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Show I Nevada Senator Advocates Appointment Ap-pointment of Commission to Control Corporations. !. URGES PASSAGE OF HIS MEASURE hV SPEECH Refers to Recent Expressions of Judge Gary Before the House Committee. WASHINGTON. July n.-An inter-Btate inter-Btate trade commission of five members to control industrial corporations :is tho interstate commerce commission controls the railroad, was advocated in a bill introduced today hy Mr: New-lands New-lands of Nevada. Mr. Newlands in n statement accompanying this measure contended that the Standard Oil and tobacco to-bacco decision and the rcocnt government govern-ment report on the steel industry demonstrate dem-onstrate the need of "an iudependend-ent, iudependend-ent, quasi-judicial and administrative tribunal of great character and dignity as far removod from partisan control uc rn tVin nniirtc TMio Tlrn ie In I apply only to industrial corporations engaged in interstate trade whoso annual an-nual receipts exceed $5,000,000. Scope of Bill. Mr. Newlands' statement was by way of urging the passage of a bill which he introduced providing for this commission. His measure would separate sepa-rate the bureau of corporations from the department of commerce and labor and merge the bureau into a commis-i sion of interstate trade, with the commissioner com-missioner of corporations a member of the new commission. It would require the industrial corporations cor-porations having receipts exceeding ! 5,000,000 to make satisfactory statements state-ments as to capitalization, finances and operatons, such corporations to be Icnown as "United States registered" companies. It proposes to make lack of such registration an "indication of something wrong." Mr. Newlands declared that if such legislation had replaced or aided the Sherman anti-trust act more than twenty 3rears ago this country would have advanced as far in the regulation of industrial corporations as it has in railroad regulation He referred to recent re-cent expressions of Mr. Gary of the Steel corporation and others, as indicating indicat-ing that the great corporation managers man-agers recognize that public regulation is now inevitable. , Reports for Public. Mr. Newlands said his plan proposes , that frequent reports be required from , the corporations, information of public "interest to be published from time to time; the commission to be non-partisan, not more than three members to "be of one party and the term of office to "be ten years. 'Mr. Newlands said that lis plan makes no attempt to give too many powers of correction or punishment punish-ment jior the power of fixing prices, but Iits powers may be enlarged as experience experi-ence shall indicate. The measure proposed by Mr. New-lands New-lands includes these provisions: Tho commission may at any time cancel can-cel the registration of any" registered corporation for improper financial organization, or-ganization, oppressive or unfair methods meth-ods of competition, acceptance of railroad rail-road rebates, refusal to allow access to records, or non-compliances with anv judicial decree rendered under the Sherman act. It may in extreme cases, for such offenses, debar the offending corporations from engaging in interstate inter-state commerce, and it may require correction cor-rection of over-capitalization. Its work, according to Mr. Newlands, is not to bo complicated with the administration of anti-trust law. |