Music Trade Review
Issue: 1912 Vol. 54 N. 20 - Page 9
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THE
TO REGULATE CORPORATIONS.
Interstate Trade Commission Suggested, on the
Same Lines as the Interstate Commerce Com-
mittee, Which Will Supersede the Existing
Bureau of Corporations, for the Purpose of
Regulating and Controlling Corporations.
(Special to The Review.)
Washington, D. C, May 13, 1912.
The Senate Interstate Commerce Committee has
begun work in earnest on the preparation of legis-
lation for the further regulation and control of
corporations engaged in interstate commerce other
than common carriers. It was learned to-day that
the committee has made considerable progress oa a
bill which provides for the creation of an Inter-
state Trade Commission, having control over in-
dustrial corporations similar to that exercised over
the railroads by the Interstate Commerce Commis-
sion. The committee is proceeding on the motion
of Senator Cummins, but the bill under considera-
tion is one that was introduced by Senator New-
lands, a Democrat.
Four sections of the bill, it was learned to-day,
have been perfected and agreed to by the com-
mittee, which expects to complete the measure with-
in a short time. The sentiment of members of the
committee is said to have crystallized in favor of
the creation of an interstate trade commission, and
it has been decided that no legislation proposing
conditions, regulations or prohibitions relative to
trusts will be touched until the committee is satis-
fied with the trade commission bill.
Section 2 of the Newlands bill, which has been
perfected and agreed to, provides that the Bureau
of Corporations shall be separated from the De-
partment of Commerce aid Labor and shall there-
after be known as the Interstate Trade Commis-
sion.
The committee has agreed to section 4 of the
bill, which provides that every corporation engaged
in interstate commerce whose annual gross re-
ceipts, inclusive of the gross receipts of its sub-
sidiaries, if any, exceed $5,000,000 shall furnish to
the commission in writing statements showing such
facts as to its organization, financial condition and
operaton as may be prescribed by the commission.
Similar statements will also be made by subsidy
companies, and all such statements shall be verified
under oath by officers of the corporations. This
section excepts from its provision common carriers
and banking and trust companies, but includes pipe
lines.
While the foregoing sections are the only ones
that have been agreed to by the committee, they
are also the only ones that have been considered,
and other sections of the Newlands bill may be ap-
proved with minor modifications. It is provided in
other sections of the bill that the commission or its
duly authorized agents shall have complete access
to all records, accounts, minutes, books and papers
of such corporations, including the records of a ly
of their executives and other committees. Failure
or neglect of any corporation to comply with this
provision within sixty days after demand shall have
been made shall constitute a misdemeanor, subject
to a fine of not more than $1,000 for every day of
such failure or neglect.
You can successfully
meet any competition with the
Chase-Hackley Line
It begins with CHASE BROS.,
the pioneer piano of the West,
and goes down to a good com-
mercial piano—the CARLISLE
Chase-Hackley Piano Co.
ESTABLISHED 1863
BRATON S. CHASE
General Manager
Muskegon
-
Mich.
MUSIC TRADE
REVIEW
It is provided also that the commission from time
to time may publish the information received, so
far as possible distinguishing between information
which is purely private and the publication of which
can serve no public interest and information which
is not private and which is important to the public.
Another provision of the bill provides that Dis-
trict Courts of the United States on application of
the commission shall have jurisdiction to issue writ
or writs of mandamus or injunction or other order
enforcing the regulations of the commission or
commanding corporations to comply with its or-
ders. The commission is authorized, if public
necessity requires such action, to order and re-
quire corporations to make such statements as are
contemplated in section 4, which information shall
be published. The decisions of the commission shall
be final except as to matters involving the taking
of private property without due process of law.
In order to accomplish the purposes set forth
the commission is empowered to exercise the same
authority affecting corporations as is conferred on
the Interstate Commerce Commission to regulate
commerce .and common carriers so far as the same
may be applicable. All of the requirements, obliga-
tions, liabilities and immunities imposed by the in-
terstate commerce act in relation to testimony
before the Interstate Commerce Commission shall
also apply to all persons who may be subpeenaed to
test'fy or produce documentary evidence before the
Interstate Trade Commission. It is provided also
that the commission shall make an annual report to
Congress and that this report shall contain such in-
formation and data as the commission may deem
of value in the determination of quest : ons con-
nected with the regulation of commerce.
There is a section in the Newlands bill which
provides that in case a final decree shall be issued
against any corporation under the act to "protect
trade and commerce against unlawful restraint and
monopolies, the court entering such decree or the
Attorney-General may entrust its enforcement to
the commission."
ANOTHER TEN PER CENT. DIVIDEND
To Be Sent Out Early Next Week to the Credi-
tors of the Defunct Clough & Warren Co. by
the Detroit Trust Co.—Expect to Clean Up
All the Indebtedness This Summer.
(Special to The Review.)
Detroit, Mich., May 11, 1912.
Another dividend will be sent out early next week
to the creditors of the defunct Clough & Warren
Piano Co. by the Detroit Trust Co., acting as re-
ceiver. Like the other payments, it will be 10 per
cent, and will reduce the indebtedness of the con-
cern to less than $25,000. This fact demonstrated
the inherent strength of the big piano manufactur-
ing company, for when the receivership began
eighteen months ago the total liabilities were
$390,000.
There are a number of collectable accounts re-
ceivable still outstanding, bes'des a large number
of contracts, and the Detroit Trust Co. expects to
declare a final dividend some time in the summer,
clearing up every last dollar of indebtedness and
to have a considerable balance to turn over to the
stockholders of the company.
CASE AGAINST DEALER DROPPED.
The case against M. J. McCarthy, the blind piano
dealer of Louisville, Ky., who was charged with
forgery by Joseph Levi, a broker of that city, was
dismissed when it came up before the Criminal
Court n that city a few days ago. The piano
dealer was accompanied by seven of his nine
children when he attended court and it was with
difficulty that a jury was obtained to try the case.
15oth sides agreed to dismiss the case before testi-
mony had been taken.
The two actions brought by Mr. McCarthy
against the broker, one charging assault and the
other usury, are st'll pending.
Fred Cluett, of Cluett & Sons, the well-known
piano dealers of Troy, N. Y., visited Steinway Hall
last week while passing through New York, en
route to Bermuda.
tar.
Victor-Victrola
The corner stone of music
trade prosperity.
Around the greatness
of the Victor-Victrola
as a musical instrument
and a c o m m e r c i a l
t r i u m p h centers the
present prosperity of
the music trade.
This wonderful in-
strument injected new
life, new dignity into
the musical industry,
and built it up on a
solid and enduring basis.
The Victor - Victrola
has proved its sterling
worth to dealers all over
the world, and the best
part of it is that the
Victor - Victrola keeps
right on ever increasing
its sphere of influence
and opening up new
opportunities for every
dealer.
Victor Talking Machine Co.
Camden, N. J., U. S. A.
Berliner Gramophone Co., Montreal,
Canadian Distributors.
Always use Victor Records played with Victor
Needles—there is no other way to get the un-
equaled Victor tone.
THE
TO REGULATE CORPORATIONS.
Interstate Trade Commission Suggested, on the
Same Lines as the Interstate Commerce Com-
mittee, Which Will Supersede the Existing
Bureau of Corporations, for the Purpose of
Regulating and Controlling Corporations.
(Special to The Review.)
Washington, D. C, May 13, 1912.
The Senate Interstate Commerce Committee has
begun work in earnest on the preparation of legis-
lation for the further regulation and control of
corporations engaged in interstate commerce other
than common carriers. It was learned to-day that
the committee has made considerable progress oa a
bill which provides for the creation of an Inter-
state Trade Commission, having control over in-
dustrial corporations similar to that exercised over
the railroads by the Interstate Commerce Commis-
sion. The committee is proceeding on the motion
of Senator Cummins, but the bill under considera-
tion is one that was introduced by Senator New-
lands, a Democrat.
Four sections of the bill, it was learned to-day,
have been perfected and agreed to by the com-
mittee, which expects to complete the measure with-
in a short time. The sentiment of members of the
committee is said to have crystallized in favor of
the creation of an interstate trade commission, and
it has been decided that no legislation proposing
conditions, regulations or prohibitions relative to
trusts will be touched until the committee is satis-
fied with the trade commission bill.
Section 2 of the Newlands bill, which has been
perfected and agreed to, provides that the Bureau
of Corporations shall be separated from the De-
partment of Commerce aid Labor and shall there-
after be known as the Interstate Trade Commis-
sion.
The committee has agreed to section 4 of the
bill, which provides that every corporation engaged
in interstate commerce whose annual gross re-
ceipts, inclusive of the gross receipts of its sub-
sidiaries, if any, exceed $5,000,000 shall furnish to
the commission in writing statements showing such
facts as to its organization, financial condition and
operaton as may be prescribed by the commission.
Similar statements will also be made by subsidy
companies, and all such statements shall be verified
under oath by officers of the corporations. This
section excepts from its provision common carriers
and banking and trust companies, but includes pipe
lines.
While the foregoing sections are the only ones
that have been agreed to by the committee, they
are also the only ones that have been considered,
and other sections of the Newlands bill may be ap-
proved with minor modifications. It is provided in
other sections of the bill that the commission or its
duly authorized agents shall have complete access
to all records, accounts, minutes, books and papers
of such corporations, including the records of a ly
of their executives and other committees. Failure
or neglect of any corporation to comply with this
provision within sixty days after demand shall have
been made shall constitute a misdemeanor, subject
to a fine of not more than $1,000 for every day of
such failure or neglect.
You can successfully
meet any competition with the
Chase-Hackley Line
It begins with CHASE BROS.,
the pioneer piano of the West,
and goes down to a good com-
mercial piano—the CARLISLE
Chase-Hackley Piano Co.
ESTABLISHED 1863
BRATON S. CHASE
General Manager
Muskegon
-
Mich.
MUSIC TRADE
REVIEW
It is provided also that the commission from time
to time may publish the information received, so
far as possible distinguishing between information
which is purely private and the publication of which
can serve no public interest and information which
is not private and which is important to the public.
Another provision of the bill provides that Dis-
trict Courts of the United States on application of
the commission shall have jurisdiction to issue writ
or writs of mandamus or injunction or other order
enforcing the regulations of the commission or
commanding corporations to comply with its or-
ders. The commission is authorized, if public
necessity requires such action, to order and re-
quire corporations to make such statements as are
contemplated in section 4, which information shall
be published. The decisions of the commission shall
be final except as to matters involving the taking
of private property without due process of law.
In order to accomplish the purposes set forth
the commission is empowered to exercise the same
authority affecting corporations as is conferred on
the Interstate Commerce Commission to regulate
commerce .and common carriers so far as the same
may be applicable. All of the requirements, obliga-
tions, liabilities and immunities imposed by the in-
terstate commerce act in relation to testimony
before the Interstate Commerce Commission shall
also apply to all persons who may be subpeenaed to
test'fy or produce documentary evidence before the
Interstate Trade Commission. It is provided also
that the commission shall make an annual report to
Congress and that this report shall contain such in-
formation and data as the commission may deem
of value in the determination of quest : ons con-
nected with the regulation of commerce.
There is a section in the Newlands bill which
provides that in case a final decree shall be issued
against any corporation under the act to "protect
trade and commerce against unlawful restraint and
monopolies, the court entering such decree or the
Attorney-General may entrust its enforcement to
the commission."
ANOTHER TEN PER CENT. DIVIDEND
To Be Sent Out Early Next Week to the Credi-
tors of the Defunct Clough & Warren Co. by
the Detroit Trust Co.—Expect to Clean Up
All the Indebtedness This Summer.
(Special to The Review.)
Detroit, Mich., May 11, 1912.
Another dividend will be sent out early next week
to the creditors of the defunct Clough & Warren
Piano Co. by the Detroit Trust Co., acting as re-
ceiver. Like the other payments, it will be 10 per
cent, and will reduce the indebtedness of the con-
cern to less than $25,000. This fact demonstrated
the inherent strength of the big piano manufactur-
ing company, for when the receivership began
eighteen months ago the total liabilities were
$390,000.
There are a number of collectable accounts re-
ceivable still outstanding, bes'des a large number
of contracts, and the Detroit Trust Co. expects to
declare a final dividend some time in the summer,
clearing up every last dollar of indebtedness and
to have a considerable balance to turn over to the
stockholders of the company.
CASE AGAINST DEALER DROPPED.
The case against M. J. McCarthy, the blind piano
dealer of Louisville, Ky., who was charged with
forgery by Joseph Levi, a broker of that city, was
dismissed when it came up before the Criminal
Court n that city a few days ago. The piano
dealer was accompanied by seven of his nine
children when he attended court and it was with
difficulty that a jury was obtained to try the case.
15oth sides agreed to dismiss the case before testi-
mony had been taken.
The two actions brought by Mr. McCarthy
against the broker, one charging assault and the
other usury, are st'll pending.
Fred Cluett, of Cluett & Sons, the well-known
piano dealers of Troy, N. Y., visited Steinway Hall
last week while passing through New York, en
route to Bermuda.
tar.
Victor-Victrola
The corner stone of music
trade prosperity.
Around the greatness
of the Victor-Victrola
as a musical instrument
and a c o m m e r c i a l
t r i u m p h centers the
present prosperity of
the music trade.
This wonderful in-
strument injected new
life, new dignity into
the musical industry,
and built it up on a
solid and enduring basis.
The Victor - Victrola
has proved its sterling
worth to dealers all over
the world, and the best
part of it is that the
Victor - Victrola keeps
right on ever increasing
its sphere of influence
and opening up new
opportunities for every
dealer.
Victor Talking Machine Co.
Camden, N. J., U. S. A.
Berliner Gramophone Co., Montreal,
Canadian Distributors.
Always use Victor Records played with Victor
Needles—there is no other way to get the un-
equaled Victor tone.
Future scanning projects are planned by the International Arcade Museum Library (IAML).