10. Penalties and suits to prevent violation of anti trust laws.—Violation of the United States trust laws is considered a crime, for the punishment of which the court generally specifies definite penalties. The per sons who are injured usually bring private suit. If this is done, whatever damages are proved are usually multiplied by three, to ascertain the amount of the judgment. Injunctions to prevent the continuance of' the prohibited acts may be sought. Section 14 of the Clayton Law is thought to be sufficiently terrify ing to halt the most daring. It provides that when ever a corporation violates any of the penal provisions of any of the anti-trust laws, the individual directors, officers or agents who have authorized, ordered or done any of the acts constituting such violation shall be held responsible. The punishment upon conviction shall be a fine not exceeding $5,000, or imprisdnment not exceeding one year, or both.
11. Federal Trade Commission.—At least some mention of the Federal Trade Commission is essential to a complete treatment of the subject under discus sion. The Commission, which consists of five mem bers appointed by the President, has power to require annual and special reports from all corporations, ex cept banks and railroads, engaged in interstate or for eig,n commerce. It may also prescribe what tbese re ports shall contain. But the Commission may not prescribe uniform systems of accounts, a power which the Interstate Commerce Commission possesses for the railroads. The difficulties in the way of formulat ing such accounting systems for different lines of busi ness were readily appreciated by Congress when the act establishing the-Commission was drafted. How
ever, any person who makes a false entry in an ac count of any corporation subjected to the Commis sion's jurisdiction is guilty of a misdemeanor. The Commission has the right to inspect all books and ac counts; their inspection largely precludes the possi bility of false entries being made the means of fore stalling legal action. The Commission may publish any of the information that it collects, except "trade secrets" and the names of customers.
12. Power of Federal Trade Commission to enforce anti-trust laws.—The Federal Trade Commission is given certain powers in regard to the enforcement of the anti-trust laws. It may institute hearings, and if it finds that the defendant has carried on unfair competition, made discrimination in regard to prices, or violated the law concerning corporate stockholders or interlocking directorates, it may issue an order to prevent further violation. If the findings of the Com mission are supported by testimony, they are final as to the facts.
If the Commission's order is not obeyed the case goes directly to the Circuit Court of Appeals, whose jurisdiction over the orders of the Commission is ex clusive, and whose judgment and decree are final. The Commission has the authority to recommend to the court a proper decree for the dissolution of a com bination found to be violating the trust laws. It also has the right to investigate the m.anner in which the decree at dissolution against the defendant in a mo nopoly case is carried out. It is to be hoped that this power will be sufficient to insure the observance of the anti-trust statutes in spirit as well as in form.