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HEARINGS

BEFORE THE

COMMITTEE ON INTERSTATE COMMERCE

UNITED STATES SENATE

SIXTY-THIRD CONGRESS

SECOND SESSION

ON

BILLS RELATING TO TRUST LEGISLATION

(IN TWO VOLUMES)

VOLUME I

INDEX IN VOLUME II

Printed for the use of the Committee on Interstate Commerce

WASHINGTON
GOVERNMENT PRINTING OFFICE

1914

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FRANCIS G. NEWLANDS, Nevada, Chairman. ELLISON D. SMITH, South Carolina.

MOSES E. CLAPP, Minnesota. ATLEE POMERENE, Ohio.

ALBERT B. CUMMINS, Iowa. HENRY L. MYERS, Montana.

FRANK B. BRANDEGEE, Connecticut. JOE T. ROBINSON, Arkansas.

GEORGE T. OLIVER, Pennsylvania. WILLARD BAULSBURY, Delaware.

HENRY F. LIPPITT, Rhode Island. WILLIAM H. THOMPSON, Kansas.

CHARLES E. TOWNSEND, Michigan. JAMES HAMILTON LEWIS, Illinois.

ROBERT M. LA FOLLETTE, Wisconsi THOMAS P. GORE, Oklahoma.

1. F. HUDSON, Clerk.

7. OF D. IIIL 15 1914

INTERSTATE TRADE.

THURSDAY, FEBRUARY 26, 1914,

COMMITTEE ON INTERSTATE COMMERCE,

UNITED STATES SENATE,

Washington, D. C. The committee met at 2.30 o'clock p. m. for the purpose of considering the bill S. 4160 to create an interstate trade commission, to define its powers and duties, and for other purposes, as follows:

18. 4160, Sixty-third Congress, second session.)

IN THE SENATE OF THE UNITED STATES.

JANUARY 22 (calendar day, JANUARY 24), 1914. Mr. NEWLANDS introduced the following bill; which was read twice and referred to

the Committee on Interstate Commerce. A BILL To create an Interstate Trade Commission, to define its powers and duties, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a commission is hereby created and established, to be known as the interstate 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 to hereinafter as 'the commission."

SEC. 2. That on the taking effect of this act the Bureau of Corporations shall cease to exist, and is hereby transferred to, and merged in, and becomes a part of the commission; and all officers and employees of the Bureau of Corporations shall hereafter be the officers and employees of the commission, and with the transfer there shall pass to the possession of the commission all the records and papers of said bureau, and the commission shall hereafter exercise all the powers and perform all the duties heretofore conferred or imposed upon the said bureau.

All appropriations heretofore made for the support and maintenance of the bureau shall stand as appropriations to be expended by the commission in the exercise 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 the Commissioner of Corporations shall become a member of the commission and the chairman thereof for the term of seven years. The other four commissioners, and a fifth commissioner 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 commissioner shall be seven years: Provided, That the term of the commissioners first appointed by the President shall date from the taking effect of this act and be as follows: One for a term of three years, one for a term of four years, one for a term of five years, and one for a term of six years; and the successor to the former Commissioner of Corporations when appointed shall be appointed for a term of seven years; and thereafter all appointments shall be for a term of seven years. Upon the retirement from the commission, from whatsoever cause, of the person who at the time this act shall take effect shall be the Commissioner of Corporations the commissioners shall elect one of its members chairman. The commissioners shall elect a secretary and assistant secretary, said chairman to hold his office as chairman and said secretary and assistant secretary to hold their offices or connection with the commission at the pleasure of the commission. The members of the commission shall each receive a salary of $10,000 per annum, the secretary of the

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