The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-03-25
CREATES new BODY
TRADE COMMISSION BILL is PRE-
PARED BY ITS COMMITTEE
PROVIDED With power
Text Of Proposed Legislation Bears
Stamp Of Approval Of President
and Attorney-General-Expectedt to
Receive Support of Democrats and
Republicans.

The interstate trade commission
bill bearing the approval Of Presi-
dent Wilson and Attorney General
McReynolds was made public Sunday
following many conferences among
the members Of the" House interstate
commerce committee. Democrats e1-
pect this measure to command sub
stantial Republican support and an
effort probably will be made soon to
bring about concerted action between
the Senate and House on this phase
of the administration program Of
commerce regulation and antitrust
legislation.
The new bill was unanimously
agreed on by its trainers, sub-con-
mittee Of Democrats and Republi-
cans, headed by Representative Gov
ington of Maryland, and it is APPROX
ed BY virtually the full committee.
The bill would transfer all the powers
and duties Of the bureau Of corpora
tions to the proposed commission OF
three members, presidential ap-
pointees subject to confirmation,
whose salaries would be $4,000 an
nually each. Only two Of the COM
missione1s could be from the sar
political party.
The original Clayton bill, from
which the Coyington bill differs sub
stantially, had provided for fve coru-
missioners and that the present COM
missioner of corporations should be
automatically chairman Of the new
commission. The new bill makes no
mention Of the commissions! Of cor
oorations. 1t makes the fixed tenure
of the commissioners six years and
the commission would choose it's own
chairman.
The Covington bill defines as a cor
ooration ell bodies incorporated un-
der the law and joint stock associa-
lions and all other associations hav-
ing shares Of capital or other capital
stock or organized to carry on busi-
ness for profit. Section Of the bill.
requiring annual reports to the COM
mission. would provide that:
EVERY corporation engaged IN
commerce, excepting corporations
subject to the acts to regulate COM
merce, which, by itself or with one
or more other corporations owned,
operated, controlled or organized in
conjunction with it so as to consti-
tute substantially business. until
it has a capital of s5,000.000 or more
or has a less capital and belongs to
any class Of corporations. which the
commission may make, shall furnish
to the commission annually such in
formation, statements and records
Of its organization, bondholders and
stockholders and financial condition
and also such information, statements
and records Of its relations to other
and its business and
practices while engaged in commerce,
as the commission shall require.
This section penalties violations OF
800 a day. The Clayton bill made
no such classification or corporations
but penalized violations Of $1,000 a
day.
Another section is designed to rem
sdy the present lack Of any bureau
srninned with trained force to as
;ist the department of justice and the
courts in solving problems connected
With the dissolution Of corporations
,djudged to be operating against the
aw. It authorizes the courts to refer
o the commission any matter con-
,erning relief to be granted or any
proposed decree for the purpose OF
uch an investigation as will give the
.ourts complete economic informa-
ion. This would not empower the
commission to gather evidence to be
fered in any case to be considered by
he court in entering judgment. The
commission also is authorized to de-
ermine whether any degree Of disso-
rtion entered against corporation
S being carried out.