Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-03-19
TRADE Commission
BILL MADE PUBLIC
Trainers of Measure to Create
New Interstate Body Agree
to Man.
COMM |TTEE APPROVES
In Theory, Efficiency and indie
pendence Are Aims--Will
Absorb Bureau of Cor
pOrations.
COMMITTEE APPROVES

Washington March 15.-Tho inter- |
/ state trade commission bill, bearing |
| the approval of President Wilson and |
I Attorney General McReynolds was
made public to-day following many
conferences among the members of
the House interstate commerce com
mittee. The democrats expect this
measure to command substantial re-
publican support. and an effort prob |
ably will be made soon to bring about
concerted action between the Senate
and House on this phase Of the al
| mlnistration program of commerce
regulation and antitrust legislation.
The new hill was unanimously
agreed upon by its trainers. sub
committee of democrats and republi-
cans, headed by Representative Gov
/ ington of Maryland, and 1t IS approved
| by virtually the full committee.
THE whole theory Of the creation of
the commission" said Mr.. Covington
tonight, has been to make 1t an eff
ficient Independent body. In most of
the matters of publicity it has entire
control of the facts gathered. Pub
licity is left to its discretion, and the
bill contains ample authority for 1t to
Iprevent the disclosure of those neces-
| sary trade secrets, valueless to the
public In promoting lawful competitive
business. but which when disclosed
simply afford opportunity for injurious
use by competitors. Powers of inVes-
tipation safeguarded by proper con-
lstitutional limitations against unlawful
searches and seizures, are taken from
a now subordinate department under
1.-THE control of the executive and given
to this non-partisan body
SALARIES OF $1,000
| The bill would transfer all the powers
and duties of the bureau of corporations
and the commissioner of corporations to
the proposed commission of three MEM
bers. presidential appointees subject to
confirmation. whose salaries would be
$4,000 annually each. Only two of the
commissioners could be from the same
political party.
The Covington bill defines as corpora
tons all bodies incorporated under the
law and joint stock associations and all
other associa ions having shares of capt.
tai or other capital stock, or organized
to carry on business for profit.
Section nine of tho bill, requiring an
nual reports II the commission would
provide that
Every corporation engaged in COM
merce, excepting corporations subject to
the acts to regulate commerce, which by
itself or with one or more other corpora
: tons owned, operated, controlled, or or
ganized in conjunction with it 50 as to
constitute substantially "A business unit,
has a capital of $5,0J0,oG) or more, or has
I a less capital and belongs to any class of
| corporations which the commission may
I make, shall furnish to the commission an
= nually such information, statements and
. records O' it's organization. bondholders
and stockholders, and financial condition.
r and also such Information, statements
= and records of its relation to other cor
I porations. and its business and practices
. while engaged in commerce as the COM
mission shall require. And the commits
sion may, to enable it the better to carry
out the purpose of this act, prescribes as
near as may be a uniform system of an
nual reports
1.-The commission may also require
. such special reports as it may deem adj
y visable."
= FINE OF 500 a DAY.
/, This section penalties violations at $40
Il day The Clayton bill made no such
classification of corporations. but penal
lied violation at $1,000 a day.
Authorizing investigations and reports
by the commission the bill would pro
= vide that
Section 10. The commission shall up
on the direction of the President, tn,
attorney-ge general or either house of Con
| gress Investigate the organization, man
agement and business Of any corporation
I, while engaged in commerce. to aid il
asccrtaining whether or not the corpora
| ton investigated IS violating the act.
: relating to restraint OF trade And the
= commission shall make report of sucl
e investigation which may include recon-
! mendations for reimbursement OF bushes!
!; in order that said corporation may there
j. after maintain its organization, manage
l. ment and conduct OF business in accord
X ance with law, Reports made after in
:, vestigation may he made public in thu
3 discretion Of the commission
II Section H. When in the course OF an.
l. investigation made under this act TIL
r; commission shall obtain information con
I, corning any unfair competition or prac
|; tice In commerce. not necessarily consti
4, tuting "A violation of law by the corpora
s. to the President, to aid him In making
2; recommendations TO Congress for legis
D lation in relation to regulation of com
y, merce and the information so obtaine
3; and the report thereof shall be mad
public only upon the direction OF the Pres
dent."
MAY SIT ANYWHERE
The bill would authorize a secretary a
5000 annually and any other necessar
i employees. II makes the commission
principal office at Washington, but au
Is thorizes it to hold special sessions any
4. where in the United States,
,e 1t would penalze wilful false entire
" or statements in any required repor
De as misdemeanors, punishable by
,e maximum fine OF $1,000 and thre
n years Imprisonment or both. and tn
IN Unauthorized making public Of any in
" formation obtained by the commisso
e. at $4,000 fine or one years lmprison
ne ment or both. The commission woul
rs be required to report annually to Con
ne sress on December !, giving facts an
n statistics collected Of value in the de
al termination of questions connecte
r. with the conduct Of commerce togcths
rs with legislative recommendations.
t. The same requirements, Obligation
IIt.biittos and immunlIieS lmDOseu |