Fair play., 1914-01-31

OF lfTeparable loss or damage Is I'M
mediate.
Hits lnterloekins Oircctorates.
Concerning directorate. the bill on
that subject, which ia 10 become ef.
fectivc two years from date Of ap.
proval of the act, provides
NO person engaged as an lndivd.
ual or as member Of a partnership
or as a director or other officer of a
corporation In the business of selling
railroad cars or locomotives, or rail
road rails or structural steel, or min.
ing or selling coal, or conducting
bank or trust company shall act as a
director or other officer or employe OF
any railroad or other public service
corporation which conducts an inter
state business
No person shall at the same time
be a director or other officer or en-
ploye in two or more federal reserve
banks. national banks, or banking as
sociations, or other banks or trust
companies which are members OF any
reserve bank; and private banker
and a person who is director in any
state bank or trust company not oper.
ating under the provisions of the re-
cent currency law shall not be eligible
TO 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 a day or
by imprisonment not exceeding one
year or both.
If 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
tions to the commission.
The principal and most important
duty the commission besides conduct
ing Investigations will ba to aid the
courts when requested in the forma-
tion of DEGREES Of dissolution.
With this in view, the bill empow-
ers he court to refer any part Of pend.
ing litigation to the commission, in.
cluding the proposed decree, for infor.
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 It
will be declared that the definition of
monopoly remains inadequate that tho
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 10 note that the
proposal to place the burden OF proof
upon combination believed to be vic.
lating the law has been omitted No
attempt is made to prevent or destroy
monopoly based on patents, The great
est difficulty experienced In the effect.
i've enforcement of the Law has been
found to be in the Unwillingness of
the courts to impose Jail penalty. II
remains OPTIONAL unier the proposed
measures whit the ccrlts 70 fine or
imprison
Trade Board May pisappoint.
In connection with the trade com.
mission President Wilson declared in
his message that the country de
mands suck commission only as aa
indispensable instrument OF ipforma.
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 prescrihes that the commits.
sion acts are to constitute a public
record" but the body is authorized
10 make public the information in
such form and to such extent as may
he necessary or by direction OF the
attorney general"
Settlement OF Differences.
nc MOST important IeatuFe OF the
bill is that which legali2es 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.
mission should find the violation to
exist 1t must report to the attorney
General n statement of the objection,
able acts and transactions and the
readJustments necessary for the OF,
Tending combination to conform to
the law.
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