRrl
Washngton Jan 22 Four ~ the
proposed bills to supplement the Sher-
man antitrust act suggested by
President Wilson in his recent mes
sage to congress. were made puplie
tonight. one OF them, the measure 20
create an interstate trade commits
sion. was introduced during the DAY
in the house by Representative cay
ton, chairman Of the judiciary COM
mittoe.
Three other measures prepared by
the house Judiciary subcommittee
for submission aud consideration pJ
the fun committee. were given to the
public in accordance with the presl-
dents program of publicity Hearings
viii be held on all of them
The three bills to he introduced TO-
morrow embrace the following sun
ieOts
Prohibition of interlocking directo-
rates of industrial corporations iail-
roads. banking or trust companies, {"
be effective two years after approval
Definition of the terms Of the Sher-
man antitrust act 10 specifically M
cludc within the meaning of CON
spracy i'm restraint of trade every
contract. combination in the form oi
"a trust on otherwise within the mean
ina of the word "monopolize, Ger
foin definite offenses. an Of which
would he prohibited. and hXins guilt
upon individuals
A trade relations measure deslgnea
to prohibit "cut throat competition
through price determinations. dis
counts. rebates. territorial restrictions.
etc.. and giving To- individuals injured
hy reason of anything forbidden ~
the sherman act. the right to hrine
suits iu equity against corporations
against which DEGREES have been ODD
tanned hv the government
Chairman CLAYTON announced mat
"a fourth projected measure Whieh
would provide for government resula-
tion of railroad securities. had not
been drafted and would he taken up
by the house and senate interstate
commerce committees.
President Wilson's message 20 con-
gress suggesting antitrust legislation
supplemental to the sherman law
which would eradicate evils of big
business and restore confidence and
commercial activity bore its first trull
today when @ bin TO create an inter
state trade commission was intro
duced in the house.
Following a conference between At
torney General McReynolds Senator
Newlands, of the interstate commerce
committee Representative clayton,
chairman. and other members of the
judiciary subcommittee, Mr. Clayton
submitted the measure and il was re-
ferred To the interstate and foreign
commerce committee. An effort 10y
Senator Newlauds to introduce the
bin simultaneously IN the senate was
blocked by Senator smoot owing to
debate ON the Alaskan railroad bill.
While tho president recommended
in his message The supervision by the
Interstate Commerce commission IF
the issuance of railroad stocks and
bonds, he took occasion today TO en-
phasize that this did not necessarily
mean that past issues of securities
would he inquired into or effected hA
the present legislation Nor did the
president consider that the regulation
of railway securities has anything 90
do with tho subject of regulating
stock exchanges Legislation ON this
subject. he explained. was not recom-
mondcd in the demoe-atic platform
and he did not feel that he should
recommend anything that had not
been included in the platform
The commission proposed by the
bill introduced today which would ah-
sorb the bureau of corporations ana
which would have as its first chair
man the commissioner Of corpora
tions--in this case Joseph W Davies
of Wisconsin--wo consist of i've
members. salaried at 10000, and
would have powers Of inQuisition over
an corporations. save common car
riers which are regulated by the In
terstate Commerce commission. II
also would act as an advisory board
to the attorney general and the courts,
but IT'S most important function Is de-
signed 10 assist business and the gov
ernment in preventing violation of
tho sherman act; In aiding the at
torney general TO terminate alleged
unlawful conditions hy agreements
such as have recently been executed
in the American Telephone Il Tele-
graph Co. and New York. New Ha-
ven & Hartford railroad cases. In
this capacity the commission would
serve. in accordance with the sugges-
ton Of the president in his message.
ms the business agent of the "consti-
tuition Of peace.
OF the five members Of the body,
not more than three would DE Of the