The Birmingham age-herald., 1907-07-14
ONLY THE LAW
 PREVENTS GRAB
CONTINUED FROM FACE 11


 -,--~->--~-~-~>-9-~'------>-~ policy of the general government of the states to maintain competition between competing lines, the prospects of any stock by one railway in q competing rail way should not be permitted and such lines of railway should be prohibited from having any common directors or officers.
 ''3 The time has come when some req sonable regulation should be imposed on the issuance of securities by railways. Such railroads should be prevented from initiating their securities for merely spec ulative purposes. Railroads should be en- couraged to extend their sysetms and de- Velop the country It is of the utmost i'm portance also that railway securities should be safe and conservative invest ments for the public and should yield ample return4 for the money invested. Reasonable regulation will tend to make them safer and more secure investments and thereby benefit not only the railway companies but the public.
 Washington, July 13.-The interstate commerce commission today made public its report in the investigation into com binatons of carriers, generally known as the Hartman inquiry"
 The commission unanimously joins in the report which is made by Commissioner Franklin K. Lane, Copies of the report went today to the President and to the attorney general
 Report of the Commission:
 Lane. Commissioner: On the 18th of No vember, 1906 the commission on It's own motion instituted the above-entitled pro- ceeding by making the following order:
 Whereas. The act to regulate commerce provides that the commission shall have authority to inquire into the management of the business of all common carriers subject to the provisions of this act and shall keep itself informed as to the man. ner and method in which the same is con ducted." and also requires the commission ito execute and enforce the provisions" Of said act; and
 Where@t, It appears to the commission that consultations and combinations of carriers subject to the act and the rea- tions heretofore existing between such carriers, including community of inter- ests therein and the practices and meth ods of such carriers affecting the move ment of interstate commerce. the rates re- ccived and facilities furnished therefcr should be made the subject of inVestiSa- ton by the commission to the end that it may be fully informed in respect there of, and to the further end that it may be ascertained whether such consolida- tions combinations relations, community of in erests, practices or methods result in violations of said act or tend to defeat its purposes;
 It is ordered that proceeding of ln- vestigation and inquiry into and con corning the matters above stated be, and the same is hereby instituted, and that the same be set for hearing at the Un'- ted States court rooms in the city Of New York. N Y, on the 2Sth day of De- cember. 19O6 at II o'clock a. m, the fur ther hearing 10 be continued at such times and places as may be required
 The investigation so far conducted under this order has related mainly to certain transactions of the Union Pacific Rail- road company, including the acquisition and control of the Southern Pacific com pany, the purchase of large amounts of stock of various railroad companies and other matters of kindred import. Testi- mony was taken at New York on the 4th and 9th of January at Chicago on the Sth, 9th and 10th of January; at &c., attle on the Fist of January; at Portland on the 24th and 25th of January at san Francisco on the 29th. 90th and S1st of Jan uary; al Los Angeles on the 7th and Sth of February and again al New York on the 25th, 18th, 27th and 18th of February. On the 4th and 5th of April counsel were heard in oral argument and briefs sub mitted. The facts disclosed by the inquiry have been carefully considered and are made the subject of this report.