The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-29
TAFT HONE.

TAFT HOVE
sive rates are SO few as compared with
Those against unlawful discrimination
in rates between shippers and between
places. or course, in the determination
of the question whether discrimination
ton OF the whole road is Of little
weight. ISL j, y
Conclusion That There Should De PhyBi-
cal Valuation.
have discussed this with some de-
gree OF detail merely to point out that
the valuation by the Interstate Com
property OF railroad is proper and
may from time to time be necessary
in settling certain issues which may
come before them, and that no evil or
sn'ass,es can come m from
result is to be used for a Just purpose,
and the right to fair profit under ali
the circumstances Of the Investment Is
recognized. The Interstate Commerce
certain the value Of the physical rail-.
road property, II necessary. In determ-
ming the reasonableness of rates. II
the machinery for doing so is not ade-
quate, as is probable. 1t should be made
| SO.
mends sleEislatiqn forbiddlng the issue
in the future OF interstate railway
stocks and bonds without Federal au-,
thority. It may occur in such cases
that the full value of the railway. and,
as an element thereof, the value Of the
tangible property Of the railway. would
be relevant and important factor In
assisting the proper authority to de-
termine whether the stocks and bonds
to be issued were to have proper se-5
therefore,, there should be the right
and machinery to make a valuation OF
the physical property.
National Control Of Interstate Com-
merce Corporation.
Another suggestion in respect to sub
ordinate and ancillary machinery nee
essary to carry out Republican policies
tional law. or the licensing by national
license. or enforced registry Of COM
pantes engaged In Interstate trade. The
fact is that nearly all corporations do-'
| ing commercial business are engaged
| In interstate commerce. and II they all
were required to take out Federal
license or a Federal charter, the bur-
| den upon the interstate business OF the
country would become intoierabe.p
It is necessary therefore. to devise
some means for classifying and insur-
ting Federal sliDeryisionE of such corno.i
raIiorls as have the power and temnta.
ton to effect restraints Of Interstate
tons constitute . Very small percen-
|tage Of ali engaged in Interstate bus
! mess.
Mr. Roosevelt's Proposed Classification.
With such classification in view, Mr..
Roosevelt Recommended IAN amendment
to the antitrust law, known as the
Hepburn bill, which provided for VOL
! untary classification and created a
| strong olive therefor by granting in-
munity from prosecution for reasonable
restraints OF Interstate trade to all corr
porations which would register and
submit themselves to the publicity reg <
ulatlons Of the Department OF Cons
merce and Labor,
The Democratic Proposed Classification.
reo,Iircn,enf that carnorn tinns n 2 n tor
stata ftrade ghavins controI ''nf hHner
cant of the nrodmcts in which theyj deal
! shaiis ~ at . Eadarol 'licarso q nh 3
cinsatscatjou wou1d nroha hiv 'incl,,d a N
rrna+ n1anvHsmal il cornora tinns" enraeej
\ IN the manrIia cturnH'nf special ARTICLES
~ ~ :, n,nd,t;ss ,vh oaa total .val,1e ia so
Within uI the purview orHreal evil Of the
1T ss'not now necessary however. to
1 d,scnss ina re]atiVc merit OF such tprop-
| ositinna,1 hut III lis enough merely to
affirm the necessity for some method
by which greater executive supervision
ment over those businesses in which
there Is temptation to Violations OF
the antitrust law.
Construction OF Antitrust Law