The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-03-16
Desire Is to Make Es-
pionage Least Irksome
to Big Business.
TO BE PRESENTED
IN HOUSE TODAY
Measure Creates Federal Trade
Boards to Supervise Operations
of Insterstate Corporations,
Excepting Railroads and
Common Carriers-New
Provisions Defined.
Especial to Tho rimes-Dispatch.l ]

Especial to The Times Dispatch.l
Washington. March 1.-THE House
Interstate Commerce Committee Will
present TO the House tomorrow It's re-
draft of the bill creating Federal
trade commission. TO supervise the opc
rations of interstate corporations ex-
cepting railroads and common carriers.
The new bill is less drastic than the
original draft, and is prepared with the
we" OF making government espionage
least irksome to big business Its new
provisions are expected by the commit
tee TO commend themselves to the man
agement Of all Legitimate business.
The bill bearing the approval of
President Wilson and Acknowledgement
Mciteynolds was made public to-day,
following many conferences among the
members of the House Interstate Com
nerce Committee. Democrats expect
this measure TO command substantial
Republican 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 ad-
ninistration program of commerce reg
ulation and antitrust Legislation. The
new bill was unanimously agreed on by
It's trainers. a subcommittee of Demo-
Gratis and Republicans. headed by Rep
resentative Covington. OF Maryland.
and IL is approved by virtually the full
committee.
Theory of CommissIon.
The whole theory Of the creation of
tho commission" said Mr.. Covington to-
night. has been to make 1t an efficient.
independent body. In most of the mat
ters of publicity II has entire control
Of the facts gathered Publicity is left
TO its discretion. and the bill contains
ample authority for II to prevent the
disclosure of those necessary trade Sc
crets valueless TO the public, in pro-
noting lawful competitive business.
" u. N ci nj a
ford opportunity for injurious use by
competitors. Powers of investigation,
safeguarded by proper constitutional
limitations against unlawful search es
and seizuresh are given to this non
partisan body"
The bill Will transfer all the powers
and duties OF the Bureau OF Corpora
tions and the Commissioner of Corpo-
rations to the proposed commission of
three members. presidential appointeos.
subject to confirmation, whose salaries
would be $4,000 annually each. Only
two of the commissioners could come
from the same political party. The
original Clayton bill. from which the
Covington bill differs substantially, had
provided for five commissioners. and
that the present Commissio toner's of Cor
porations should be automatically
chairmen OF the new commission. The
new bill makes no mention of the Com
missioner of Corporations. 1t makes
the fixed tenure of the commissioners
six years and the commission would
choose its own chairman.
The Covinston bill defines rs cor
poration all bodies incorporated Un-
der the law. and joint stock associa-
tions and all other associations having
shares of capital or other capital stock
or organized to cafry on business for
profit.
Annual Reports Required.
Section of rho hill recuirinC an
nual reports to 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
controlled or organized In conjunction
with 1t so Is to constitute substantial
ly business, until 1t has n 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 tho com
mission annually such information.
statements and records of its organi-
zation. bondholders and stockholders
and financial condition. and also such
Information, statements and records Of
its relation 20 other corporations and
it's bus ness and practi :es while en-
gagged in comI6.rce. as the comyniss on
may, to enable ii the better to carry
out the purposes of this act, prescribe
as near as may be uniform system
of annual reports. The annual reports
shall contain ali the required informa-
tion and statistics for the period of
twelve months, ending with the fiscal
year of each corporations report, and
they shall be made out under oath.
or otherwise in the discretion of the
commission. and filed with the com
mission at it3 office in Washington
within three months within the close
OF the year in which report is made
unless additional time be granted in
any case by the commission. The com
MISSION also may require such special
reports IS it may deem advisable"
This section penalties violations at
Woo day. The Clayton bill made no
such classification of corporations. hut
penalized violations at $1,000 n day.
Investigations nnd Renort,.
Authorizing Investigations and re-
ports by the commission. the bill wou1o
provide that:
The commission shall, on the di
rection of the President the Attorne,.-
General or either House of Congress.
Investigate the organization, n1anare
ment and business of any corp.rat,on
while engaged In commerce to aid in
ascertaining whether or not the cor
poration investigated is violating The
acts relating to restraint of trade. And
the commission shall make a report OF
such investigation, which may include
recommendation for readJostment or
business. in order that said corpora
ton may thereafter maintain Its organ
ization. management and conduct or
business in accordance with law. Re-
ports made after investigation NAV he
made public, in the discretion of the