The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-11-26
TRADE SECRETS
TO Be GUARDED
Rules Promulgated by Secre-
tary of Treasury Protect
Corporations.
INSTRUCTIONS WILL GO
INTO EFFECT AT ONCE
Only Persons Who Can Show
Right to See Records Will
Get Permission.

WASHINGTON, Nov 25.-Secrets of
corporations aud the intimate details
Of their business are to be safeguarded
by the government under the law
passed by the last session of congress
providing for the fling of returns with
the treasury department for the pur-
pose Of assessing federal taxes.
Secretary of the Treasury MacVeagh
today issued ruling which prevents
pcrusal of the reports by the curious
or by those who might benefit unfairly
by them.
Mr.. MacFeagh DEGREES that the rec
ords of the corporations shall be kept
under guard in the treasury department.
and that no. outside agent of the de-
partment under any circumstances shall
d1vulgc the contents Of the reports.
Neither are any copies Of the reports
to be taken or furnished except to The
corporation making the return. The
text of the secretary's rules follow:
'"The return of every corporation
shall be open to the inspection of the
proper officers and employees of the
treasury department. Where access to
any return is desired By an officer or
employee of any other department Of
the government, an application for per-
mission TO inspect such return, setting
out the reason therefor, shall be III
writing signed by the head of the cI-
ecutivc department or other government
establishment in which such officer or
employee is employed and transmitted
to the secretary of the treasury.
For legal Proceedings
eff, however, the return is desired
to be used In any legal proceedings
or to be used in any manner by which
any information contained in the re-
turn could be made public, or access
to any return Is desired by any off,
cial of any state or territory of the
United States, the application for per-
mission to inspect such return shall bo
referred to the attorney general, and
if recommended by him, transmitted to
the secretary Of the treasury.
"The secretary of the treasury, at
his discretion, upon application TO him
made, setting forth what constitutes
proper showing of cause, may permit
inspection of the return of any aorpo-
ration by any bona flde stakeholder in
such corporation. The person desiring
to inspect such return shall make appli-
cation in writing to the secretary of
the treasury. setting forth the reasons
why he should be permitted TO make
such inspection and shall attach to his
president or other principal officer of
such corporation, countersigued by the
secretary, under the corporate seal Of
the company that he is q bona fiGe
stockholder III said company.
The privilege of inspecting the return
of any corporation is personal to the
stockholders, and the permission grant,
cd by the secretary canuot bc dele
gated to any. other person.
In Effect at Once.
"Thc returns of the following corpo-
rations shall be open to the inspection
of any. person upon written application
to the secretary of the treasury, which
application shall set forth briefly and
succinctly all of the facts necessary to
enable the secretary to act upon tho
request.
''rhe returns of all companies whose
stock is listed upon any duly orgau-
lied and recognized stock exchange
within the United States for the pur-
pose of holding shares dealt in by the
public generally.
CAN corporations whose stock is adj
vcrtiscd in the press or offered to the
public by the corporation itself for
sale. In case of doubt as to whether
auv company falls within the classi6-
cation above, the person desiring TO
see such return should make applica-
tion, supported by advertisements,
prospectus or such other evidence as
he may deem proper to establish the fact
that the stock Of such corporation is
offered for general public sale -
The provisions of the secretary's ruiz
ing go into effect Immediately.