Jasper County Democrat, Volume 16, Number 85, Rensselaer, Jasper County, 24 January 1914 — ANTI-TRUST BILL ENTERS CONGRESS [ARTICLE]

ANTI-TRUST BILL ENTERS CONGRESS

First of Measures Favored by Wilson Is Before House. TRADE BODY IS CREATED Interstate Commlaalon Given the Greatest Power*—Corporations Muat Show Books Under Penalty. Washington, Jan. 23.—The first of the series of administration measures designed to solve the trust problem—the interstate trade commission bill — was Introduced in the house on Thursday by Representative Clayton, chairman of the house committee on the Judiciary. It had been approved by President Wilson, Attorney General Mcßeynolds and Joseph E. Davies, commissioner of corporations, and probably will become a law without substantial change. Three other measures prepared by a Judiciary cub-sommittee for submission to the full committee were made public Im accordance with the president’s program of publicity. Hearings will be held on them all. Subjects of Other Bills. The three bills to be Introduced embrace the following subjects: Prohibition of Interlocking directorates of Industrial corporations, railroads, banking or trust companies, to be effective two years after approval. Definition of the terms of the Sherman anti-trust act, specifically to include within the meaning of “conspiracy in restraint of trade” every contract, combination in the form of a trust or otherwise; within the meaning of the word “monopiles” certain definite offenses, all of which would beyprohlbited, and fixing guilt on inldiA trade-relations measure designed to prohibit “cutthroat” competition through price discriminations, discounts, rebates, territorial restrictions, etc., and giving individuals injured by reason of anything forbidden in the Sherman act the right to bring suits In equity against corporations against which decrees have been obtained by the government. Trade Commission’s Power. The bill already introduced creates an interstate trade commission and gives it the most far-reaching powers ever delegated by congress to any administrative body, surpassing even the authority conferred at different times on the interstate commerce commission. Common carriers which are regulated by the interstate commerce commission are exempted from the operations of the trade commission. Every other corporation engaged in interstate commerce, however, comes under the jurisdiction of the trade commission, which will consist of five commissioners who will receive annual salaries of SIO,OOO each. Davies to Be Chairman. The bureau of corporations will be absorbed by the trade commission. Joseph E. Davies of Wisconsin, present commissioner of corporations, will become chairman of the commission. The commission will have authority to investigate either on complaint or on its own initiative any corporation which is charged with or suspected of violating the Sherman anti-trust law. At the request of the attorney general it will also make investigations for the purpose of acting in an advisory capacity in negotiations for the voluntary dissolution of trusts and monopolies. Power to Get Firms’ Books. Authority is conferred on the commission to demand the production of books and documents needed for its inquiries under penalty of SI,OOO a day for conviction of failure or neglect to comply with the order of the commission. The commission will also have power to subpoena and compel attendance of witnesses it desired to interrogate, and hearings may be held anywhere in the United States, although the commission will maintain headquarters in Washington. Immunity will be granted only to natural persons testifying under oath in response to a subpoena of the commission- The authority of the United States courts may be Invoked in case of disobedience of the orders of the trade commission. The membership of the commission is regulated so that one member will quit each year so as to provide continuity of policy, each member serving seven years.