New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-02
Antitrust Legislation Crowded Gut
of the Limelight.

The antitrust bill reported yesterday by SUD
committee Of the Senate Committee on Interstate
Commerce is a shrinking shadow OF the measure
or measures drawn last winter In the iiouSo VI
Representatives with President Wilson's approval
Originally there were four bills now there Is Only
one In this one all that remains OF any positive
value is the provision for the creation OF an INTER
state Trade Commission which is to reheVe tne
Attorney General Of many OF his present lhappro-
pirate and vexatious duties as an intermediary De
tween the government and corporations anxious 10
bring their manner of conducting business into con-
formity with the antitrust law.
The Attorney General should be relieved OF re-
sponsibilty for conducting such negotiations Ihey
are beyond the proper scope OF his ONCE lie
should be expected TO execute the law rather tnan
TO engage in educating possible offenders against
the law and making compacts with them by which
litigation in the courts may be avoided The latter
is the task Of an administrator, pure and simple,
rather than Of an officer Of the judicial department
4 permanent commission authorized to advise
with corporations and TO help them TO keep clear
Of friction with the anti-mOnopoly statutes would
also establish a definite policy of interpreta-
ton than can be expected from the temporary head
Of the Department of Justice An Attorney Gen
erals policy is necessarily individual and when he
goes out Of office an Attorney General Of quite an
other turn of mind may succeed him.
There can be little objection to the creation of
an Interstate Trade Commission to do a work
which is not satisfactorily done under the present
arrangement. But Of the other notifications of law
tackled on to the commission scheme none needs
serious attention at the present session. The one
regulating interlocling directorates would hardly
be recognizable by the authors Of the origi
nal House interloclling directorate measure 1t
seeks to prevent Implications on the boards Of Iii
rectors of only such interstate commerce concerns
as are actually competitive and any company may
have its claim to be noncompettive with another
company passed upon in advance by either the
Interstate Trade Commission or the Interstate
Commerce Commission.
Similarly holding companies are made illegal
only if they hold stock of other corporations which
are actually competitive The wild desire to smash
all interlocSng directorates no matter what the
relations of the corporations concerned, has been
curbed Only one very drastic prohibition survives,
and that is the one against common carriers deal
ing in securities property with corporations of
which any Of their directors officers directors
or officers or dealing in securities with persons
partnerships or unincOrporated banking institutions
under similar circumstances
The excuses of the antitrust campaign started
at President Wilson's suggestion and with his
sanction have been now pretty thoroughly subdued
The country feels that new and disturbing legsla-
ton would be highly inadvisable. Public opinion
has turned cold shoulder TO most of the original
proposals, and they have been abandoned or toned
down to harmlessness. We do not believe that
Congress will recognize any mandate to pass an
antitrust law Of any sort at this session. Con-
gress and the President both have their hands full
with other more important matters The country
will not worry in the least if the bill reported yes
terday is sideracked until next winter or the win
ter after