The Birmingham age-herald., 1914-01-15
PRESIDENT TELLS
LEADERS HOW TO
REGULATE TRUSTS
Gives Out Line of Proposed
Legislative Reforms in
Conference With the
Judicial Committee

Washington. January 14.-President Will
son took into his confidence today on
the subject of antitrust reform demo-
cratic members of the Senate committee
on interstate commerce and subeom-
mttee of the House judiciary committee.
With these committees, which will be in
charge of antitrust legislation, the Presi-
dent spent several hours reading his
Forthcoming message and pointing ont
the general lines along which he believes
trust legislation should be framed. From
the conferences, the following programme
was assured:
Prohibition of interlocking directorates
in banks, trust companies and allied in
dustrial corporations.
Elimination of uncertainty as to what
constitutes restraint of trade under the
Sherman law through specific definition
of monopolies and trusts, SO that there
can be no reasonable" restraint of trade.
Removal of all possibility of Immunity
baths" for offending corporations or In
dividuals.
Establishment of an interstate trade
commission which would take over the
bureau of corporation, serve as an auxil-
tice. and act as a bureau of information
to which the business world could direct
inquiries, but which would have no power
of granting immunity or of regulation.
Provisions in every case FOR penalties
based on individual responsibility and
personal guilt.
Does Most of Talking
The President today did most of tho
talking. with occasional Interruptions
from his visitors. Details were left to
the committees themselves to work out
in cooperation with the President the
department of justice and the depart
ment of commerce. The President en-
phasized his desire that the task be ap-
preached in a friendly rather than hos
| tile spirit toward the business world and
expressed hope for a common agree
mnt among leaders in Congress who have
been active in pressing antitrust meas
ures.
Although senators and members Of the
House would not discuss the details of
the message there was a general express
| sion OF approval of its contents.
I'VE Just had discussion of the gem
eral subject with the President said
Chairman Clayton of the House commit
tee "He read his message and we en-
tered into discussion afterwards of the
problem of interloeking directorates. We
did not finish it and viii have other con-
ferences soon.'
Asked if the House subcommittee out
| lined to the President some of its bills,
Mr.. Clayton replied;
1--WE did not come to give the President
our ideas, but to get his.
In Hearty Accord
| Mr.. Clayton and committee members
said they were In hearty accord with tha
Presidents views.
! Earlier in the day similar expressions
| came from Chairman Newlands and MEM
! bers of the Senate committee. Some of
| them said the Presidents ideas struck at
| the root Of existing evils, urging legisla-
| tion that would not be destructive, but
| tend rather to upbuild business.
The President indicated his desire that
| the subject should be promptly, though
carefully, considered. and. disposed OF, II
possible by the middle of June.
| The days developments made II certain
/, that the tentative bills already prepared
! by the trust subcommittee of, the House
| judiciary committee would be framed
particularly to include for an interstata
| trade commission, which the subcommit
| tee had not embodied in its plan.
| Both committees have determined to
| go ahead with the work of drafting the
! BILLS, eliminating hearings. as they con-
| slider enough information on the subject
already is at their disposal.
| May Create Commission
| TIE opinion was expressed by several
! senators and representatives that the
| proposed Interstate trade commission
| wI,Ild be created. but with limited powers
| There are pending in Congress several
| BILLS providing for a trade commssion
.Continucd ON Page Nins)