Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-01-29
BILL WOULD CREATE
NEW Commission
Congressman Clayton Introduces
Measure to Give Control
of Corporations.

antitrust legislation supplemental to the
Sherman law, which would eradicate
evils of big business, and at the same
time restore confidence and commercial
actcty, bore its first fruit to-day when
a bill to create an interstate trade COM
mission was introduced in the House.
Following a conference between Attor-
ney-General McRcyuolds Senator New
lands of the interstate commerce commit
tee, Representative clayton chairman,
and other members of the judiciary sub
committee, Mr.. Clayton submitted the
measure. and 1t was referred to the inter-
state and foreign commerce committee.
An effort by Senator Ncwlands to intro
ducc the bill simultaneously in the Sem
ate was blocked by Senator Smoot owing
10 debate on the Alaska railroad bill
President Wilson expects action by Con-
gress during the present session on all
the various bills being prepared by the
congressional committee to deal with the
trust question. He told callers to-day
that he regarded the group Of bills as
reasonably homogeneous and in the same
field and that he had every reason to ex-
pect prompt action
The President reiterated his desire that
the business men of tho country should
be given a full opportunity in public hear
ings to express their views and criticisms
on the measures as framed.
NOT TO PROBE THE PAST
While the President recommended in
his message the supervision by the inter-
state commerce commission of the issu-
ance of railroad stocks ana bonds he took
occasion to-day to emphasize that this did
not mean necessarily that past issues of
securities would bc inquired into or af-
fected by the present legislation. Nor did
the President consider that the reGula-
ton Of railway securities has anything to
do with the subject of regulating stock ex-
changes Legislation on this subject ne
explained, was not recommended i'm the
democratic platform, and he did not feel
that he should recommend anything that
had not been inclined in the platform
The commission proposed by the
bill introduced to-day, which would
absorb the bureau Of corporations and
which would have as its fiIrt chairman
the commissioner of CORPORATE ons-in
this case, Joseph z. Davies, of Wiscon-
sin-would consist of five members
salaried at 10000. and would have
powers of inqusition over all corpora
tons, save common carriers which are
regulates by the interstate commerce
commission. 1t also would act as an
advisory board to the attorney general
and the courts. but its most important
function is designed to assist business
and the government in preventing vio-
lations of the sherman act; in aiding
the attorney general to terminate al
legged unlawful conditions by agree
ments, such as have recently been ex- |
ecuted in the American Telephone and |
Telegram company and New York. |
New Haven u Hartford railroad cases |
In this capacity the commission would !
serve, in accordance with the sugres- I
ton of the President in his message. |
as the business agent of the "consti-
tuition Of the peace"
WOULD REPORT VIOLATIONS.
In clothing the commission with au-
thority to be OF service in forestaning.
conditions that might nocessitatc prose-
cution, the bill prescrbes that 1t shall.
upon the request Of the attorney-Een- |
eral or any corporation that may be af
fected, or upon it's own initiative. in
vestisate for the purpose of ascertaining
whether there is anything in the conduct
OF corporation or in its relations to
other corporations or individuais which
violates the sherman act. In case any
such violation is found to exist the bill
provides that the commission shall re- |
port in full to the attorney "in !
order that said corporation may there |
after comply with the terms Of said act" /
ana to aid the attorney general in termin- |
nting by agreement with the corporation
nff"cted or by suit. the unlawful con-
duct or condition
t.,
ng for publicity of tho conditions sur
pounding business corporations despite
the fact that there has been much agita-
lion against immunity TO individuals,
who might testify or produce evidence
n inquiries conducted by the commits
sion, immunity is granted to individuals.
Except for perjury. There is however, no
immunity to corporations.
MUST LAY RECORDS BARE
In detail, the bin sets forth that the
commission shall require all corporations
ngagcd in commerce among the States, |
r with foreign nations except common
arriers, whether required by the general
Ies and regulations for regular infor- |
nation or information specially asked, |
rom time to time, to furnish TO the COM |
mission information, statements and rec |
rds of their organization, business fin |
ncial condition conduct, management |
nd relation to other companies lat such
me, to such degree and extent and in /
uch form, as may be prescribed by the /
pmmisson"
Striking at secret scssioncs OF director |
ties and other bodies tho bill directs that
be commission shall have complete access |
all records, accounts, minutes, books