Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-03-16

erS and duties or the bureau OF cor
porations and the commissioner of
corporations to the proposed commits
sion of three members, presidential ap-
pointees subject to confirmation whose
salaries would be $4,000 annually
each. Only two of the commissioners
could be from the same political party.
The bill makes the fixed tenure of
the commissioners six years and the
commission would choose its own
chairman.
The Covington bill defines as cor
porations all bodies Incorporated I'M
der the law and joint stock associa-
tions and all other associations having
shares of capital or other capital stock
or organized to carry on business for
profit.
Sections of the Measure.
Section nine of the bill requiring an
nual reports to the commission would
provide that:
Every corporation engaged in COM
cerce excepting corporations subject
to the acts to regulate commerce
which by itself or with one or more
corporation owned, operated. controll-
ed or organized in conjunction with
it so as to constitute substantially
business unit has a capital of $780,
600 or more or has a less capital and
belongs to any class of corporation
which the commission may make,
shall furnish to the commission annu-
ally such information, statements and
records of its organization, bond
holders and stockholders, and financial
condition and also such information,
statements and records of its rela-
tion to other corporations and its bus
mess and practices while engaged in
commerce as the commission shall re-
quire. And the commission may, to,
enable it the better to carry out the
purposes of this act, prescribe as near
as may be a uniform system of annu-
al reports. The annual reports shall
contain all the required information
ard statistics for the period of IL
months ending with the fiscal year ss
each corporations report, and they
shall be made out under oath or 9TH
erwiSe in the discretion of the COM
mission, and filed with the commission
at it's office in Washington within
three months after the close of the
year for which the report is made I'M
less additional time be granted in any
case by the commission. The commits
sion may also require such special re-
ports as it may deem advisable"
This section penalties violations at 500
a day
Authorizing investigations and reports
by the commission the bill would provide
that:
Section 10-The commission shall, upon
the direction of the President, the attor-
ney general or either house of Congress,
investigate the organization. management
or business of any corporation while en-
gagged in commerce, to aid in ascertaining
whether the corporation investigated is
violating the acts relating to restraint of
trade. And the commission shall make a
report of such investigation, which may
include recommendations for readjust-
ment of business in order that said cor
poration may thereafter maintain its or
ganization. management and conduct OF
business in accordance with law.
Reports made after investigation may
be made public in the discretion of the
commission"
Section 11-When in the course of any
investigation made under this act the
commission shall obtain information con-
corning any unfair competition or prac-
tice in commerce, not necessarily constr
tuting a violation of law by the corpora
ton investigated. it shall make report
to the President to aid him in making
recommendations to Congress for legisla-
ton in relation to regulation of COM
merce and the information so obtained
and the report thereof shall be made pub
lie only upon the direction of the Presi-
dent"
Another section authorizes the courts
to refer to the commission any matter
concerning relief to be granted or any
proposed decree for the purpose of sueh
an investigation as will give to the courts
complete economic Information.
The bill would penalize wilfui false en-
tries or statements in any required report
as misdemeanors, punishable by maxi
mum fine of $1,000 and three years impris-
onment, or both. and the unauthorized
making public of any information obtain
ed by the commission at $500 or one
years Imprisonment, or both.