The Washington herald., 1912-05-11
PLAN commission
FOR REGULATION
Of CORPORATIONS
Trade Body Provided inNew-
lands Bill Similar
to /. c. C.
AGREEMENT PROBABLE
Members of Senate Committee Have
Passed on Four Sections
Of the Measure.
AGREEMENT PROBABLE

sroVIding ror an fndependeuI JudIciaI
commission. clothed with powers OF reg
uIation. over corporations engaged N
Interstate business similar 10 those vest
ed IN the Interstate Commerce Comnls-
sion with regard to common carriers, q
BnT ~ rapidly pefng agreed upon 1y rne
Senate Committee on Interstate COM
Herce, winch Is believed 10 be enc OF
the most important pieces or antitrust
legisiauon projected oy TINS Congress.
Inc bflI provides for the creation OF
an Interstate trade commission. II was
learned yesterday that the committee
have agreed upon four sections OF the
bin and that there Is every fndicatiou
OF an early agreement with few minor
amendments on the remaining secuons
The COMMITTEES, which is proceeding upon
motion py Senator Cummins, is con-
sidering q bill introduced BY senator
Newlands. OF Nevada, Democrat. The
committee. It Is understood, VIII con-
tifanue the consideration of this meas
ure until It has been perfected, to the
exclusion OF an other DiIls relating 10
trusts.
Four sections Of the bill have been in
spected and passed, and II was stated
yesterday that the committee expected
to complete the measure within a short
urae- The sentiment Of members Of the
committee is said TO have crystallized in
favor OF the creation of an interstate
trade commission. and II has been de-
cided that no legislation proposing con-
ditions or regulations or prohibitions rel
ative to trusts win be touched until the
committee Is satisfied with the trade
commission bin.
SeDarate from Department.
Section two, Of the NewIands bill. which
has been perfected and agreed upon, pro-
vides that the Bureau Of Corporations
shall be separated from. the Department
Of Commerce and Labor and shall there
after be known as the Interstate Trade
Commission. An Of the powers, duties.
and funds belonging or pertaining to the
Bureau Of Corporations win thereafter
belong or pertain 10 the newly created
trade commission and all Of the oficiaIs
Of the present bureau shall be trans
ferred TO the new commission.
The committee has agreed TO section
OF the. bill, which provides that every
corporation whose annual gross receipts,
inclusive Of the gross receipts of its SUBJ
sidiaries, If any, exceed 5000 OO0 en-
gsged I'm interstate commerce, shall fur
Hish 20 the commission in writing state
ments showing such facts as TO it's or
Ganization. financial condition. and oper-
- may Dc pIG1CIloeQ Dy Ine COM
mission. Similar statements will also
he made by subsidiary companies, and all
such statements shall be verified under
oath by officers of the corporation. This
section excepts from Its provision COM
mon carriers and banking and trust
companies, but Includes pipe lines.
Powers OF Commission.
II Is provided in other sections Of the
bill that the commission, or its duly
authorized agents, shall have complete
access to all records. accounts, min
utes. books. and papers Of such cor
porations, including the records Of any
Of their executives or other committees.
Failure or neglect Of any corporation to
comply with this provision within sixty
days after demand shall have been made
shall constitute misdemeanor subject to-
a fine Of not more than 1900 for every
day Of such failure or neglect II is pro-
vided also that the commission, from
time TO time, may publish the informa-