The sun. [volume] (New York [N.Y.]) 1833-1916, 1912-05-11
FOR AN INTERSTATE
TRADE COMMISSION
Plan for the Regulation and
Control Of Industrial
Corporations.
BASED on NEWLANDS'S BILL
II Practically Superscdcs the
Existing Bureau Of
Corporations.

| WASHtNGt ON. May 10. The senate
Interstate Commerce Committee has he
gun work in earnest on the preparation
of legislation for the further regulation
and control OF corporations engaged in
interstate commerce other than common
carriers. II was learned to-day that the
committee has made considerable progress
on bill which provides FOR the creation
Of an Interatate Trade Commission.
having control over industrial corpora
! tions similar to that exercised over the
railroads by the Interstate Commerce
commission. The committee is pro-
ceeding on the motion OF Senator Cunmins
hut the bill under consideration IL ono
that was introduced by Senator Newlands.
Democrat.
Four sections Of the bill it was learn ed
to-day. have been perfected and agreed
to by the committee. which expects to
complete the measure within a sh ort
time 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. regulations or prohibitions rela-
tive 10 trusts will be touched until the
committee is satisfied With the trade
commission bill
Section Of the Newlands bill viii ch
has been perfected and agreed to. pro-
vides that the Bureau Of Corporations
shall be separated from the department
Of Commerce and I abor and shall there
after be known A the Interstate Trade
commission. All the powers. duties
and funds belonging or pertaining TO the
Bureau of Corporations will thereafter
belong or pertain to the newly created
Trade commission. and all Of the officials
OF the present bureau shall he transferred
to the new commission.
II is provided in section :, which has
also been agreed to by the committee,
that the Interstate Trade Commission
shall consist Of three members. of whom
not more than one shall belong to the
same political party. and that the Com
missioner Of Corporations shall he an
ex ofYlcio member OF the commission
; for the f'rst three years Of it's existence
, and shall also be- it's chairman for the
first year The Deputy Commissioner
Of Corporations shall he the secretary
for the hrst wear.
! The remaining two members OF the
commission shall he appointed by the
President. subject to the coniirma,i on
Of the Senate and they shall he appoint I'd
for ak and nine years respeci ivelv
Thereafter all commissioner. shall hold
office for a term of nine years and sha II
ha appointed by the President. subject
TO the Sena'e's approval The Com
misaioners are to receive salary of
Si0. OOO each
The committee has agreed to section
Of the bill, which provides that every
! corporation engaged in interstate com
marca whose annual gross receipts,
inclusive Of the gross receipts OF its sub
sidiaries, If any. exceed 5000. con shal
statements showing such facts as TO its
organization. financial condition and
operation as may he prescribed by the
commission. Similar statements will lac
be made by subsidy companies. and all
such statements shall he verified under
oath by officers Of the corporal ions
This section eAcepts from its provision
common carriers and banking and trust
companies, but includes pipe lines
While the foregoing sections are the
only ones that have been agreed to by the
committee, they are also the only ones
hat have been considered, and other
sections Of the Newlands lbill may be
approved with minor modifica ions II is
provided in other sections Of the hill that
the commission or it's duly authorized
agents shall have complete access TO all
records, accounts minutes. books and
papers Of such corporal ions. nCludin 2
the records OF any Of their executive.
and other committees Failure or neglec,
Of any corporation to comply with this
provision within sixty days after demanc
shall have been made shall constitute
a misdemeanor. subject to a fine of no
more than ~ mn for every day Of such
failure or naglect
II is provided also that the commission
from ime to time may publish Il he informa
ton received. so far a. possible distin
gushing between information which il
. purely private and the publication o
Information which Ia not private and which
In important to the public.
Another provision of the bill provides
that District Courts OF the United States
on applicat ion Of the commission shal
have jurisdiction 10 issue writ or writi
Of mandamus or injunction or othe
order enforcing the regulations of thu
commission or commanding corporation
to comply with its orders The commits
sion is authorized, II public necessit, 4,
requires such action. to order and require
corporations to make such statement,
information ahall he published The deci
. sons of the commission shall be final
except as 10 matters involving the taking
OF private property without due process
OF law
In order to accomplish the purpose,
act forth the commission Ia empowered
to exercise the same aut thorty affecting
corporal ions ~ is conferred on the Inter
state Commerce Commission 10 regulate
commerce and common carriers 40 far a
he same may he applicable. Al of the
requirements. obligations, liabilities and
immunities imposed by the interstate
commerce act in relation to test imony
before the Interstate Commerce Commits
sion shall also apply to all persons who
NAV he aubpdnnaed 10 testify or produce
documentary evidence before the Inter
state Trade Commission. II is provided
also that the commission shal make an
annual report to Congress and that this
report shall contain such information and
da,a as he commission may deem of value
in the determination OF quest ions con.
nected with the regulation Of commerce
There Ia A section in the Newlands bill
which prov ides that in case a final decree
shall be issued against any corporation
under the act 10 protect trade and COM
merce agAinat unlawful restraint and
monopoles. the court entering such de
cree or the Attorney General may entrust
its enforcement to the commission"
WHITE SLAYER GETS 10 YEARS.
Maxiosm Sentence Imposed for