Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-06-06
TRADE BODY BILL
|SBEFORE SENATE
Committee Orders Favorable
Report on the ''NeWIands
Substitute"
DOESN'T MEAN LIMIT
ON ANTITRUST PROGRAM
Measures Favored by President to Be
Offered as Amendments or
Independently.

Trust legislation took forward step In
the Senate end of the Capitol today. The
Senate Interstate commerce committee Or
dered a favorable report ON the New
lands substitute for the trade commits
sion bill. as drafted by subcommittee
of the Interstate commerce committee.
There was no record vote taken on the
motion to report which was made by
Senator Pomerene of Ohio
The Newlands substitute is practically
the first eight sections of the subcommft-
tees bill though it changes the name OF
the commission TO be created to the fed
erai trade commission 1t eliminates
the interlockins directorate and holding
Company provisions of the subcommittee
draft.
The vote to report out the trade COM
mission bill does not mean that the trust
legislation program is to be limited to
the enactment of a law creating such a
commission. it was explained by Chair
man Newl;,nds of the committee and by
other members including Senators Pom
creme and La Toilette. The other fea-
lures will be placed i'll the trade comm S
sion bill as amendments. offered in the
Senate. or offered as separate acts. The
reason given for reporting the trade COM
mission Dill was TO hurry alOnS trust ltS-
islation in the Senate.
Newlands Issues Statement.
Senator Newlands gave out a statement,
in which he said:
The committee determined today to
segregate the trade commission from the
supplemental legislation referred to. and
have authorized me to present an amend
ment in the nature of substitute for my
original bill providing for trade COM
mission The committee concluded to
name the trade commission the federal
trade commission instead of the inter
state trade commission in order clearly
to distinguish it from the interstate COM
merce commission.
''The fear that has been expressed that
this bill will inauguate wholesale IN
QUESTION of the 33O,OCO corporations OF the
country is groundless Power to investi-
kate is given with reference to such cor
porations as the commission may deslg-
nate. This power is substantially the
same as is now possessed by the bureau
of corporations, and certainly the powers
of that bureau have not been exercised
in such way as to annoy the honest
business of the country. Reports are re-
quired only from such corporations or
classes of corporations as the commission
may designate. The range of this re-
quirement will be comparatively mod
crate.
The committee Will continue its con-
sideration of supplemental legislation re-
garding interlocking directorates. holding
companies. railway securities, etc, ana
its action may be on the line OF amend
ments to the trade commission bill or of
separate legislation"
Opposition in Committee.
There was determined opposition on
the part of some of the members of the
committee to reporting the trade commits
sion bill without the interlocking di-
rectorate and other features of the sub
committee draft. Some OF the commit
teemen. including Senator Brandegee of
Connecticut were opposed to reporting
the bill. on the ground that there should
be no trust legislation whatever at the
present session. but that it should be
allowed to wait until the senators have
had further opportunity to study the
needs in regard to such legislation.
The bill reported provides for COM
mission of i've men. not more than three
of whom shall be of the same political
party. TO be appointed by the President.
The bureau of corporations is to be done
away with. Each of the commissioners
shall receive a salary OF $1,000 year.
The powers of the commission ii .
designated as follows:
To investigate from time to time the
organization. business. financial condi-
ton. conduct, practices and management
of any CORPORATION engaged in interstate
trade. an dts relations to other corpora
tions. associations or individuals.
TO require any corporation to furnish
to the commission information. state
rnents and records regarding organiza-
ton. business etc. and to require the
production of all books, documents cor
respondence. contracts, memoranda. or
other papers relating to its business and
its relations with other corporations or
individuals.
To precise uniform system for an
nual reports Of the corporations.
Discretion as to Publicity.
To make public any information OBJ
tained by it in the exercise of its powers.
in the discretion of the commission eX-
cept so far as may be necessary to pro-
tect trade processes names of customers
and other such matters.
To act as master in chancery if the
Attorney General should refer to il the
matter of form of the decree to be en-
tered in any suit in equity brought by
the Attorney General under the anti-trus,
act
To investigate at the request OF the At
torney General to see whether the defend
ants in a suit brought under the antitrust
law, found against by the courts. are full
filling the decree OF the courts.
To report TO the Attorney General its
findings in inquiries Instituted upon its
own initiative. or at the suggestions of
the President. the Attorney General or
either house Of Congress that any cor
poration. individual. association or part
nership has violated the antitrust laws
Penalties of SJU9 fine or Imprisonment
not exceeding year. or both. pro
vided for the mutilation of any papers
which the commission desires to investi-
gate.
would seek to have the bill made the UNI
finished business of the Senate soon
as the Panama canal tolls repeal bin had
Ssd