New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-23

The following Is the text or the inter-
state Trade Commission bill:
That a commission is hereby created
and established. 10 be known as the IN
terstats Trade Commission, which shall
be composed of FIVE members, not more
than three OF whom shall be members OF
the same political party, and the said
Interstate Trade Commission is referred
10 hereinafter as THE Commission.
Sec. . That on the taking effect OF
this act the Bureau Of Corporations shal
cease 10 exist. and is hereby transferred
TO- and merged in, and becomes part
Of the commission; and all OF the officials
and employees Of the Bureau of Corpora
tons shall hereafter be the officials and
employees OF the commission, and with
the transfer there shall pass TO the pos
session OF the commission all the records
and papers of said bureau, and the com
mission shall hereafter exercise all tho
powers and perform all the duties here
tofore conferred or imposed upon the said
bureau.
Personnel OF the Commission.
All appropriations heretofore made for
the support and maintenance Of the bu-
reau shall stand as appropriations TO be
expended by the commission in the eXer-
else Of the power and in the performance
Of the duties which the law. prior TO the
passage Of this act, conferred or imposed
upon said bureau. And the person who
at that time shall be Commissioner OF
Corporations shall become member OF
the commission and the chairman thereof
for the term OF seven years. The other
four commissioners, and a fifth commits
sioner upon the retirement or expiration
Of the seven-year term OF the former
Commissioner OF Corporations, shall be
appointed by the President by and with
the advice and consent Of the Senate.
The term OF the commissioners shall be
seven years: provided, that the term of
the commissioners first appointed by the
President shall date from the taking eff
feet OF this act, and he as follows: One
for term OF three years. one for term
OF four wears, one for a term of five
wears and one for a term OF six years
and the successor TO the former Commits
sioner OF Corporations. when appointed
shall be appointed for a term OF seven
wears: and thereafter shall be appointed
for a term OF seven years; and thereafter
all appointments shall be for term OF
seven years. Upon the retirement from
the commission, from whatsoever cause
OF the person who at the time this acl
shall take effect shall be the Commits
sioner OF Corporations. the commission
shall elect one OF its members chairman
The commission shall elect secretary
and assistant secretary. said chairman &c
hold his office as chairman and said secre
tary and assistant secretary TO hold theii
Offices or connection with the commission
al tho pleasure OF the commission. The
members OF the commission shall each re
ceive a salary OF $4,000 per annum' the
secretary OF the commission shall receive
salary OF 700 per annum. and the as
sistant secretary shall receive salary
Of s45Oo per annum. In case of vacancy
IN the commission during the term of the
commissioners. an appointment shall b'
made by the Preldent, with the advic'
and consent OF tho Senate. 10 nil such
vacancy and shall be for the unexpiree
term. The ofices Of the commission shal
be IN the City Of Washington, but 1t may
At its pleasure hold meetings elsewhere
The commission shall have such clerks
examiners, experts and other employees
as may be necessary and as may be from
time 10 time appropriated for by Con
gress.
Publicity for Corporations.
Sec. q. That all corporations engaged
In commerce among the several states o.
with foreign nations, excepting common
barriers, whether required by genera
rules and regulations for regular infor
nation or information specially asked II
special Instances, shall from time 70 tim'
furnish TO the commission such informa
ton. statements and records OF their OF
sanization. financial condition. conduct
MANAGEMENT and relation &c other com
panies, at such time, 10 such degree an'
extent, and In such form, as may be pre-
xcribed by the commission. The commits
sion, at all reasonable times. or It's dull
authorized agent or agents, shall have
complete access TO all records, accounts
minutes, books and papers OF such corpora
tons, including the records OF any o
their executive or other committees. Fail
ure or neglect on the part OF any corpo
ration subject TO this act 10 comply Will
the terms OF this section within such tim
after written demand shall have been mad
upon such corporation by the commission
requiring such compliance as shall b
fixed by the commission shall constitute
a miSdemesnor. and upon conviction suci
corporation shall be subject 10 a fine %
not more than $1,000 for every day 10
such failure or neglect.
Sec. 4. That the information 80 90