The Birmingham age-herald., 1914-01-10
GENERAL OUTLINE OF
WILSON'S ANTITRUST
PLANS MADE PUBLIC
Bills Drafted by Clayton
Committee Cover Three
Main P0ints-WilsOn's
Idea Followed

Washington. January 9.-A general out
line of the tentative draft of antitrust
legislation prepared by majority members
of the House committee on the Judiciary
for the action by the full committee. sub
ject to a conference with President Will
son became known tonight.
While members of the committee talked
with the President some weeks ago the
proposed bills SO far have not the admin
istration stamp, and they will be dis
cussed at a conference between the Presi-
dent and the committeeman Immediately
following the Presidents return.
The bills, drafted after conferences be-
tween Chairman Clayton, Representative
Carlin of Virginia, chairman of the trust
subcommittee and Representatives Floyd
Arkansas: Mccoy, New Jersey, and
others. cover these three main points:
!. Interloeking directorates.
2. Trade relations and prices.
3. Injunction proceedings and damage
suits by individuals.
Wilson'S Idea Followed
In every case President Wilson'S $ idea of
HIONlulllS ptlldilicS loi liiebNiduttiS
we'll as for corporations case of violations.
has been followed 1t was decided 1t
would be better to draft several bills in
stead of Incorporating an antitrust pro-
posals in an. omnibus measure, supplement
tary to the Sherman act. An attempt to
define combinations and conspiracies in
restraint of trade, far as possible,
has been made in the. bills already pre-
pared.
The bill to inhibit interlocking direc-
torates is regarded as the most important
of the three 1t applies to banks and trust
companies and TO every industrial cor
poration engaged in interstate trade The
tentative draft of this measure provides
that:
After the 23d day of December, 1914
an officer or director of a federal reserve
bank, branch bank, national bank, or
banking association, or any state bank,
banking association. or trust company
admitted to membership in federal re-
serve bank shall not be an officer or di-
rector of any other bank, banking assoc
cation or trust company, or of any finan-
cial corporation, institution. or associa-
ton engaged in the business of banking
Nor shah he engage in the banking busi-
ness individually or a member of a
firm or association engaged in such busi-
ness; nor shall he be an officer or direc-
80
or association, the principal part of whose
authorized or actual business is TO buy
sell or hold the hold stock, bonds, securi-
ties or evidences of Indebtedness of cor
porations. organizations, or associations
or to finance the sale of such stock
bonds. securities or evidences of indebet-
edness, or to negotiate loans to corpora
tions. organizations or associations; nor
of any other corporation, organization
or owning stock or interest in a corpora
ton, organization or association, conduct
ing principally such organized or actual
business.
May Be Officer in Bank
"a director of class A, of a federal
reserve bank, may be an officer or a di-
rector, or both an officer and director
of one member bank"
Tie other two classes are prohibited
in the currency law from holding the
other offices
by Representative Mccoy and is under
stood to have the approval of other ju-i
dietary members.
The effect of the industrial corporation
feature of the interlocl1ing directorate bill,
the committeeman say. would be of the
most sweeping character, cutting out the
interlocking arrangements and enabling
directorshirs and control to pass to a
large army of new men, instead of Keep
ing the industrial control of various lires
OF activity in the hands of few Under.
it's terms, no officer or director in any
Continued on Page Twsl