The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-02
BROADER POWERS OUTLINED
IN SENATE ANTITRUST BILL
Interstate Trade Commission Receives Wider In.
quistoria Sway Than in House Measure and
May Disclose Business Secrets of Corporations

wAsHivoroN, May 1.-THE senate bill
embcdying antitrust legislation was made
public to-day. The BILL which was per-
fected by a subcommittee OF seven Sem
ators, was reported to the full commit
tee to-day and Is almost certain to be
reported to the Senate substantially In
the form agreed on.
, The Senators who framed the bill rep
resent both political parties and were as
Follows: Senators Newlands. Pomerene.
Robinson and Salisbury. Democrats. and
Cummins, Brandegee and Townsend. Re-
publicsns.
The bill is regarded as a far reaching
M assure and more drastic than the House
legislation. It bears the title. Interstate
Trade Commission Bill" but prescribes
pesislation for the regulation of holding
companies. interockins directors. capi'
taiixation as well as authorization for a
trade commission to he composed OF hve
members, not more than three OF whom
shall be OF the same political party.
- Members Of the trade commission are
70 be appointed by the President. con-
firmed by the Senate and are to hold
their offices for seven years The bill
provides a salary OF $4,000 for each
commissioner 5000 for the secretary
fand $4,000 for the assistant secretary.
The commission gets very broad inquisi.
tortal powers In the Senate bill.
Powers Are Broadeued.
The text OF the former proposed iegis-
lation on the subject has been entirely
rewritten and II was the opinion OF the
Senators to-day that the powers OF the
Interstate trade commission have been
broadened considerably in the new bill.
which In accepted as the last word from
the Administration on trust legislation.
The trade commission Is authorized to
Investigate the Organization. business.
financial condition. conduct. management
and its relation to other corporations" of
any corporation engaged in interstate
commerce.
Such corporations are required to fur
nish the commission with Information.
statements and records and report their
financial condition. conduct. mana cement.
relation to other companies and to pro-
duce correspondence. contracts, memo
randa and other details Of their business
to the commission when requested to
do 40.
The commls sion 10 authorized to pre-
scribe the form OF annual reports. to make
public in its discretion any information
It obtains from corporations and to assist
the courts acting las master In chan
Gerry" in framing "A decree.
In other respects the powers OF this
trade commission are about the same as
. have heretofore been conferred upon 1t by
the various trust bills.
An Important Feature.
An important feature Of the new trust
bill Is Its provisions that no action. civil or
criminal. shall be instituted against any
corporation on account OF an interlocking
directorate or based on the charge that
Il is a holding company unless the cor
Ion, dad mat hna ha.
able to prove to the satisfaction Of the
Interstate trade commission. II IL be not a
common carrier. or to the Interstate Com
merce Commission. II 1t be a common car
rier. tina; /, is not open to the charge.
The effect OF these provisos is to make
every suit to be instituted AGAINST corpo-
rations under either the holding company
section or the interlocking directorate Sec
tion dependent primarily on the findings
OF the Int rstate Commerce Commission or
the interstate trade commission. A clean
bin from either OF these commissions Will
give immunity from suit
The bill provides. however, that the
finding OF the commission In any case
shall have mo force Of effect In any suit.
civil or criminal actually brought under
the Sherman law.
The corporation in either Instance is
required to file within one year with the
commission petition setting out that Its
business In not being conducted contrary
n proyiaiops pf hp M rpgnlat y
ho,dinr comnanies and interlockino direc.
,orates and hen r,nvs shat, fo,Iov with
not,ce IN the Attornev.General WHO may
appear and represent the interests OF the
Covernmen, i'm an investigation IN deter.
rni,e whether or not The petition for i'm.
munity shall be granted.
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