The Birmingham age-herald., 1914-03-16
Democrats Expect Measure to Command Substantial
 Republican Support
APPROVED BY ALMOST
 THE FULL COMMITTEE
Effort Will Be Made to Bring About Concerted Action in Congress on This Phase of Administra-
 ton Programme

Washington. March 1s.-The interstate trade commission bill bearing the ap- proval of resident Wilson and Attor- ney General McReynolds, was made pub lie today following many conferences
 among the members of the House inter- state commerce commissions Democrats expect this measure to command substan- tial republican support and an effort prob ably will be made soon to bring apout concerted action between the Senate and House on this phase of the adminlstra- ton programme of commerce regulation | and antitrust legislation. The new bill | was unanimously agreed upon by it's | framers, subcommittee of democrats
 and republicans headed by Representative | Covington of Maryland, and 1t is dp-
 proved by virtually the full committee. ''The whole theory of the creation of
 the committee said Mir. Covington to-
 night. has been to make it an efficient
 independent body In most of the mat | ters of publicity 1t has entire control of l the facts gathered. Publicity Is left to
 its discretion and the bin contains ann pie authority for it to prevent the dis closure or those necessary trade secrets ! valueless to the public in promoting law | ful competitive business. but which when
 disclosed simply afford opportunity for l injurious use by competitors. Powers of investigation safeguarded by proper con- l stitutional limitations against unlawful searches and seizures, are taken from a l new subordinate department under the | control Of the executive and given to thi B non partisan body
 Provisions of Bill
 | all ! and duties of the bureau of corporations | and the commissioner of corporations to | tho proposed commission of three mem l bers, presidential appointees subject to 1 confirmation. whose salaries would be So,0oo annually each. Only two of the | commissioners could be from the same political party. The original Clayton bill from which the Covington bill differs sub l stantially, had provided for five cominis- | sioners, and that the present comrnis- l soner should be automatically chairman of thp commission, The bill enakes no jmelition Of the commissioner of corpora tionsl It makes the fixed tenure of che 1 commissioners six years and the com | mission would choose its own chairman. The covington bill defines as a corpora 1 ton all bodies Incorporated under the l law, and joint stock associations. and all l ether associations having shares ,f capi- 1 tai or other capital stock or organized to | IL.
 Section of the bill. recurring annual 1 reports to the commission, would provide ! that
 l Every corporation engaged in commerce.
 except corporations subject to the acrs to | regulate commerce, which by itself or l Wlth one or more other corporations | owned, operated. controlled or organized
 in conjunction with it so as to constitute l substantially a business until 1t has n
 capital of S5,00o.OOO or more. or has a less | capital and belongs to any class of .orpor- l ations which the commission shall .laxe l shall furnish to the commission annually
 such information, statements and records | of it's organization. bondholders and stock i holders and financial condition and also | such information, statements and records | of its relation to other corporations, and | its business and practices while engaged | Tn commerce, as the commission shall | require And the commission may. to l enable 1t the better to carry out the pir- | poses of this act, prescribe as near as may | be uniform system of annual reports 1 The annual reports shall contain all tho required information and statistics of tho
 period of 12 months ending with the fiscal year Of each corporation's report. and | they shall be made out under oath or 1 otherwise. in the discretion of the com
 mission and filed with the commission at it's office in Washington within three l n1oHiHS dilcI the tlOSe or tue Xear TOT which the report is made, unless addi- tional time be granted in any case by the commission The commission also may
 require such snecial reports as it may deem advisable"
 Thie section penalizes violations at slo0
 a day. The Clayton bill made no such l classification of corporatons but penal ized violations at 5000 a day t As to Investigations
 i Authorizing investigations and reports by the commission the bill would provide that:
 Section 10. The commission shall on | the direction of the President the Attor- ] ney General or either House of Concruss | investigate the organization, mana ge-
 ment and business of any corporation l while engaged in commerce, to aid ID as- | certainng whether or not the corpora tion investigated is violating the acts re- i lating to restraint of trade. And the com mission shall make report of such in- vestigation which may include recoin- 1 mendations for readjustment of business
 in order that said corporation may there after maintain its organization. manage ment and conduct of business in accord i ance with law Reports made after n-
 vestigation may be made public in the discretion of the commission
 Sec. II. When in the course of any | -~~~~~~~~~>~~~~>~~~>~~